Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40377 |
Entity Registrant Name | Valneva SE |
Entity Incorporation, State or Country Code | I0 |
Entity Address, Address Line One | 6 rue Alain Bombard |
Entity Address, Postal Zip Code | 44800 |
Entity Address, City or Town | Saint-Herblain |
Entity Address, Country | FR |
Entity Common Stock, Shares Outstanding | 138,912,142 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Document Financial Statement Error Correction [Flag] | false |
Entity Shell Company | false |
Entity Central Index Key | 0001836564 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per share | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per share |
Trading Symbol | VALN |
Security Exchange Name | NASDAQ |
Ordinary shares, €0.15 nominal value per share | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Ordinary shares, €0.15 nominal value per share |
Business contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 6 rue Alain Bombard |
Entity Address, Postal Zip Code | 44800 |
Entity Address, City or Town | Saint-Herblain |
Entity Address, Country | FR |
Contact Personnel Name | Thomas Lingelbach |
Country Region | +33 |
City Area Code | 2 |
Local Phone Number | 28 07 37 10 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | Deloitte & Associés |
Auditor Location | Paris, France |
Auditor Firm ID | 1756 |
PricewaterhouseCoopers | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers Audit |
Auditor Location | Neuilly-sur-Seine, France |
Auditor Firm ID | 1347 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Product sales | € 144,624 | € 114,797 | € 62,984 |
Other revenues | 9,088 | 246,506 | 285,101 |
REVENUES | 153,713 | 361,303 | 348,086 |
Cost of goods and services | (100,875) | (324,441) | (187,920) |
Research and development expenses | (59,894) | (104,922) | (173,283) |
Marketing and distribution expenses | (48,752) | (23,509) | (23,643) |
General and administrative expenses | (47,799) | (34,073) | (47,606) |
Other income and expenses, net | 21,520 | 12,199 | 22,976 |
OPERATING PROFIT/(LOSS) | (82,087) | (113,443) | (61,390) |
Finance income | 1,210 | 260 | 249 |
Finance expenses | (23,325) | (19,054) | (16,964) |
Foreign exchange gain/(loss), net | 5,574 | (12,587) | 8,130 |
Result from investments in associates | 0 | 9 | (5) |
PROFIT/(LOSS) BEFORE INCOME TAX | (98,629) | (144,815) | (69,979) |
Income tax benefit/(expense) | (2,800) | 1,536 | (3,446) |
PROFIT/(LOSS) FOR THE PERIOD | € (101,429) | € (143,279) | € (73,425) |
Earnings/(losses) per share for profit/(loss) for the period attributable to the equity holders of the Company (expressed in € per share) | |||
Basic earnings (losses) per share for profit (loss) for the period attributable to the equity holders of the Company (in euro per share) | € (0.73) | € (1.24) | € (0.75) |
Diluted earnings (losses) per share for profit (loss) for the period attributable to the equity holders of the Company (in euro per share) | € (0.73) | € (1.24) | € (0.75) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
PROFIT/(LOSS) FOR THE PERIOD | € (101,429) | € (143,279) | € (73,425) |
Items that may be reclassified to profit or loss | |||
Currency translation differences | 3,300 | (73) | (2,877) |
Items that will not be reclassified to profit or loss | |||
Defined benefit plan actuarial gains/(losses) | (130) | 178 | 205 |
Other comprehensive income/(loss) for the year, net of tax | 3,170 | 105 | (2,672) |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | € (98,258) | € (143,174) | € (76,097) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Non-current assets | € 197,238 | € 196,685 |
Intangible assets | 25,567 | 28,711 |
Right of use assets | 20,392 | 41,603 |
Property, plant and equipment | 136,198 | 112,435 |
Deferred tax assets | 6,592 | 5,637 |
Other non-current assets | 8,490 | 8,299 |
Current assets | 262,824 | 424,660 |
Inventories | 44,466 | 35,104 |
Trade receivables | 41,645 | 23,912 |
Other current assets | 50,633 | 74,079 |
Cash and cash equivalents | 126,080 | 289,430 |
Assets classified as held for sale | 0 | 2,134 |
TOTAL ASSETS | 460,062 | 621,344 |
EQUITY | ||
Share capital | 20,837 | 20,755 |
Share premium | 594,003 | 594,043 |
Other reserves | 65,088 | 55,252 |
Retained earnings/(Accumulated deficit) | (450,253) | (306,974) |
Loss for the period | (101,429) | (143,279) |
TOTAL EQUITY | 128,247 | 219,797 |
LIABILITIES | ||
Non-current liabilities | 172,952 | 124,156 |
Borrowings | 132,768 | 87,227 |
Lease liabilities | 29,090 | 28,163 |
Refund liabilities | 6,303 | 6,635 |
Provisions | 1,074 | 1,320 |
Deferred tax liabilities | 3,638 | 694 |
Other liabilities | 79 | 116 |
Current liabilities | 158,863 | 277,392 |
Borrowings | 44,079 | 11,580 |
Trade payables and accruals | 44,303 | 41,491 |
Income tax liability | 632 | 532 |
Tax and Employee-related liabilities | 16,209 | 15,738 |
Lease liabilities | 2,879 | 25,411 |
Contract liabilities | 5,697 | 9,411 |
Refund liabilities | 33,637 | 136,450 |
Provisions | 10,835 | 31,257 |
Other liabilities | 592 | 5,523 |
TOTAL LIABILITIES | 331,815 | 401,547 |
TOTAL EQUITY AND LIABILITIES | € 460,062 | € 621,344 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Loss for the year | € (101,429) | € (143,279) | € (73,425) | |||
Adjustments for non-cash transactions | 44,984 | 44,070 | 56,476 | |||
Changes in non-current operating assets and liabilities | 514 | (147,713) | 59,353 | |||
Changes in working capital | (145,578) | 1,732 | 36,127 | |||
Cash used in operations | (201,509) | (245,189) | 78,532 | |||
Income tax paid | (1,236) | (154) | (1,631) | |||
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES | (202,744) | (245,343) | 76,901 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Acquisition of subsidiaries, net of cash acquired | (10,951) | 0 | 0 | |||
Purchases of property, plant and equipment | (14,231) | (29,246) | (92,229) | |||
Proceeds from sale of property, plant and equipment | 111 | 8 | 0 | |||
Purchases of intangible assets | (81) | (76) | (942) | |||
Proceeds from assets classified as held for sale | 3,358 | 0 | 0 | |||
Interest received | 1,210 | 260 | 54 | |||
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES | (20,585) | (29,054) | (93,117) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds/(payments) from issuance of common stock, net of costs of equity transactions | (240) | 189,837 | 166,614 | |||
Disposal of treasury shares | 0 | 0 | 209 | |||
Proceeds from borrowings, net of transaction costs | 81,111 | 39,331 | 859 | |||
Repayment of borrowings | (2,097) | (1,793) | (1,956) | |||
Payment of lease liabilities | (3,127) | (3,048) | (2,805) | |||
Interest paid | (12,567) | (9,211) | (8,417) | |||
NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES | 63,081 | 215,116 | 154,504 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (160,248) | (59,282) | 138,288 | |||
Cash and cash equivalents at beginning of the year | [1] | 286,532 | 346,642 | 204,394 | ||
Exchange gains/(losses) on cash | (204) | (828) | 3,960 | |||
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | € 126,080 | € 286,532 | [1] | € 346,642 | [1] | |
[1]Cash and cash equivalents as at December 31, 2022 amounted to €289.4 million as it included restricted cash of €2.9 million. As at December 2021 restricted cash amounted to €0.04 million. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Thousands | Total | Share capital | Share premium | Other reserves | Retained earnings/ (Accumulated deficit) | Profit/(loss) for the period | |
Equity, beginning balance at Dec. 31, 2020 | € 77,422 | € 13,646 | € 244,984 | € 52,342 | € (169,156) | € (64,393) | |
Total comprehensive income/(loss) | (76,097) | (2,672) | (73,425) | ||||
Income appropriation | 0 | (64,393) | 64,393 | ||||
Share-based compensation expense: | |||||||
Value of services | 2,632 | 2,632 | |||||
Exercises | 2,257 | 143 | 2,114 | ||||
Capital Increase | [1] | 164,158 | 1,998 | 162,160 | |||
Treasury shares | 209 | (1) | 209 | ||||
Equity, ending balance at Dec. 31, 2021 | 170,581 | 15,786 | 409,258 | 52,512 | (233,549) | (73,425) | |
Total comprehensive income/(loss) | (143,174) | 105 | (143,279) | ||||
Income appropriation | 0 | (73,425) | 73,425 | ||||
Share-based compensation expense: | |||||||
Value of services | 2,636 | 2,636 | |||||
Exercises | 3,758 | 387 | 3,371 | ||||
Capital Increase | [2] | 185,996 | 4,582 | 181,413 | |||
Treasury shares | 0 | ||||||
Equity, ending balance at Dec. 31, 2022 | 219,797 | 20,755 | 594,043 | 55,252 | (306,974) | (143,279) | |
Total comprehensive income/(loss) | (98,258) | 3,170 | (101,429) | ||||
Income appropriation | 0 | (143,279) | 143,279 | ||||
Share-based compensation expense: | |||||||
Value of services | 6,666 | 6,666 | |||||
Exercises | 42 | 82 | (39) | ||||
Treasury shares | 0 | ||||||
Equity, ending balance at Dec. 31, 2023 | € 128,247 | € 20,837 | € 594,003 | € 65,088 | € (450,253) | € (101,429) | |
[1] Capital Increase includes the cost of transactions, net of tax. Capital Increase includes the cost of transactions, net of tax. |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of cash flows [abstract] | |||
Cash and cash equivalents | € 126,080,000 | € 289,430,000 | |
Restricted cash | € 0 | € 2,898,000 | € 40,000 |
General information
General information | 12 Months Ended |
Dec. 31, 2023 | |
General Information And Significant Events Of Period | |
General information | 5.1 General information 5.1.1 Corporate Information Valneva SE (the Company) together with its subsidiaries (the Group or Valneva) is a company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. The Company takes a highly specialized and targeted approach, applying deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions. The Group has a strong track record, having advanced multiple vaccines from early R&D to approvals, and currently markets three proprietary travel vaccines as well as certain third-party vaccines leveraging the Group’s established commercial infrastructure. Revenues from the growing commercial business help fuel the continued advancement of the vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s first vaccine against the chikungunya virus, as well as vaccine candidates against the Zika virus and other global public health threats. VLA2001, the only inactivated whole-virus COVID-19 vaccine approved in Europe, was first commercialized in late 2021. Valneva suspended manufacturing of the vaccine in August 2022 and inventories were fully written down as of December 31, 2022. In order to save additional costs linked to the vaccine including license fees, Valneva requested the withdrawal of VLA2001’s marketing authorization in Europe. The withdrawal was accepted by EMA and became effective on December 1, 2023. As at December 31, 2023, the Group’s portfolio includes three commercial vaccines: ▪ IXIARO (also marketed as JESPECT), indicated for the prevention of Japanese encephalitis; ▪ DUKORAL, indicated for the prevention of cholera, and, in some countries, prevention of diarrhea caused by enterotoxigenic Escherichia coli; and ▪ IXCHIQ, Valneva’s single-shot chikungunya vaccine. The Company is registered at 6 rue Alain Bombard, 44800 Saint-Herblain, France. