(Boursier.com) — Valneva lost 2.9% to 3.3 euros after a rather disappointing quarterly publication. The group revealed a total turnover of 32.8 million euros in the first quarter, including 32.1 million in product sales, in line with forecasts for the 2024 financial year. Management expects a figure of Total 2024 business between 170 million euros and 190 million euros. On the cash side, Valneva expects a “strong reduction” in cash burn in 2024.
Oddo BHF describes a disappointing quarter linked to supply constraints. The analyst confirms his ‘outperformance’ opinion on the stock since the risk/reward remains extremely attractive. The company should benefit from the favorable momentum expected in the CT/MT traveler market as well as the launch of Ixchiq (possible announcement of stock piling not integrated by consensus).
Although overall results fell short of expectations, Bryan Garnier (‘buy’) believes that with the combination of Ixchiq’s more significant contribution to product sales as sales begin to accelerate this year, and A recovery in Ixiaro’s revenues thanks to the resolution of supply constraints, annual forecasts should be respected.
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