Valneva SE · EURONEXT:VLA

Valneva — H1 2019 Earnings Presentation

22 slides from Valneva's earnings presentation, Aug 1, 2019

  1. Slide 1: Valneva Presents its H1 2019 Financial Results

    Valneva Presents its H1 2019 Financial Results Analyst Presentation August 1, 2019

  2. Slide 2: Disclaimer

    Disclaimer This presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, Valneva SE shares to any person in the USA or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The Valneva shares may not be offered or sol

  3. Slide 3: Agenda

    Agenda Introduction Financial Report H1 2019 R&D Portfolio Update Outlook Q&A Valneva H1 2019 Analyst Presentation August 1, 2019 3

  4. Slide 4: Valneva reports H1 2019 marked by strong operational performance and major corporate progress

    Valneva reports H1 2019 marked by strong operational performance and major corporate progress Strong product ✔ + Product sales €61.6m, 12% CER1 growth sales, improved margins, positive + Gross margin of 66.1% EBITDA + EBITDA €2.4m, EBITDA €13.1m adjusted2 ✔ + VLA15: final Phase 1/first booster data

  5. Slide 5: Agenda

    Agenda Introduction Financial Report H1 2019 R&D Portfolio Update Outlook Q&A Valneva H1 2019 Analyst Presentation August 1, 2019 5

  6. Slide 6: Strong product sales and gross margin

    Strong product sales and gross margin H1-2019 DUKORAL® Product sales €15.2m growth (CER) 12% Net product sales Direct sales TPP1 88.4% €61.6m €1.4m Gross margin2 IXIARO®/ 66.1% JESPECT® €45.1m CER: at constant exchange rates; 1 Third party products sold by Valneva‘s commercial organization, 2 Gross

  7. Slide 7: IXIARO contributes > 70% of sales and is the primary sales growth driver

    IXIARO® contributes > 70% of sales and is the primary sales growth driver €m (CER1) H1 2019 H1 2018 CER H1 2018 (unaudited) CER % Actual Actual IXIARO®/JESPECT® 45.1 39.1 15% 37.6 DUKORAL® 15.2 14.3 7% 14.2 Third party products 1.4 1.8 -23% 1.7 Total 61.6 55.1 12% 53.5 1 CER at constant exchange rat

  8. Slide 8: GSK SAA termination reduces revenues by €10.7m

    GSK SAA termination reduces revenues by €10.7m Net revenue effect according to IFRS €m Total revenues (excl. effect of GSK SAA termination) 65.2 Settlement Fee (Fixed) (9.0) Settlement Fee (Conditional; discounted)1 (6.0) Release of SAA related contract liability 4.3 Net effect of GSK SAA terminatio

  9. Slide 9: Financial results highlights (IFRS, € million) incl. GSK SAA termination effects

    Strong year on year financial performance Financial results highlights (IFRS, € million) incl. GSK SAA termination effects Total revenues Net product sales 65.2 GSK SAA 10.7 termination effects 61.6 59.0 54.5 53.5 H1 2019 H1 2018 H1 2019 H1 2018 EBITDA Net profit/(loss) Cash 69.9 13.1 8.3 5.8 37.7 1

  10. Slide 10: On an adjusted basis, best H1 result in Company's history

    On an adjusted* basis, best H1 result in Company´s history 2019 Profit & Loss Report (all figures at AER) * excluding SAA termination accounting / revenue recognition effect €m 6 months ended June, 2019 2019 2018 excl. SAA effect Product sales 61.6 53.5 Revenues from collaboration, licensing and ser

  11. Slide 11: ASP and operational efficiency have improved gross margin

    ASP and operational efficiency have improved gross margin Gross margin at AER Gross Margins ∆ in H1 2019 H1 2018 pps TOTAL PRODUCT SALES REVENUES (€m) 61.6 53.5 Total Product Sales Gross Margin (IXIARO®, DUKORAL® and Third Party Products) 66.1% 60.0% ASP: Average Selling Price Valneva H1 2019 Analys

  12. Slide 12: Net operating margin has also improved

    Net operating margin has also improved All figures at AER excluding GSK SAA termination effects €m 6 months ended June 30th, 2019 2018 Product sales 61.6 53.5 Revenues from collaboration, licensing and 0.1 0.1 services Revenues 61.7 53.6 Cost of goods and services (20.9) (21.4) Commercial costs1 (19

  13. Slide 13: Agenda

    Agenda Introduction Financial Report H1 2019 R&D Portfolio Update Outlook Q&A Valneva H1 2019 Analyst Presentation August 1, 2019 13

  14. Slide 14: Lyme disease is a serious unmet medical issue

    Lyme disease is a serious unmet medical issue VLA15 is the only vaccine candidate in clinical development today 1 Multivalent vaccine (six serotypes) to protect against Lyme disease in N. America and Europe Targets OspA of Lyme borrelia, preventing spirochetes from migrating through the tick’s mid-

  15. Slide 15: Lyme disease vaccine candidate VLA15: progression on track

    Lyme disease vaccine candidate VLA15: progression on track Status update Final Phase 1 data and first booster data for Lyme vaccine candidate reported ✔ Successful outcome of Phase 2 Run-In (June) and initiation of second Phase 2 study VLA15-202 + Based on DSMB clearance, two lead dosage levels have

  16. Slide 16: Chikungunya is a major public health threat

    Chikungunya is a major public health threat VLA1553 is a unique, differentiated single-shot vaccine candidate 1 Currently no preventive vaccines or effective antiviral treatments exist for chikungunya VLA1553 is a monovalent, single dose, live attenuated1 prophylactic vaccine targeting 2 chikungunya

  17. Slide 17: Chikungunya vaccine candidate VLA1553: progression on track

    Chikungunya vaccine candidate VLA1553: progression on track Status update Further Phase 1 results for single-shot chikungunya vaccine candidate reported ✔ + Day 28 safety and immunogenicity after single dose + Viremia data at Days 3, 7 and 14 post-vaccination + Month 6 safety and immunogenicity data

  18. Slide 18: Agenda

    Agenda Introduction Financial Report H1 2019 R&D Portfolio Update Outlook Q&A Valneva H1 2019 Analyst Presentation August 1, 2019 18

  19. Slide 19: 2019 financial guidance confirmed irrespective of GSK SAA termination effects

    2019 financial guidance confirmed irrespective of GSK SAA termination effects 2018 2019 Product sales €103.5m €115m - €125m revenues Total revenues €113.0m €125m - €135m R&D investments €25.3m €35m - €40m Gross margin 60.7% > 60% Net operating 24.1% 25% - 35% margin1 EBITDA €13.1m €5m - €10m 1 Net o

  20. Slide 20: Important most recent and expected upcoming newsflow

    Important most recent and expected upcoming newsflow Overview Valneva held its R&D Investor Day in New York CEPI agreement, award of up to $23.4 million for late-stage development of a single- dose chikungunya vaccine Establishment of a Scientific Advisory Board announced On track to deliver 15-20%

  21. Slide 21: Agenda

    Agenda Introduction Financial Report H1 2019 R&D Portfolio Update Outlook Q&A Valneva H1 2019 Analyst Presentation August 1, 2019 21

  22. Slide 22: Thank you

    Thank you Merci Danke Tack WAvalneva

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