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| Statement |
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| With the addition of IXCHIQ to our travel vaccine portfolio and with the continued growth we anticipate from our existing products, we expect our commercial business to deliver substantial growth over the midterm |
| Similar to IXIARO, DUKORAL benefited from significant recovery in the private and travel market, particularly in Canada, where there is a strong overlap between travelers to regions of high ETEC travelers, the vaccines approved indication in this country |
| It's really gross margin improvement that will be driven by that because our proprietary products have already much better gross margin |
| And we are, of course, emphasizing our very strong data here that we are close to 100% and that this includes elderly, where we see also a major differentiation against potential other vaccines that may enter |
| Our product has surpassed prepandemic sales by 12% and 2022 sales by 26% |
| And we are improving substantially our manufacturing efficiency by leveraging our new facilities and predominantly the facility in Scotland, Almeida |
| We see substantial gross margin improvement as we are focusing on proprietary sales |
| We have solidly funded with a strong midterm financial outlook |
| This is driven by continued travel sales growth for IXIARO and DUKORAL, and we see, especially for IXIARO, a double-digit year-on-year CAGR for at least next 3 years |
| Secondly, with continued revenue growth for IXIARO and DUKORAL and improved efficiency in our manufacturing processes, we expect our commercial business, including IXCHIQ to be cash positive this year, and it has -- as it has been prepandemic, and we anticipate significant further growth going forward |
| And on safety, the vaccine is generally well tolerated |
| This puts us in a very strong position as we expect to work significantly less cash in 2024 |
| The very positive sales performance continues to be, as I already mentioned, related to the recovery of global travel markets, several of which have reached our even exceeded pre-COVID levels, and we expect this trend to continue |
| In 2022, all expense lines benefited from a substantial noncash adjustment related to the positive effect of the costs related to the company's share-based compensation due to the share price performance |
| I mentioned already that our CHIK vaccine has a very differentiated target profile |
| And we believe we are well positioned to do that, having developed 3 vaccines in the meantime from early discovery to licensure |
| We made excellent progress across our R&D pipeline |
| It's a life attenuated vaccine that offers strong and long-lasting protection from a single shot, and we target a minimum of 5 years here |
| Total product sales surpassed prepandemic levels by 12%, reaching €144.6 million towards the upper range of our sales guidance |
| With the recent approval of IXCHIQ in the United States and our expected forthcoming approvals in other territories, we see really the opportunity to unlock IXCHIQ value by building awareness and market and growing |
| Yes, the year 2023 was not a year without challenges, but also a year with many achievements we are proud of |
| We recorded adolescent trial data, and this data suggests a favorable safety profile regardless of previous CHIKV infection |
| Looking in more detail, IXIARO sales reached €73.5 million, an increase of 78% versus prior year primarily the result of the continued struggle market recovery as well as price increases |
| Of course, it is a life-attenuated vaccine, life attenuated vaccines has the advantage that with a single shot, you have a very long protection, but there is a certain level of [indiscernible], but this is absolutely in line with other well-established life attenuated vaccine in the market |
| We will support the timely approvals of our Lyme vaccine, which we continue to see as the single largest catalyst going forward |
| Thomas Lingelbach We expect gross margin improvement significantly, as I said, as we are focusing on proprietary sales |
| We have seen significant growth of our commercial business |
| First, only, best, and we will generate meaningful catalysts for our investors, targeting the next Phase III entry post Lyme |
| You had stated that this is going to improve gross margins |
| This revised estimate takes into account an improved outlook regarding anticipated IXIARO supply constraints and still assumes approximately 20% to 30% reduction in third-party sales this year, driven by external supply constraints |
| Statement |
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| 2023 expenses were just below our guidance range of €60 million to €70 million |
| We also lowered and narrowed our research and development expense guidance from between €65 million and €90 million to between €60 million and €75 million |
| Our G&A costs were also unfavorably impacted by higher compliance cost relates to our U.S |
| In 2023, Valneva substantially reduced its operating losses to €82.1 million compared to €113.4 million in 2022 which again was negatively impacted by nonrecurring expenses related to the wind down of our COVID program |
| We all have experienced and have seen the devastating impact that Zika infection can cause |
| In some markets, we are back to pre-COVID volume levels in other markets, not yet |
| You have all seen the CDC maps that defined the areas where chikungunya and chikungunya transmission represents a major risk, it is the basis |
| In terms of revenues, DUKORAL pretty much back to where it was pre COVID, but still significantly below on IXIARO |
| The second part is, of course, we have received many questions around cash and cash necessities, given that we have clearly articulated that we would put on pipeline development in direct competition to potential external pipeline injection |
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