Valneva reports strong 2024 sales, plans to reduce costs in 2025

FRANCE – Valneva has met its revenue growth target for 2024, despite facing slower-than-expected sales for its chikungunya vaccine, Ixchiq.

The French vaccine company reported total revenues of €169.6 million (US $177.4 million), marking a 10% increase from 2023. Product sales saw a 13% rise, reaching €169.6 million in 2024, up from €144.6 million the previous year.

Following this announcement, Valneva’s stock rose by 1.7% on the Paris exchange, giving the company a market capitalization of €561 million.

“Once again, we successfully delivered double-digit sales growth, despite lower than anticipated launch-year Ixchiq sales in the US,” said Peter Bühler, Valneva’s chief financial officer.

Looking ahead, Valneva expects its total revenue to grow further, targeting between €180 million and €190 million in 2025.

However, the company has stated that it will prioritize cash management to sustain its financial position.

It anticipates a significantly lower cash burn this year, with planned expenditures cut by more than half compared to 2024.

Currently, Valneva holds €168.3 million in cash, significantly boosted by the sale of a priority review voucher earlier in the year.

Bühler emphasized, “In 2025, we will continue to focus on commercial execution while investing strategically in advancing our science-driven pipeline to generate substantial future value…we are entering 2025 in a good financial position to support these objectives.”

While Valneva has not yet disclosed a detailed breakdown of its product sales, the company has been heavily promoting Ixchiq.

The vaccine, which is approved in the US, Europe, and Canada for preventing chikungunya, has been a major focus of Valneva’s presentations, being marketed as the “world’s first approved chikungunya vaccine.”

Despite this, sales of the vaccine have been underwhelming, generating only €1.8 million in the first nine months of 2024. The company has acknowledged the slow start in the US and previously revised its sales expectations for the vaccine.

Adding to the challenge, Valneva has lost its exclusivity as the sole provider of a licensed chikungunya vaccine.

This week, Bavarian Nordic gained FDA approval for its Vimkunya vaccine, making it a direct competitor in the US market.

Bavarian Nordic holds an advantage, as its vaccine is approved for individuals aged 12 and older, whereas Ixchiq is currently only indicated for adults.

To stay competitive, Valneva has submitted applications to regulatory authorities in the US, Europe, and Canada to extend Ixchiq’s approval to adolescents.

A major opportunity for the company lies in Brazil, where the vaccine is under review for marketing approval. If approved, Brazil would become the first endemic country to offer Ixchiq.

Meanwhile, Valneva’s pipeline is drawing attention as it advances two Phase III studies (NCT05477524 and NCT05634811) for its Lyme disease vaccine, VLA15.

Developed in partnership with Pfizer, VLA15 is currently the only Lyme disease vaccine in clinical development.

The two companies reported positive Phase II trial results in September 2024, bringing them one step closer to potentially addressing this growing public health concern.