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the United States and over 700 employees in total. Valneva SE is a public company listed on the Euronext Paris (symbol: VLA) and on the The Nasdaq Global Select Market (symbol: VALN) since May 2021. Significant events of the period and significant agreements Divestment of CTM Unit in Solna, Sweden Valneva decided to divest its Clinical Trial Manufacturing (CTM) unit in Solna. The Company completed a business transfer agreement with NorthX Biologics, an established contract development and manufacturing organization (CDMO), with over 30 years of Good Manufacturing Practices (GMP) production experience. Their ownership of the unit took effect on July 1, 2023. Valneva maintains the manufacturing site in Sweden where the DUKORAL vaccine is manufactured and filled. The deal comprised Valneva’s CTM production equipment and approximately 30 staff members in Sweden, including the existing Valneva Sweden Site Head. The CTM business continues to utilize the existing premises in Solna. Valneva Sweden is sub-leasing the premises to NorthX Biologics and provides services in Facility Management, Engineering and Warehousing. Valneva is considering this sub-lease as an operational lease. A loss of €1.4 million from the divestment of the CTM Unit in Solna is included in the “Miscellaneous income/(expenses), net” (see Note 5.8). Extension of existing loan agreement by $100 million (€90 million) On August 16, 2023, Valneva entered into an agreement to increase the principal amount of its existing $100 million (€90 million) senior secured loan agreement with funds managed by leading U.S. healthcare investment firms Deerfield Management Company and OrbiMed (“the D&O Loan Agreement”). The add-on loan facility has a three-year interest-only period and will mature in the third quarter of 2028. The loan interest rate remains unchanged. The increased funding will be used to further invest in research and development (R&D), as well as continued market access preparation and commercialization of Valneva’s chikungunya vaccine (see Note 5.24). Sale of BliNK equity interest On September 8, 2023, the Company sold its 48.9% equity interest in BliNK Biomedical SAS, Marseille, which had been classified as an asset held for sale since June 30, 2022 (see Note 5.21). Purchase of the office building in Vienna (VBC3) On October 31, 2023, the Company acquired VBC 3 Errichtungs GmbH, Vienna, the legal entity that owns the Vienna building occupied by Valneva, which was previously leased. The acquisition price net of the entity’s cash is €11.0 million. For more information please refer to Note 5.1.2. U.S. FDA Approval of World’s First Chikungunya Vaccine, IXCHIQ On November 10, 2023, Valneva’s single-shot chikungunya vaccine candidate VLA1553 received approval from the U.S. Food and Drug Administration (FDA) under the brand name IXCHIQ. In the U.S., the vaccine is indicated for the prevention of disease caused by the chikungunya virus (CHIKV) in individuals 18 years of age and older who are at increased risk of exposure to CHIKV. EMA accepts Chikungunya vaccine Marketing Authorization Application for accelerated assessment The European Medicines Agency (EMA) performed a technical validation of the Marketing Authorization Application (MAA) for Valneva’s single-shot chikungunya vaccine candidate VLA1553 and determined that all essential regulatory elements required for scientific assessment were included in the application. The MAA was granted accelerated assessment in November 2023 by EMA’s Committee for Medicinal Products for Human Use (CHMP) based on the vaccine candidate’s “major interest for public health and therapeutic innovation”. Change in the Company’s governance structure On December 20, 2023, the Company’s shareholders approved a transition from the Company’s two-tier governance model with a Supervisory Board and Management Board to a one-tier governance model led by a Board of Directors. This transition was effective on December 20, 2023. For convenience, references in these Notes to the “Board” should be interpreted to refer to the Supervisory Board or Board of Directors, as applicable. The Executive Committee comprises the Company’s former Management Board and in addition, since January 1, 2024, the Company’s Chief Operating Officer and Chief People Officer. The Company’s Board of Directors also changed the name of the Board’s Audit and Risk Committee to the Audit, Compliance and Risk Committee in connection with the governance change, and for convenience these Notes refer to this committee as the Audit Committee. 5.1.2 Group information The following list shows all subsidiaries held by the Company directly or indirectly: Name Country of incorporation Consolidation Method Interest held as at December 31, 2023 December 31, 2022 Vaccines Holdings Sweden AB SE Full Consolidation 100 % 100 % Valneva Austria GmbH AT Full Consolidation 100 % 100 % Valneva Canada Inc. CA Full Consolidation 100 % 100 % Valneva France SAS FR Full Consolidation 100 % 100 % Valneva Scotland Ltd. UK Full Consolidation 100 % 100 % Valneva Sweden AB SE Full Consolidation 100 % 100 % Valneva UK Ltd. UK Full Consolidation 100 % 100 % Valneva USA, Inc. US Full Consolidation 100 % 100 % VBC 3 Errichtungs GmbH AT Full Consolidation 100 % — % The closing date for the consolidated financial statements is December 31 of each year. The Company’s site in Saint-Herblain includes general and administrative functions as well as research and development facilities. Valneva SE has a site in Lyon which operates commercial activities. Vaccines Holdings Sweden AB, located in Solna, Sweden, is the holding company of Valneva Sweden AB , also located in Solna, which manufactures DUKORAL and commercializes DUKORAL, IXIARO and third-party products such as Moskito Guard and other vaccines in the Nordic countries. Valneva Austria GmbH, located in Vienna, Austria, focuses on pre-clinical and clinical development activities of vaccines. The facilities accommodate departments for pre-clinical R&D, technical/clinical product development, quality and regulatory affairs, general and administrative as well as commercial functions. Valneva Austria GmbH commercializes IXIARO, DUKORAL, VLA2001 and third-party products such as FLUCELVAX TETRA, FLUAD, Moskito Guard, Rabipur/RabAvert and Encepur. Valneva Canada Inc., located in Kirkland, Canada, commercializes IXIARO, DUKORAL and third-party products such as KAMRAB and Rabipur. Valneva France SAS, located in Lyon, France, commercializes IXIARO, DUKORAL and third-party products such as PreHevbri, Rabipur and Encepur. Valneva Scotland Ltd., located in Livingston, Scotland (United Kingdom) is primarily involved in the production of IXIARO and Valneva's new chikungunya vaccine IXCHIQ. Valneva Scotland Ltd. was also executing the production of VLA2001 prior to suspension of its manufacturing. Valneva UK Ltd., located in Fleet, England (United Kingdom), commercializes DUKORAL, IXIARO and third-party products such as PreHevbri, Rabipur in the United Kingdom. Valneva USA, Inc., located in Bethesda, Maryland (USA), focuses on the commercialization of IXIARO to the U.S. military and the U.S. private market. Acquisition of VBC 3 Errichtungs GmbH (VBC3) On October 31, 2023, the Group acquired 100% of the equity of VBC 3 Errichtungs GmbH, located in Vienna, Austria, whereby Valneva SE purchased 6% and Valneva Austria GmbH 94% of the equity. VBC3 owns the building in which Valneva Austria GmbH carries out central administrative and R&D activities. Formerly the building was under a finance lease. The purchase was treated as an acquisition of a group of assets, and the cost of the group was allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. The following table summarizes the recognised amounts of identifiable net assets based on their relative fair values at the acquisition date which was determined as October 1, 2023 as per contract details: in € thousand October 1, 2023 Cash 1,003 Property, Plant & Equipment 22,373 Loans and borrowings (11,296) Other liabilities (126) TOTAL IDENTIFIABLE NET ASSETS 11,955 The fair value of the consideration transferred, excluding the entity’s cash of €1.0 million, was €11.0 million and was settled in cash. Acquisition-related costs were of minor relevance and are not included as part of consideration transferred. They have been recognised as an expense in the consolidated statement of profit or loss, as part of other expenses. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies | |
Summary of significant accounting policies | 5.2 Summary of significant accounting policies The principal accounting policies applied in preparing these consolidated financial statements are outlined below. These policies have been consistently applied to all years presented. 5.2.1 Basis of preparation These 2023 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, SIC (Standards Interpretations Committee) and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (IASB). The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3. For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column. These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 18, 2024. 5.2.2 Impact of new, revised or amended Standards and Interpretations Standards, amendments to existing standards and interpretations issued by IASB whose application has been mandatory since January 1, 2023 New standards and interpretations adopted by the Group Effective date in accordance with IASB Effects IFRS 17 Insurance Contracts including Amendments to IFRS 17 January 1, 2023 none AMENDMENTS ADOPTED BY THE GROUP IAS 1 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies January 1, 2023 none IAS 8 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates January 1, 2023 none IAS 12 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 none IAS 12 Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules January 1, 2023 none IFRS 9 & IFRS 17 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information January 1, 2023 none The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. The amendments to IAS 1 Presentation of Financial Statements have had an impact on the Group’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group’s financial statements. Standards, amendments to existing standards and interpretations whose application is not yet mandatory. The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2023. New standards, Interpretations and Amendments Effective date in accordance with IASB Effects IAS 1 Amendments to IAS 1 Presentation of Financial Statements January 1, 2024 none IFRS 16 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback January 1, 2024 none IAS 7 & IFRS 7 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements January 1, 2024 none IAS 21 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability January 1, 2025 none These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions. 5.2.3 Consolidation Subsidiaries Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. 5.2.4 Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros which is Valneva SE’s functional and presentation currency. Transactions and balances Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement. Subsidiaries The results and financial position of all subsidiaries (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows: • assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date; • income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions); and • all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves. When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale. 5.2.5 Financial risk management The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Financial risk management is carried out under the CFO’s responsibility. The Group’s risk management systems identify, evaluate and manage financial risks. The Audit Committee of the Group’s Board of Directors receives regular reports on the Group’s risk management systems, including the management of financial risks. Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK) and the US Dollar (USD). The foreign exchange risks from the exposure to other currencies are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by using foreign currency options. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk. Interest rate risk The Group is exposed to market risks in connection with hedging both its liquid assets and its medium and long-term indebtedness and borrowings subject to variable interest rates. Borrowings issued at variable rates expose the Group to cash flow interest rate risks, which are offset by cash and financial assets held at variable rates. During 2023, as well as 2022, both the Group’s investments as well as the borrowings at variable rates were denominated in EUR, SEK, USD, CAD and GBP. The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2023 and December 31, 2022, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities; in case of decreasing interest rates there will be no material negative impact. Credit risk The Group is exposed to credit risk which is the risk of financial loss if customers or counterparties to a financial instrument fail to meet their contractual obligations. Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard & Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating, a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits. The credit quality of financial assets is described in Note 5.16.4. Liquidity risk The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash flow, and the potential implementation of early repayment clauses in loan or grant agreements. Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets. Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2023 will be sufficient to fund its operations for at least 12 months from the date of authorization for issuance of these consolidated financial statements. This is further supported by the gross proceeds of $103 million for the sale of the Priority Review Voucher (PRV) which Valneva received in February 2024. For the existing D&O Loan Agreement with covenants, amendments were agreed to reduce the minimum liquidity covenant and the minimum revenue covenant to prevent a breach of the covenants (see Note 5.24.1). The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balance as at December 31, 2023 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 44,079 62,378 70,390 — 176,847 Lease liabilities 2,879 5,313 5,414 18,362 31,969 Refund liabilities 33,637 6,303 — — 39,941 Trade payables and accruals 44,303 — — — 44,303 Tax and employee-related liabilities (1) 10,815 — — — 10,815 Other liabilities 34 — — — 34 TOTAL 135,747 73,995 75,804 18,362 303,908 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. Balance as at December 31, 2022 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 11,629 74,815 44,859 939 132,242 Lease liabilities 26,674 5,915 5,706 21,268 59,563 Refund liabilities 140,098 — 7,000 — 147,098 Trade payables and accruals 41,491 — — — 41,491 Tax and employee-related liabilities (1) 10,778 — — — 10,778 Other liabilities 87 — — — 87 TOTAL 230,756 80,731 57,565 22,207 391,260 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24. To manage liquidity risk, the Group holds a combination of cash, cash equivalents and short-term deposit balances. 5.2.6 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. In order to pursue its business strategy to grow into a major, self-sustained vaccine company through organic growth and opportunistic mergers & acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet. 5.2.7 Fair value estimation |
Critical accounting judgements
Critical accounting judgements and key sources of estimation uncertainty | 12 Months Ended |
Dec. 31, 2023 | |
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty | |
Critical accounting judgements and key sources of estimation uncertainty | 5.3 Critical accounting judgements and key sources of estimation uncertainty In applying the Group’s accounting policies, which are described in Note 5.2: Summary of significant accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 5.3.1 Critical judgements in applying the Group’s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in financial statements: • Note 5.5.2 Other revenues and Note 5.29 Refund liabilities: Revenue recognition of other revenues/refund liabilities: management’s judgement is required to determine the identification of performance obligations (especially when determining whether the license is distinct, which is the case when the customer can benefit from the license without further involvement), the determination of the transaction price (including the judgement of payables to customers), and allocation of the transaction price to the performance obligations on relative standalone selling price. The standalone selling price is sometimes not available or is based on hard-to-value intangible assets, so various valuation techniques are used. 5.3.2 Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: • Note 5.5 Revenues: Revenue recognition of product sales: estimate of expected returns and replacements, and supply of products free of charge; • Note 5.5.2 Other revenues: Likelihoods for refund liabilities and for revenue recognition in accordance with the actual costs compared to the budget; • Notes 5.8 Other income/(expenses), net and 5.31 Other liabilities: Estimates of income recognized and repayments from grants, measured according to cost incurred compared to the budget; • Note 5.10 Income tax benefit/(expense): Recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized and whether sufficient evidence is provided for entities; • Note 5.12 Intangible assets: Amortization period of development expenditures and acquired technologies. The most significant criteria considered for the determination of the useful life include the patent life as well as the estimated period when Valneva can benefit from this intangible asset. These assumptions are considered to be a key source of estimation uncertainty as relatively small changes in the assumptions used may have a significant effect on the Group’s financial statements within the next year; • Note 5.14 Property, plant and equipment: Depreciation period - assessment of useful life; • Note 5.15 Impairment testing: Impairment test of intangible, tangible assets and right of use assets: key assumptions underlying recoverable amounts. Budgets comprise forecasts of revenue, staff costs and overheads based on current and anticipated market conditions that have been considered and approved by the Executive Committee. The revenue projections are inherently uncertain due to the short-term nature of the business and unstable market conditions. If the Group does not successfully develop vaccine candidates and receive regulatory approval, or if Valneva fails to successfully manufacture or commercialize vaccine candidates if approved, an impairment may be required. For the main estimates and sensitivities related to the impairment test regarding the CGU, see Note 5.15; • Note 5.17 Inventories: Write-down analysis for inventories: For the assessment of write-down of raw material the current production plans have been taken into account. Raw material which will not be used before expiry date was written down. For this assessment the status of the expiry dates as of the balance sheet date was used. For the assessment of write-downs of work in progress, finished goods and purchased goods, the forecasted sales plans for 2024 and a minimum shelf life at the time of the most current sales expectation have been taken into account. In addition, those inventories have been assessed on the likelihood of the release of those products. • Note 5.23 Share-based compensation: Share-based payments and related expected employer contribution costs: assumption for fair value determination as well as the determination of accelerated vesting in the event of a change of control (as considered remotely); • Note 5.29 Refund liabilities: Recognition and classification of the refund obligation related to the Pfizer Collaboration and License Agreement; • Notes 5.30 Provisions and 5.33 Commitments and contingencies: Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources. In estimating the provision for onerous contracts, management made assumptions regarding the likelihood of termination costs for certain agreements. • Note 5.18 Trade receivables and 5.16.5 Impairment of financial assets: A simplified approach based on historical loss rates is used to determine the loss allowances in order to recognize expected credit losses (ECL) for short-term financial assets such as trade receivables. 5.3.3 Measurements of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following Notes: • Note 5.16: Financial instruments and • |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment information | 5.4 Segment information The Company’s Management Board, and since December 20, 2023, its Executive Committee, as the Company’s chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format. As a consequence, the Group has changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments. Segment reporting information for earlier periods has been restated to conform to these changes. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenues | 5.5 Revenues Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15: Year ended December 31, in € thousand 2023 2022 2021 Product sales 144,624 114,797 62,984 Other revenues from contracts with customers 8,075 245,709 284,202 Other non-IFRS 15 revenue 1,014 797 899 REVENUES 153,713 361,303 348,086 Product sales increased in the year ended December 31, 2023 by €29.8 million compared to the prior period. This is a result of higher demand for IXIARO following globally increased travel activities. Further, DUKORAL sales went up substantially in 2023 after supply shortages in 2022, COVID-19 VLA2001 product sales strongly decreased following the Company’s decision to suspend the program. Other revenues from contracts with customers decreased in the year ended December 31, 2023 by €237.6 million. In 2022, €169.2 million and in 2021 €253.3 million of revenues for COVID-19 VLA2001 were recognized as other revenues from the re-assessment of the likelihood of the royalty obligation and the de-recognition of the previously included capex obligation towards the UK Authority following the settlement agreement in connection to the UK Supply Agreement (discussed in Note 5.5.2). Furthermore, a release of non-refundable advance payments from EU member states related to the COVID-19 VLA2001 Advance Purchase Agreement (APA) with the European Commission amounting to €110.8 million was included as other revenues in 2022. This was offset by €45.9 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. The other changes compared to 2022 are made up of individually insignificant transactions. 