Valneva Confirms FY 2018 Guidance and Provides Initial Product Sales Revenue Guidance for 2019

Valneva confirmed its revenue and product sales guidance for 2018 and provided initial product sales guidance for 2019.

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.

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