Valneva SE · EURONEXT:VLA
Valneva — Q1 2019 Earnings Presentation
18 slides from Valneva's earnings presentation, May 2, 2019
Slide 1: Valneva Presents its Q1 2019 Financial Results
Valneva Presents its Q1 2019 Financial Results Analyst Presentation May 2, 2019
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
Slide 3: Agenda
Agenda Introduction Financial Report Q1 2019 Financial Outlook 2019 Upcoming Newsflow Q&A Valneva Q1 2019 Analyst Presentation May 2, 2019 3
Slide 4: Valneva's Profitable Commercial Business Funding Key R&D Programs
Valneva’s Profitable Commercial Business Funding Key R&D Programs Innovative R&D pipeline in areas of 9% CER1 product sales growth in Q1 2019 high unmet medical need Product sales €32.8m DUKORAL® €9.6m Direct sales 90.2% IXIARO®/ Total JESPECT® Lyme disease revenues €22.4m €34.9m TPP* Gross €0.8m ma
Slide 5: Valneva Reports Strong Q1 2019 Operating Results and Advances Key R&D Programs
Valneva Reports Strong Q1 2019 Operating Results and Advances Key R&D Programs + Product sales €32.8m, 9% CER1 growth Further significant growth in IXIARO® revenues Excellent financial results + Total revenues of €34.9 million + EBITDA of €8.2 million + Cash position of €68.1 million at end of Mar
Slide 6: Agenda
Agenda Introduction Financial Report Q1 2019 Financial Outlook 2019 Upcoming Newsflow Q&A Valneva Q1 2019 Analyst Presentation May 2, 2019 6
Slide 7: Valneva's Profitable Commercial Business Funding Key R&D Programs
Valneva’s Profitable Commercial Business Funding Key R&D Programs Innovative R&D pipeline in areas of 9% CER1 product sales growth in Q1 2019 high unmet medical need Product sales €32.8m DUKORAL® €9.6m Direct sales 90.2% IXIARO®/ Total JESPECT® Lyme disease revenues €22.4m €34.9m TPP* Gross €0.8m ma
Slide 8: Product Sales Analysis: Further Significant IXIARO Revenue Growth
Product Sales Analysis Further Significant IXIARO® Revenue Growth €m (CER1) Q1 2018 Q1 2019 (unaudited) Actual CER Actual CER growth IXIARO®/JESPECT® 18.2 19.2 22.4 17% DUKORAL® 9.5 9.6 9.6 0% Third party products 1.3 1.3 0.8 -41% Total 28.9 30.0 32.8 9% 1 CER at constant exchange rates as Q1 averag
Slide 9: Q1 2019 Profit & Loss Report (All figures at AER)
Q1 2019 Profit & Loss Report (All figures at AER) Excellent Financial Performance €m 3 months ended March 31, 2019 2018 (unaudited) Product sales 32.8 28.9 Revenues from collaboration, licensing and services 2.1 3.2 Revenues 34.9 32.1 Cost of goods and services (12.2) (13.0) Research and development
Slide 10: Q1 2019 Net Operating Margin: Commercial Business Segment
Q1 2019 – Net Operating Margin (All figures at AER) Commercial Business Segment – Methodology €m 3 months ended March 31, 2019 2018 (unaudited) Product sales 32.8 28.9 Revenues from collaboration, licensing and services 0.0 0.0 Revenues 32.8 28.9 Cost of goods and services (11.1) (11.8) Research and
Slide 11: Effects of IFRS16 adoption on Q1-2019 Balance Sheet items
Effects of IFRS16 adoption on Q1-2019 Balance Sheet items Significant Increase in Assets and Liabilities Finance Operating All Leases Non-current assets Leases Leases under IFRS16 in €m + Q1-2019 includes shift of Finance lease of Vienna building from Property, Plant & Equipment to Right of Use Asse
Slide 12: Effects of IFRS16 adoption on Q1-2019 P&L items
Effects of IFRS16 adoption on Q1-2019 P&L items Improved EBITDA and Operating Profit Finance Operating All Leases Leases Leases under IFRS16 OPEX in €m + Q1-2019 includes shift of rent expenses from Operating OPEX (Rent Lease contracts to D&A and --- 0.5 --- Finance costs excl. D&A) EBITDA 0.5 EBITD
Slide 13: Agenda
Agenda Introduction Financial Report Q1 2019 Financial Outlook 2019 Upcoming Newsflow Q&A Valneva Q1 2019 Analyst Presentation May 2, 2019 13
Slide 14: Financial Outlook
Financial Outlook Continued double-digit sales growth and positive EBITDA, higher R&D investment driven by clinical development progress 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 operati
Slide 15: Agenda
Agenda Introduction Financial Report Q1 2019 Financial Outlook 2019 Upcoming Newsflow Q&A Valneva Q1 2019 Analyst Presentation May 2, 2019 15
Slide 16: An exciting year ahead
An exciting year ahead – Further double-digit product sales growth and significant R&D progress expected in 2019 15-20% CER product sales growth expected in 2019 Major confirmatory and supportive milestones for Lyme disease vaccine candidate (VLA15) - Dose selection data point mid 2019 Development a
Slide 17: Agenda
Agenda Introduction Financial Report Q1 2019 Financial Outlook 2019 Upcoming Newsflow Q&A Valneva Q1 2019 Analyst Presentation May 2, 2019 17
Slide 18: Thank you
Thank you Merci Danke Tack WAvalneva