5.5.1 Product sales The Group mostly generates product sales revenues from the sale of its commercialized travel vaccines and from the sale of third-party products. The Group’s product sales contracts generally include one nature of performance obligation. Revenue is recognized at the point in time when the identified performance obligation is transferred to the customer, either when the customer obtains control over the goods at the time of shipment or when the product is received by the customer, depending on the terms of the agreement, which generally happens within a few days. Sales contracts with retailers and with the U.S. Department of Defense (DOD) are shown as “direct product sales”, whereas sales to distributors are reported as “indirect sales - sales through distributors”. Some of the Group’s product sales agreements include retrospective rebates, charge-back clauses, discounts and under certain conditions return rights which give rise to variable consideration under IFRS 15. The constraint on variable consideration (expected rebates, discounts and considerations for product returns) are taken into account and recognized on an accrual basis and reported as refund liabilities or as contract liabilities (for replacement doses) in the consolidated balance sheet. In most cases, Valneva sells the products through retailers. When more than one party is involved in providing or distributing goods or services, the standard requires an entity to determine whether itself and its retailers are principals or agents in these transactions by evaluating the nature of its promises to the customer. An entity is a principal if it controls a promised good or service before transferring that good or service to the customer. An entity is an agent if its role is to arrange for another entity to provide the goods or services. Indicators that control has been transferred are that a) the retailer is primarily responsible for fulfilling the promise to its customers, b) the retailer has inventory risk, and c) the retailer has discretion in establishing the price for the sale to its customers. One of Valneva’s retailers has extensive rights to return and consequently no inventory risk and does not have the power to establish the price for the sales to its customers. Therefore, this retailer acts as agent rather than as principal. All of Valneva’s other retailers act as principal. While revenues to principals are recognized when the control is transferred to the principals, revenue from product sales to agents are recognized when the control is transferred to the final customer, when the goods are delivered to the final customer. Distribution costs and other amounts payable to customers are deducted from revenue for principals, and costs paid to agents are recognized as “Marketing and distribution expenses”. Valneva also sells products acquired from third parties. Valneva considers that it is acting as principal given that it controls products before transferring them to the final customer. More specifically, Valneva has an inventory risk before the goods have been transferred to customers and has discretion in establishing the prices. Revenue is recognized when the product is delivered to the customers. Products purchased from third parties are recognized as “inventory” in the balance sheets and when sold as “cost of goods” in the statements of income. 5.5.2 Other revenues The Group generates other revenues for its product candidates and proprietary technologies. The contracts in place often include several different promised goods or services such as research licenses, commercial licenses and further R&D services. The terms of such agreements include license fees received as initial fees, annual license maintenance fees and fees to be paid upon achievement of milestones, as well as license option fees and fees for the performance of research services. In addition, the Group’s licensing arrangements generally provide for royalties payable on the licensee’s future sales of products developed within the scope of the license agreement. Revenue recognized due to the termination of agreements is recognized in other revenues. The Group’s license contracts in place provide distinct right to use licenses, and therefore the revenue is recognized at the point in time at which the licensee is able to direct the use of and benefit from the license. The consideration for licensing contracts may consist of fixed and variable parts. In case of right-to-use licenses, the fixed part of the consideration is recognized at the point in time when the licensee is able to direct the use and benefit from the license. For any variable consideration, revenue is recognized at the point in time when the variable consideration constraint is removed. Revenue for research and development services within the Group’s contracts currently in place is recognized over time. The progress is measured on an input basis (costs incurred related to total costs expected). This input method is considered an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. Variable considerations are included in revenues only to the extent that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Group updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Amounts allocated to a satisfied performance obligation are recognized as revenue, or as a reduction of revenue, in the period in which a change in estimate of variable consideration occurs. Revenues from license royalties are recognized when the underlying product sales occur. Vaccine Supply Agreement with the UK Authority (UK Supply Agreement) In September 2020, Valneva entered into the UK Supply Agreement with the Secretary of State for Business, Energy and Industrial Strategy of the United Kingdom (the UK Authority), pursuant to which Valneva was obligated to develop, manufacture and supply SARS-CoV-2 vaccines to the UK Authority in the United Kingdom of Great Britain and Northern Ireland, including an obligation for Valneva to upgrade its manufacturing facilities in Scotland. In September 2021, Valneva received notice of the UK Authority’s decision to terminate the UK Supply Agreement, and the termination became effective in October 2021. The impact of the termination of the UK Supply Agreement was assessed as at December 31, 2021. Payments received, where the likelihood of repayment is remote, totaled €253.3 million and were recognized as revenue in 2021. For amounts with uncertainties and a repayment likelihood which was more than remote, a refund liability of €166.9 million was recognized for the royalty on sales and certain other obligations which survive the termination of the UK Supply Agreement. In June 2022, Valneva and the UK Authority signed a settlement agreement (the UK Settlement Agreement). The UK Settlement Agreement resolves certain matters relating to the obligations of the Company and UK Authority following the termination of the UK Supply Agreement and in relation to the separate agreement relating to clinical trials of VLA2001 in the UK, which remains in place. The Company continues to have certain other obligations pursuant to provisions of the UK Supply Agreement that survive its termination. Due to the termination of the agreements other revenue in the amount of €169.2 million (of which €80.0 million related to the capex obligation and €89.2 million related to the royalty obligation) were recognized in the year ended December 31, 2022. There was no impact on the financial position of the Group for the year ended December 31, 2023. Advance Purchase Agreement with the European Commission (EC APA) In November 2021, Valneva entered into the EC APA in order to supply its VLA2001 COVID-19 vaccine to participating EC member states. The EC APA was amended in July 2022 to reduce the amount of doses of VLA2001 ordered. At the time of the amendment, Valneva had received advance payments for the original order volume. Per the terms of the EC APA, Valneva is not obligated to repay any amount of such advance payments that had already been spent or committed. As of December 31, 2022, Valneva had fulfilled its remaining performance obligations under the contract and assessed that the risk of reimbursement of the advance payments was remote. Accordingly, the contract liability was released in full to revenue for the year ended December 31, 2022, including €6.0 million attributed to product sales (as partial advance payment for delivery of 1.25 million doses of VLA2001) and €110.8 million attributed to other revenue from contracts with customers. Therefore, product sales present the part directly related to vaccines sale with the original dose price according to the agreement. There was no impact on the financial position of the Group for the year ended December 31, 2023. Lyme - Pfizer Collaboration and License Agreement In April 2020, Valneva signed the Collaboration and License Agreement with Pfizer to co-develop and commercialize the Group’s Lyme disease vaccine candidate (VLA15). This is classified as an agreement with a customer as defined by IFRS 15 guidance on revenue contracts with customers, and accordingly, amounts received or payable by Valneva under the Collaboration and License Agreement are accounted for in the Group’s revenues. In 2021 and 2022 several amendments to the transaction price were made via amendments to the Collaboration and License Agreement and resulted in a reduction to the constrained (i.e. highly probable) transaction price, reflecting an increase in expected payments to customer related to Valneva’s contribution to Pfizer’s future development costs. In addition, Valneva considered the constraint to determine if it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Valneva considered that it is no longer highly probable that it will be entitled to the consideration as payments to customers might further increase in the future. Therefore, for the year ended December 31, 2022, the cumulated revenue of €45.9 million was reversed as other revenues from contracts with customers. In the year ended December 31, 2023, no revenues were recognised. While license and equipment purchase orders were fulfilled in prior periods, the R&D activities and additional services are ongoing through 2024 and will satisfy the performance obligation over time. During this period Valneva will fund 40% of the remaining shared development costs. Items not included in the transaction price as of December 31, 2023 are (i) $143 million of early commercialization milestones, (ii) royalties, ranging from 14% to 22%, and (iii) $100 million of sales milestones which will be recognized when they occur. As at December 31, 2023, the discounted refund liability amounted to €33.1 million (December 31, 2022: €135.5 million). The decrease was due to payments made in the period in connection with the terms of this agreement. The amounts not recognized in revenue are disclosed as refund liabilities as well as trade receivables which amounted to €10.7 million for the year ended December 31, 2023 (December 31, 2022: €4.6 million). 