The Company confirmed that it expects 2018 product sales revenues to reach between €100 million and €105 million; thereby exceeding €100 million (as per previous guidance). 2018 product sales growth is primarily being driven by increasing IXIARO® sales; DUKORAL® sales will remain similar to, or slightly above, 2017 levels. Other revenues (including R&D tax credits, grants, service revenue, royalties), which tend to fluctuate from year to year, are expected to bring the Company’s total revenue in 2018 to between €110 million and €115 million.
Valneva announced earlier today that it has signed a new agreement to supply IXIARO® to the Defense Logistics Agency of the U.S. Department of Defense (“DoD”), through 2019 and the beginning of 2020 with a guaranteed value of $59 million and potentially worth up to $70 million.
It is Valneva's understanding that the substantially increased DoD order is driven by a combination of increased product adoption and inventory planning in the U.S. Military.
In 2019, the Company projects that product sales revenues will grow to between €115 million to €125 million while other revenues should remain at similar levels to 2018. This represents product sales revenues year on year growth of 15% to 20%.
Total revenues will therefore be in the range of €125 million to €135 million.
Full guidance for 2019 will be provided with the Company’s 2018 results in late February. This guidance will also take into consideration detailed supply planning for IXIARO® in 2019, including logistics relating to the newly issued contract.