5.5.3 Disaggregated revenue information The Group’s revenues are disaggregated as follows: Type of goods or service Year ended December 31, in € thousand 2023 2022 2021 IXIARO 73,483 41,349 45,118 DUKORAL 29,775 17,334 2,440 Third party products 35,675 26,545 15,426 COVID VLA2001 5,691 29,568 — PRODUCT SALES 144,624 114,797 62,984 IXCHIQ (1) 2,733 5,565 3,257 COVID VLA2001 (1) 1,973 280,010 253,314 Lyme VLA15 — (45,869) 14,265 Services related to clinical trial material 275 3,205 10,001 Others 3,093 2,798 3,364 OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS 8,075 245,709 284,202 Other non-IFRS 15 revenue 1,014 797 899 REVENUES 153,713 361,303 348,086 (1) Revenues from these products were derived from contractual arrangements and do not represent product sales. In the year ended December 31, 2023 product sales revenues for all active products increased significantly by €29.8 million compared to the same period in 2022. IXIARO/JESPECT sales showed a 78% increase in sales which was primarily the result of the continued travel market recovery, as well as price increases. The increase in IXIARO product sales included an adverse €1.5 million foreign currency impact. DUKORAL sales in 2023 were 72% higher compared to 2022. This increase is also a result of the significant recovery in the private travel markets and price increases. Foreign currency fluctuations reduced DUKORAL sales by €0.9 million. Third Party product sales recorded a 34% increase which was mainly driven by sales of Rabipur/RabAvert and Encepur under the distribution agreement with Bavarian Nordic. On the other hand, sales revenues for the COVID-19 VLA2001 product decreased by 81% as the program was suspended given the strongly decreased demand. In the year ended December 31, 2022, other revenues from contracts with customers were strongly influenced by one-off effects. An income of €169.2 million was related to the termination of the UK Supply Agreement and further €110.8 million to the termination of the EC APA. For more detail see above within this Note. This was partially offset by €45.9 million of negative revenue resulting from an increase in the refund liability linked to the amendment to the Collaboration and License Agreement with Pfizer. In the year ended December 31, 2021, other revenues from VLA2001 of €253.3 million were related to the termination of the UK Supply Agreement. For more detail see further above within this Note. In 2021 other revenues included €14.3 million from the collaboration with Pfizer related to the Lyme vaccine candidate. Sales channels for product sales Products are sold via the following sales channels: Year ended December 31, in € thousand 2023 2022 2021 Direct product sales 119,305 75,968 60,306 Indirect product sales (Sales through distributors) 25,320 38,828 2,678 TOTAL PRODUCT SALES 144,624 114,797 62,984 Geographical markets In presenting information on the basis of geographical markets, revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located. Year ended December 31, in € thousand 2023 2022 2021 United States 32,964 (23,803) 54,791 Canada 28,193 18,904 4,226 United Kingdom 20,266 181,129 256,075 Austria 14,583 21,793 18,529 Germany 13,503 68,529 966 Nordics 12,695 12,043 2,440 France 5,866 46,608 1,367 Other Europe 9,335 18,740 5,006 Rest of World 16,308 17,360 4,684 REVENUE TOTAL 153,713 361,303 348,086 Nordics includes Finland, Denmark, Norway and Sweden. In the year ended December 31, 2023, revenues from product sales increased considerably, driven by the continued recovery of travel vaccine sales. Revenues from Canada and the United States especially contributed to this increase. Revenues in the year ended December 31, 2022 were strongly influenced by one-off effects. Revenues from the United States included a €45.9 million net negative revenue from the updated terms of the Collaboration and License Agreement with Pfizer. Further 2022 revenues from the United Kingdom included non-product revenues of €169.2 million from the UK Authority following the UK Settlement Agreement. 2022 also contained a release of non-refundable advance payments from several EU member states, affecting specifically revenues from Germany, France, Austria, Nordics and Other Europe. In the year ended December 31, 2021, revenues in the United Kingdom were related to VLA2001 including other revenues of €253.3 million following the termination of the UK Supply Agreement. For more detail see further above within this Note. Information about major customers The concentration risk on the customer portfolio of the Group is limited. In 2023, there was one single customer (share of 12%) with a contribution exceeding 10% of the annual revenue. Product sales to the largest customer amounted to €17.7 million in 2023 (2022: €16.0 million, 2021: €41.8 million). Other revenues from the largest customer amounted to €5.0 million in 2023 (2022: €169.2 million, 2021: €253.3 million). In 2022 and 2021, the UK Authority was the largest customer due to the UK Supply Agreement explained above in Note 5.5.2. 5.5.4 Assets and liabilities related to contracts with customers See Note 5.18 for details on trade receivables, Note 5.19 for details on costs to obtain a contract, Note 5.28 for details of contract liabilities and Note 5.29 for details of refund liabilities. |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [abstract] | |
Expenses by nature | 5.6 Expenses by nature The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost: Year ended December 31, in € thousand Note 2023 2022 2021 Consulting and other purchased services 80,988 141,631 169,158 Cost of services and change in inventory 11,417 190,086 105,648 Employee benefit expense other than share-based compensation 5.7 72,997 56,393 85,334 Share-based compensation expense 5.7 6,276 (5,215) 14,678 Raw materials and consumables used 14,113 12,723 14,676 Depreciation and amortization and impairment 5.12/13/14 16,853 44,285 14,281 Building and energy costs 13,088 14,696 10,960 Supply, office and IT costs 11,663 11,739 7,409 License fees and royalties 5,492 6,830 4,865 Advertising costs 13,361 7,343 2,176 Warehousing and distribution costs 3,939 1,898 1,419 Travel and transportation costs 2,700 2,208 538 Other expenses 4,432 2,329 1,309 OPERATING EXPENSES 257,320 486,945 432,452 The €229.6 million decrease in operating expenses from €486.9 million in the year ended December 31, 2022 to €257.3 million in the year ended December 31, 2023 primarily resulted from one-off expenses recorded in 2022 which were related to the suspended COVID-19 program. These expenses included the write-down of COVID-19 vaccine inventory of €159.4 million (presented under “cost of services and change in inventory”) as well as impairment charges of fixed assets. Expenses for “consulting and other purchased services” reduced substantially in the year ended December 31, 2023, as the comparison period of 2022 included considerable expenses for VLA2001 related to research and development and external manufacturing costs. Expenses for “cost of services and change in inventory” strongly decreased as in the year ended December 31, 2022 effects from the significant changes to the ordered volumes and the expected future demand for VLA2001, in particular a write-down of inventory of €159.4 million, were recorded. The expense position “depreciation and amortization and impairment” contains a reversal of a fixed asset impairment in the amount of €1.9 million related to production equipment in the year ended December 31, 2023, whereas 2022 included one-off charges of €14.8 million for the impairment of VLA2001 related fixed assets including idle manufacturing equipment, leasehold improvements and Right of Use assets. “Employee benefit expenses other than share-based compensation” increased in the year ended December 31, 2023 compared to December 31, 2022 because of a €23.2 million release of the employer contribution provision and therefore an income to the social security contributions in 2022. In the same year “Share-based compensation expense” showed an income due to share-based payment program valuations resulting from the reduction in the share price. Principal Accountant Fees and Services Year ended December 31, PricewaterhouseCoopers Deloitte & Associés in € thousand 2023 % 2022 % 2021 % 2023 % 2022 % 2021 % Audit fees 2,076 98 % 1,891 99 % 1,122 91 % 1,902 99 % 1,678 99 % 1,113 93 % provided by the statutory auditor 1,539 73 % 1,386 72 % 937 76 % 1,622 84 % 1,376 81 % 939 78 % provided by the statutory auditor's network 537 25 % 505 26 % 185 15 % 280 15 % 302 18 % 174 15 % Audit-related Fees — — % — — % 90 7 % — — % 13 1 % 85 7 % provided by the statutory auditor — — % — — % 85 7 % — — % 13 1 % 85 7 % provided by the statutory auditor's network — — % — — % 5 — % — — % — — % — — % Tax fees 40 2 % 25 1 % 25 2 % — — % — — % — — % provided by the statutory auditor's network 40 2 % 25 1 % 25 2 % — — % — — % — — % All Other Fees — — % — — % — — % 19 1 % — — % — — % Total 2,116 100 % 1,916 100 % 1,238 100 % 1,921 100 % 1,691 100 % 1,199 100 % Audit-related fees comprised mainly the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit and are not reported under Audit Fees. |
Employee benefit expense
Employee benefit expense | 12 Months Ended |
Dec. 31, 2023 | |
Classes of employee benefits expense [abstract] | |
Employee benefit expense | 5.7 Employee benefit expense Employee benefit expenses include the following: Year ended December 31, in € thousand 2023 2022 2021 Salaries 55,793 57,272 47,717 Social security contributions 14,359 (3,035) 35,923 Share-based compensation expense 6,276 (5,215) 14,678 Training and education 1,292 840 603 Other employee benefits 1,553 1,317 1,091 TOTAL EMPLOYEE BENEFIT EXPENSE 79,273 51,178 100,012 In the year ended December 31, 2022, the social security contributions included an income of €23.2 million resulting from the release of the provision of employer contribution charges on share-based payment programs due to the reduction in the share price. During 2023, the Group had an average of 684 employees (2022: 778 employees, 2021: 722 employees). |
Other income_(expenses), net
Other income/(expenses), net | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Other income/(expenses), net | 5.8 Other income/(expenses), net Other income and expenses, net include the following: Year ended December 31, in € thousand 2023 2022 2021 Research and development tax credit 6,797 15,348 21,949 Grant income 11,350 191 1,684 Profit/(loss) on disposal of fixed assets and intangible assets, net (21) (38) (42) Profit/(loss) from revaluation of lease agreements 45 (32) — Taxes, duties, fees, charges, other than income tax (475) (217) (212) Miscellaneous income/(expenses), net 3,824 (3,054) (403) OTHER INCOME AND EXPENSES, NET 21,520 12,199 22,976 Other operating income and expenses increased by €9.3 million , or 76%, t o €21.5 million for the year ended December 31, 2023 from €12.2 million for the year ended December 31, 2022 due to higher grant income and net miscellaneous income. In the year ended December 31, 2023, “grant income” increased due to the recognition of an €11.1 million grant income received from Scottish Enterprise, Scotland’s national economic development agency, for developing non-COVID-19 vaccines (the chikungunya vaccine and IXIARO). On the other hand the “research and development tax credit” was positively affected in the year 2022 by an amount of €13.9 million related to the research and development programs executed in Austria, mainly for the COVID-19 and chikungunya vaccine candidates. For the year ended December 31, 2021, the research and development tax credit, included €20.2 million from the the research and development programs executed in Austria. In the “miscellaneous income/(expenses), net”, an income of €4.7 million from a settlement with a supplier in connection with COVID-19 activities was recognised in the year ended December 31, 2023. Further non-recurrent transaction results were recorded, namely a loss of €1.4 million from the divestment of the CTM Unit in Solna as well as a €0.3 million gain from the sale of BliNK. In the year ended December 31, 2022, this position was negatively impacted by a litigation provision in the amount of €3.1 million. 5.8.1 Grants Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions. Grants received as reimbursement of approved research and development expenses are recognized as other income when the respective expenses have been incurred and there is reasonable assurance that funds will be received. Advance payments received under such grants are deferred and recognized when these conditions have been met. Advanced payments received which need to be repaid are recognized as borrowings (see Note 5.24.1). Government grants received to support the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets. In February 2022 the Group received two grants worth up to £20.0 million (approximately €23.9 million) from Scottish Enterprise, Scotland’s national economic development agency, to support research and development relating to the manufacturing processes of the COVID-19 vaccine and other vaccine candidates. Following the termination of the COVID-19 vaccine program, in May 2023 the grant relating to this program was amended, reducing the available funding by £0.7 million and adjusting how the funds will be used. The funds under these grants will be received over three years, beginning in March 2022. If Valneva fails to comply with the terms of the grants, Scottish Enterprise may stop payments under the grants and require repayment of the funds provided to date. In the year ended December 31, 2023, €11.1 million (£9.6 million) of grant funds from Scottish Enterprise were recognized. In 2019 the Group signed a funding agreement with CEPI. Valneva will receive up to $24.6 million for vaccine manufacturing and late-stage clinical development of a single-dose, live attenuated vaccine against chikungunya (VLA1553). In line with CEPI’s commitment to equitable access, the funding will underwrite a partnership effort to accelerate regulatory approval of Valneva’s chikungunya vaccine for use in regions where outbreaks occur and support World Health Organization prequalification to facilitate broader access in lower- and middle-income countries. Valneva has to pay back part of the consideration upon achievement of certain milestones. The refundable consideration is accounted for as a loan and measured in accordance with IFRS 9 (see Note 5.24.1). The difference between the proceeds from CEPI and the carrying amount of the loan is treated under IAS 20 and presented as “Borrowings”. The amount from the CEPI grant which benefits Instituto Butantan is recognized as revenue (see Note 5.5). In the year ended December 31, 2023, €0.2 million of grant income (2022: €0.2 million) and €5.0 million of other revenues (2022: €3.9 million) related to CEPI were recognized. 5.8.2 Research and development tax credits Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets. |
Finance income_(expenses), net
Finance income/(expenses), net | 12 Months Ended |
Dec. 31, 2023 | |
Finance Income (Expense) [Abstract] | |
Finance income/(expenses), net | 5.9 Finance income/(expenses), net Interest income is recognized on a time-proportion basis using the effective interest method. Year ended December 31, in € thousand 2023 2022 2021 FINANCE INCOME Interest income from other parties 1,210 260 249 TOTAL FINANCE INCOME 1,210 260 249 FINANCE EXPENSES Interest expense on loans (13,681) (8,238) (7,273) Interest expense on refund liabilities (8,419) (9,597) (8,478) Interest expenses on lease liabilities (1,183) (955) (903) Other interest expense (42) (264) (309) TOTAL FINANCE EXPENSES (23,325) (19,054) (16,964) FOREIGN EXCHANGE GAIN/(LOSSES), NET 5,574 (12,587) 8,130 FINANCE INCOME/(EXPENSES), NET (16,541) (31,381) (8,584) The foreign exchange gain/(losses), net are primarily driven by non-cash revaluation results of non-Euro denominated balance sheet positions, especially caused by USD denominated liabilities (devaluation of the USD against the EUR of 4% in 2023). The increase in interest expense on loans is due to the 45% increase in Valneva's average loan volume in 2023 and due to the increase of the average interest rate by 1.48 percentage points. In the year ended December 31, 2023 further tranches of the D&O Loan Agreement were drawn, for further details see Note 5.24. The interest expense on refund liabilities for the year ended December 31, 2023 of €8.4 million was mainly caused by payment deferrals related to the Pfizer agreement. Please refer to Note 5.29 for more information on the refund liability balances. |
Income tax benefit_(expense)
Income tax benefit/(expense) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes paid (refund) [abstract] | |
Income tax benefit/(expense) | 5.10 Income tax benefit/(expense) The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current Income tax income/(expense) is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed within the foreseeable future. 5.10.1 Current income tax Income tax income/(expense) is comprised of current and deferred tax. Year ended December 31, in € thousand 2023 2022 2021 CURRENT TAX Current income tax charge (931) (1,029) (32) Adjustments in respect of current income tax of previous year (175) 97 (19) DEFERRED TAX Relating to origination and reversal of temporary differences (1,695) 2,468 (3,395) INCOME TAX BENEFIT/(EXPENSE) (2,800) 1,536 (3,446) The individual entities’ reconciliations, which are prepared on the basis of the tax rates applicable in each country while taking consolidation procedures into account, have been summarized in the reconciliation below. The estimated tax charge is reconciled to the effective tax charge disclosed. The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows: Year ended December 31, in € thousand 2023 2022 2021 LOSS BEFORE TAX (98,629) (144,815) (69,979) Tax calculated at domestic tax rates applicable to profits in the respective countries 23,400 37,203 18,824 Income not subject to tax (mainly R&D tax credit) 190 7,435 10,739 Expenses not deductible for tax purposes (1,902) (26) (2,509) Deferred tax asset not recognized (23,360) (45,955) (26,902) Utilization of previously unrecognized tax losses (1,593) 2,628 — Income tax credit/withholding tax/other adjustments 553 101 (459) Effect of change in applicable tax rate (160) 586 (3,291) Exchange differences (25) (526) 296 Income tax of prior years 98 90 (64) Minimum income tax (2) (2) (80) INCOME TAX BENEFIT/(EXPENSE) (2,800) 1,536 (3,446) Effective income tax rate — — — Although the Group operates at a loss overall, there are profitable entities with revenues from the sale of commercialized travel vaccines and from the sale of third-party products. 5.10.2 Deferred tax As at December 31, 2023, the deferred tax assets of €204.5 million (December 31, 2022: €199.5 million) were not recognized as there was not sufficient evidence that adequate taxable profit will be available against which the unused tax losses can be utilized in the foreseeable future. Deferred tax assets were only recognized for entities where sufficient evidence has been provided that adequate taxable profit will be available against which the unused tax losses can be utilized in the foreseeable future. As at December 31, 2023, the Group had tax losses carried forward of €879.1 million (December 31, 2022: €821.6 million), of which €290.0 million related to Valneva SE (December 31, 2022: €272.1 million), €564.2 million related to Valneva Austria GmbH (December 31, 2022: €521.7 million), €10.4 million related to Valneva Scotland, Ltd. (December 31, 2022: €19.6 million), €13.7 million related to Valneva Sweden AB (December 31, 2022: €8.2 million) and €0.9 million related to Vaccines Holdings Sweden AB (December 31, 2022: €0.0 million). Tax losses carried forward in France, Austria, United Kingdom and Sweden have no expiry date. The gross movement on the deferred income tax account was as follows: Year ended December 31, in € thousand 2023 2022 2021 BEGINNING OF THE YEAR 4,943 2,292 5,158 Exchange differences (294) 171 529 Income statement charge / (credit) (1,695) 2,480 (3,395) END OF THE YEAR 2,954 4,943 2,292 The deferred tax assets and liabilities are allocable to the various balance sheet items as follows: Year ended December 31, in € thousand 2023 2022 DEFERRED TAX ASSET FROM Tax losses carried forward 207,858 203,852 Fixed assets 1,765 3,541 Inventory 4,388 3,306 Borrowings and accrued interest 4,722 1,526 Provision 1,501 1,659 Other items 217 2,502 Non-recognition of deferred tax assets (204,529) (199,493) TOTAL DEFERRED TAX ASSETS 15,921 16,893 DEFERRED TAX LIABILITY FROM Fixed assets (6,364) (4,789) Intangible assets (5,157) (6,229) Other items (1,446) (932) TOTAL DEFERRED TAX LIABILITY (12,967) (11,950) DEFERRED TAX, NET 2,954 4,943 The corporate income tax rate in Austria was 25% in 2022 and was reduced to 24% in 2023. The corporate income tax rate will be reduced to 23% from 2024 onward. The corporate income tax rate in the United Kingdom was 19% until March 2023 and was increased to 25% from April 2023 onward. The corporate income tax rate in France was reduced to 25% from 2022 onward. The deferred tax assets and liabilities presented above as at December 31, 2023 and December 31, 2022 have been adjusted for these changes in tax rates. |
Earnings (Losses) per share
Earnings (Losses) per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings (Losses) per share | 5.11 Earnings (Losses) per share Basic Basic earnings (losses) per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of outstanding shares during the year, excluding shares purchased by the Company and held as treasury shares (see Notes 5.22 and 5.23). Year ended December 31, 2023 2022 2021 Net profit (loss) from continuing operations attributable to equity holders of the Company (in € thousand) (101,429) (143,279) (73,425) Weighted average number of outstanding shares 138,624,381 115,473,914 97,619,320 BASIC EARNINGS (LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE) (0.73) (1.24) (0.75) Diluted Diluted earnings per share are calculated by adjusting the weighted average number of ordinary outstanding shares to assume conversion of all dilutive potential ordinary shares. The Company has share options as dilutive potential ordinary shares. For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options. Year ended December 31, 2023 2022 2021 Profit used to determine diluted earnings per share (in € thousand) (101,429) (143,279) (73,425) Weighted average number of outstanding shares for diluted earnings (losses) per share (1) 138,624,381 115,473,914 97,619,320 DILUTED EARNINGS/(LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE) (0.73) (1.24) (0.75) (1) Potentially dilutive securities ( 2023 : 2,861,904 share options; 2022: 1,504,892 share options, 2021: 5,846,267) have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets other than goodwill [abstract] | |
Intangible assets | 5.12 Intangible assets Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and implement the specific software. These costs are amortized on a straight-line basis over their estimated useful lives, generally three Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred. The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred. Acquired research and development technology and projects Acquired research and development technology projects are capitalized. Amortization of the intangible asset over its useful life starts when the product has been fully developed and is ready for use. These costs are amortized on a straight-line basis over their useful lives. This useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on the patent life and technological replacement of a newer vaccine generation. Development costs Research expenses are recognized as expenses when incurred. Development expenses incurred on clinical projects (related to the design and testing of new or significantly improved products) are recognized as intangible assets when the following criteria have been fulfilled: • it is technically feasible to complete the intangible asset so that it will be available for use or sale; • management intends to complete the intangible asset and to utilize or sell it; • there is an ability to utilize or sell the intangible asset; • it can be demonstrated how the intangible asset will generate probable future economic benefits; • adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and • the expenditure attributable to the intangible asset during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as expenses when they are incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life, generally 10 - 15 years. In 2023 and 2022, no development costs were capitalized. Amortization Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows: • Software 3 - 6 years • Acquired R&D technology and projects 1 - 24 years • Development costs 1 - 15 years The useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years (with a remaining useful life period of 9 years) which is based on estimated period where Valneva benefits from the patent. in € thousand Software Acquired R&D technology and projects Development costs Intangible assets in the course of construction Total YEAR ENDED DECEMBER 31, 2023 Opening net book value 585 26,731 1,394 — 28,711 Additions 85 — — — 85 Amortization charge (420) (2,683) (160) — (3,262) Exchange rate differences 4 24 4 — 33 CLOSING NET BOOK VALUE 255 24,073 1,239 — 25,567 AS AT DECEMBER 31, 2023 Cost 6,368 80,562 7,314 — 94,244 Accumulated amortization and impairment (6,113) (56,489) (6,075) — (68,677) CLOSING NET BOOK VALUE 255 24,073 1,239 — 25,567 in € thousand Software Acquired R&D technology and projects Development costs Intangible assets in the course of construction Total YEAR ENDED DECEMBER 31, 2022 Opening net book value 1,217 29,768 1,581 134 32,700 Additions 201 1 — — 201 Amortization charge (792) (2,957) (171) — (3,920) Disposals — — (2) (125) (127) Exchange rate differences (41) (80) (14) (9) (144) CLOSING NET BOOK VALUE 585 26,731 1,394 — 28,711 AS AT DECEMBER 31, 2022 Cost 6,240 80,514 7,304 — 94,058 Accumulated amortization and impairment (5,655) (53,783) (5,910) — (65,347) CLOSING NET BOOK VALUE 585 26,731 1,394 — 28,711 As at December 31, 2023 and December 31, 2022, there were no acquired research and development technology project assets with a definite useful life which are not yet amortized. Significant intangible assets (included in acquired R&D technology and projects as well as in development costs) with definite useful life are comprised primarily of the already commercialized vaccine against Japanese encephalitis (IXIARO) with acquisition costs amounting to €78.8 million (December 31, 2022: €78.7 million) and a net book value amounting to €25.0 million (December 31, 2022: €27.7 million). For impairment test, see Note 5.15. |
Leases (right of use assets)
Leases (right of use assets) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases (right of use assets) | 5.13 Leases (right of use assets) The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Sweden include options to terminate the agreements earlier. The notice periods in these contracts are between one Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields, and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 0.183% and 7.000%, depending on the currency and the remaining term until maturity. For the rental contracts for the premises in Sweden interest rates of 2.493% and 3.401% were determined following significant increases in right of use assets in Sweden. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Sweden, which contain variable payments based on inflation rates or on published interest rates. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €10,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and for which there is no option for the lessee to prolong the contract to more than 12 months or there is no reasonable certainty that such an option will be exercised. Low-value assets comprise mainly IT equipment and small items of office furniture. The Group does not have residual value guarantees in the rental contracts. 5.13.1 Development of right-of-use assets in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets YEAR ENDED DECEMBER 31, 2023 Opening net book value 41,365 — 238 41,603 Additions 3,593 — 189 3,781 Amortization (2,428) — (141) (2,569) Termination of contracts (22,516) — (32) (22,548) Exchange rate differences 127 — (2) 125 CLOSING NET BOOK VALUE 20,141 — 251 20,392 in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets YEAR ENDED DECEMBER 31, 2022 Opening net book value 47,993 15 278 48,285 Additions 1,482 — 147 1,629 Amortization (2,944) (15) (145) (3,103) Impairment charge (4,178) — — (4,178) Revaluation due to variable payments 859 — — 859 Termination of contracts — — (32) (32) Exchange rate differences (1,847) — (10) (1,857) CLOSING NET BOOK VALUE 41,365 — 238 41,603 In the year ended December 31, 2023, right of use assets decreased from €41.6 million to €20.4 million, mainly due to termination of contracts and amortizations. This was partly offset by modifications of lease contacts for buildings in Sweden and a new lease contract for office space in the United States. The largest lease agreements for the premises in Austria was terminated in September 2023 with a termination value of €22.5 million. The largest remaining active lease contract was for the building in Solna, Sweden with a book value of €15.5 million as at December 31, 2023 (December 31, 2022: €14.7 million). For details on lease liabilities, see Note 5.27. For details on the impairment charge, see Note 5.15. 5.13.2 Other amounts recognized in the consolidated income statement Expense relating to short-term leases and leases of low-value assets as well as expenses relating to termination of lease contracts have not been material in 2023 and 2022. There have been no substantive revaluations in 2023 and 2022. 5.27 Lease liabilities Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default. Year ended December 31 in € thousand 2023 2022 OPENING NET BOOK VALUE 53,574 56,822 Additions 3,759 1,629 Revaluation due to variable payments (2) 859 Termination of contracts (22,539) — Lease payments (4,286) (3,900) Interest expenses 1,183 833 Exchange rate differences 280 (2,669) CLOSING NET BOOK VALUE 31,969 53,574 In the year ended December 31, 2023, lease liabilities decreased by €21.6 million, mainly due to the termination of the lease agreement for the premises in Austria in September 2023 with a termination value of €22.5 million. The maturity of non-current lease liabilities is as follows: Year ended December 31 in € thousand 2023 2022 Between 1-3 years 5,313 4,573 Between 3-5 years 5,414 4,608 Over 5 years 18,362 18,982 NON-CURRENT LEASE LIABILITIES 29,090 28,163 Current lease liabilities 2,879 25,411 TOTAL LEASE LIABILITIES 31,969 53,574 The carrying amounts of the Group’s lease liabilities are denominated in the following currencies: Year ended December 31 in € thousand 2023 2022 EUR 1,479 24,694 SEK 28,308 27,314 Other 2,182 1,566 TOTAL LEASE LIABILITIES 31,969 53,574 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 5.14 Property, plant and equipment Property, plant and equipment mainly comprise a manufacturing facility and leasehold improvements in rented office and laboratory space. All Property, plant and equipment are stated at historical cost less depreciation and less impairment losses when necessary. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incur. Property, plant and equipment include machinery, for which validation is required to bring the asset to its working condition. The costs of such validation activities are capitalized together with the cost of the asset. Validation costs beyond the normal validation costs, which are usually required to bring an asset to its working condition, are expensed immediately. The usual validation costs are capitalized on the asset and depreciated over the remaining life of the asset or the shorter period until the next validation is usually required. Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows: ▪ Buildings, leasehold improvements 5 - 40 years ▪ Machinery, laboratory equipment 1 - 15 years ▪ Furniture, fittings and office equipment 4 - 10 years ▪ Hardware 3 - 5 years Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is immediately written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8). in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course of construction Total YEAR ENDED DECEMBER 31, 2023 Opening net book value 74,493 34,544 1,140 675 1,583 112,435 Change in consolidation scope 22,373 — — — — 22,373 Additions 9,088 2,884 414 33 1,985 14,404 Depreciation charge (6,008) (4,372) (442) (155) — (10,976) Impairment charge/reversal — 1,869 — — — 1,869 Disposals (1,837) (3,547) (61) (2) — (5,448) Exchange rate differences 991 383 3 9 155 1,541 CLOSING NET BOOK VALUE 99,100 31,761 1,053 560 3,724 136,198 AS AT DECEMBER 31, 2023 Cost 125,580 73,686 3,438 1,895 3,724 208,323 Accumulated depreciation and impairment (26,479) (41,926) (2,384) (1,335) — (72,125) CLOSING NET BOOK VALUE 99,100 31,761 1,053 560 3,724 136,198 The change in consolidation scope came from the acquisition of VBC3, see Note 5.1.2. The additions were primarily from the finalization of the Almeida facility in Livingston. The reversal of impairment is due to a reversal of a fixed asset impairment in the amount of €1.9 million related to production equipment. in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course of construction Total YEAR ENDED DECEMBER 31, 2022 Opening net book value 10,284 21,066 1,335 202 92,659 125,545 Reclassification 45,082 16,576 — — (61,658) — Additions 30,902 24,484 281 552 (29,043) 27,176 Depreciation charge (3,091) (10,424) (432) (64) — (14,012) Impairment charge (4,453) (14,618) — — — (19,071) Disposals — (43) (2) — — (45) Exchange rate differences (4,230) (2,497) (42) (14) (375) (7,158) CLOSING NET BOOK VALUE 74,493 34,544 1,140 675 1,583 112,435 AS AT DECEMBER 31, 2022 Cost 96,528 76,315 3,245 1,912 1,583 179,583 Accumulated depreciation and impairment (22,035) (41,770) (2,105) (1,238) — (67,148) CLOSING NET BOOK VALUE 74,493 34,544 1,140 675 1,583 112,435 Additions in 2022 mainly referred to investments in Scotland and Sweden and related to the production of VLA2001. Reclassification in 2022 mainly related to assets in Scotland for which final construction took place in 2022. With regards to impairment charges recognized in 2022, see Note 5.15. From the total of €16.9 million (2022: €44.3 million) of depreciation, amortization and impairment expenses, €12.5 million (2022: €39.5 million) were charged to cost of goods and services, €3.0 million (2022: €3.5 million) were charged to research and development expenses, €0.8 million (2022: €0.7 million) were charged to marketing and distribution expenses and €0.5 million (2022: €0.6 million) were charged to general and administrative expenses. The decrease in depreciation and amortization charged to costs of goods and services was caused by impairments in VLA2001 and DUKORAL in 2022. Non-current operating assets by region Non-current operating assets for this purpose consist of intangible assets, right of use assets and property, plant and equipment. The main non-current operating assets are allocated to sites where production and research and development activities take place. Sales activities by distribution sites do not require major non-current operating assets. Revenues by region (see Note 5.5) are structured according to the location of the final customer. In some countries there are customers, but no assets. Year ended December 31, in € thousand 2023 2022 United Kingdom 87,646 84,843 Austria 49,460 52,199 Nordics 39,111 40,250 Other Europe 4,839 5,211 United States 934 64 Canada 166 183 NON-CURRENT ASSETS 182,156 182,749 |
Impairment testing
Impairment testing | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of impairment loss and reversal of impairment loss [abstract] | |
Impairment testing | 5.15 Impairment testing At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. De-recognition of VLA2001 As at December 31, 2022, impairment tests were adapted to the changes resulting in de-recognition of the COVID vaccine VLA2001 as a CGU as no material future cash flows are expected to be generated by this CGU following the Company's decision to wind down the COVID-19 program, and utilization of dedicated and shared assets was reviewed. In addition, future cash flows generated by the IXCHIQ vaccine were taken into account as fixed assets originally expected to be utilized by COVID are now expected to be used across the IXIARO, DUKORAL and IXCHIQ CGUs. A triggering event was identified in December 2022 for the CGUs impacted by suspending manufacturing of VLA 2001 and impairment tests were performed as at December 31, 2022. As a consequence, impairment charges for VLA2001 of €14.8 million were recorded for the year ended December 31, 2022. This impairment was composed of €1.0 million for right of use assets, €1.9 million for leasehold improvements and €11.9 million for manufacturing equipment. In the year ended December 31, 2023, the impairment for manufacturing equipment could be reduced by €1.9 million, as certain assets were usable for other vaccine productions, especially IXCHIQ (see also Note 5.13 and 5.14). IXIARO The impairment test for the CGU of IXIARO did not result in any impairment for the years ended December 31, 2023 and 2022. Further, no triggering event was identified. DUKORAL As at December 31, 2022, impairment charges for DUKORAL CGU were recorded in the amount of €8.3 million, including €3.2 million of right of use assets, €2.5 million of leasehold improvements and €2.7 million of manufacturing equipment. As at December 31, 2023, no triggering event was identified and also the impairment testing did not result in further impairment needs. The results of the impairment testing on DUKORAL were not materially different from the position as at December 31, 2022. An increase in the WACC or reduction in revenue may result in further impairment charges (see table below). IXCHIQ The impairment test for the CGU of the new vaccine IXCHIQ as at December 31, 2023 did not result in any impairment requirement as the value in use for the CGU was considerably higher than the book value of its assets. Additionally, no triggering events were identified for IXCHIQ. Further details can be seen in the below sensitivity analysis. Sensitivity to changes in assumptions The net present value calculations are based upon assumptions regarding market size, expected sales volumes resulting in sales value expectations, expected royalty income or expected milestone payments.The net present value calculations are most sensitive to the following assumptions: – discount rate – reduction of expected revenues The following table shows the these parameters and their sensitivity to the overall result in case of described changes: in € thousand except ratios IXIARO DUKORAL IXCHIQ CTM* WEIGHTED AVERAGE COST OF CAPITAL (WACC) 2023 9.08 % 8.94 % 9.04 % — % 2022 8.34 % 8.30 % 8.25 % 9.50 % BREAK-EVEN WACC 2023 81.06 % 8.04 % 113.62 % — % 2022 56.27 % 7.59 % 113.60 % 15.00 % Impairment if WACC increases by 1% (in € thousand) 2023 NO 3,330 NO — 2022 NO 5,095 NO NO Impairment if sales reduce by 10% (in € thousand) 2023 NO 6,508 NO — 2022 NO 4,023 NO 1 * CTM CGU was sold in July 2023, see Note 5.1.1 . |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial instruments | 5.16 Financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date. The valuation techniques utilized for measuring the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions. The fair value of instruments that are quoted in active markets are determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place. Furthermore, the Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are not available. 5.16.1 Financial instruments by category The Group has materially only short-term assets and all of the financial instruments are categorized as assets at amortized costs. Financial instruments can be found in the following positions within the assets: Year ended December 31 in € thousand 2023 2022 FINANCIAL INSTRUMENTS IN ASSETS Trade receivables 41,645 23,912 Other assets (1) 1,109 11,988 Cash and cash equivalents 126,080 289,430 TOTAL ASSETS 168,834 325,330 (1) Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments. The Group has only financial instruments which are categorized as liabilities at amortized costs. Financial instruments can be found in the following positions within the liabilities: Year ended December 31 in € thousand 2023 2022 FINANCIAL INSTRUMENTS IN LIABILITIES Borrowings 176,847 98,806 Trade payables and accruals 44,303 41,491 Tax and employee-related liabilities (1) 10,815 10,778 Lease liabilities 31,969 53,574 Refund liabilities 39,941 143,085 Other liabilities (2) 34 32 TOTAL LIABILITIES 303,908 347,767 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments. (2) Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments. 5.16.2 Fair value measurements As at December 31, 2023 and December 31, 2022, the Group did not have assets and liabilities measured though profit and loss. In both periods, the Group also did not have open foreign currency options nor foreign currency forwards. Due to the short-term nature of its financial instruments fair valuation has no effect on the financial position. 5.16.3 Foreign currency sensitivity analysis The following table details the Group’s sensitivity of financial instruments to a 10% increase and decrease in currency units against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. A positive number below indicates an increase in pre-tax profit or a reduction in pre-tax loss. With all other variables held constant, the impact from changes in exchange rates on the pre-tax result would be as follows: Year ended December 31 in € thousand 2023 2022 $/EUR +10% (24,079) (21,245) $/EUR -10% 29,430 25,966 GBP/EUR +10% 4,760 3,941 GBP/EUR -10% (5,817) (4,817) SEK/EUR +10% (8,846) (9,318) SEK/EUR -10% 10,812 11,388 CAD/EUR +10% 2,368 2,011 CAD/EUR -10% (2,894) (2,457) The effect in the USD/EUR relationship is mostly due to borrowings denominated in USD while the cash and working capital is predominantly on a EUR basis. Due to higher borrowings in the year ended December 31, 2023, the Group’s sensitivity has slightly increased. The Group has not used any hedging instruments to reduce the impact of foreign exchange rate changes. 5.16.4 Credit quality of financial assets The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows: Year ended December 31 in € thousand 2023 2022 TRADE RECEIVABLES Receivables from governmental institutions (AAA-country) 205 757 Receivables from governmental institutions (AA-country) 11,535 3,620 Receivables from governmental institutions (A-country) — — AA — — A — 4,861 Counterparties without external credit rating or rating below A 29,905 14,674 TRADE RECEIVABLES 41,645 23,912 OTHER ASSETS A — 11,296 Assets from governmental institutions (AA-country) — 151 Counterparties without external credit rating or rating below A 1,109 541 OTHER ASSETS 1,109 11,988 CASH AND CASH EQUIVALENTS AA 17,581 11,557 A 108,253 272,719 Counterparties without external credit rating or rating below A 245 5,154 CASH AND CASH EQUIVALENTS 126,080 289,430 The rating information refers to long-term credit ratings as published by Standard & Poor’s or another rating organization (equivalent to the Standard & Poor’s rating). The maximum exposure to credit risk at the reporting date is the fair value of the financial assets. 5.16.5 Impairment of financial assets Trade receivables According to IFRS 9.5.5.15, the simplified approach (measure the loss allowance at an amount equal to lifetime expected credit losses) has to be used for trade receivables, which do not contain a significant financing component. This is the case for the Group, as all trade receivables are short-term with a maturity lasting less than 12 months. Loss allowances have to be established for each trade receivable based on the expected credit losses. Accordingly, at the end of each reporting period, trade receivables were adjusted through a loss allowance in accordance with the revised expected outcome. According to IFRS 9.5.5.17, default probabilities are to be determined on the basis of historical data but must be adjusted on the balance sheet date on the basis of up-to-date information and forward looking information. The analysis of the historical data showed as at December 31, 2023 and December 31, 2022 that losses incurred were immaterial, taking further into account the limited number of customers as well as credit checks mentioned in Note 5.2.5. Therefore, loss allowance was considered immaterial as at December 31, 2023 and December 31, 2022. Other assets and cash and cash equivalents Historically, no losses have been incurred on other assets measured at amortized costs and on cash and cash equivalents. As at December 31, 2023 and December 31, 2022, the expected credit loss was calculated using the cumulative expected default rate based on the counterparties’ ratings and was immaterial. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Inventories | 5.17 Inventories Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual and standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories. Year ended December 31 in € thousand 2023 2022 Raw materials 35,379 86,452 Work in progress 38,094 114,218 Finished goods 12,968 11,783 Purchased goods (third party products) 3,626 3,518 GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN 90,067 215,970 Less: write-down provision (45,601) (180,866) INVENTORIES 44,466 35,104 The decrease in gross amounts of inventories before write-down is primarily related to decrease in the inventory of raw materials and work in progress as of December 31, 2023. The total write-down provision on inventory amounts to €45.6 million as of December 31, 2023 (December 31, 2022: €180.9 million). The decrease in the write-down provision compared to prior year is mainly attributable to the suspension of manufacturing of VLA2001 in 2022. As a result, raw material acquired to produce VLA2001 which could not be repurposed and used for other products was written down. Work in progress related to VLA2001 was written down due to reduced sales expectations following the termination of supply agreements. In total an amount of €176.9 million related to VLA2001 inventory was included in 2022. Write-down provisions related to the inventory categories as follows: Year ended December 31 in € thousand 2023 2022 Raw materials 28,158 79,939 Work in progress 15,177 99,089 Finished goods 1,524 1,417 Purchased goods (third party products) 743 421 TOTAL WRITE-DOWN PROVISION 45,601 180,866 As at December 31, 2023, €31.2 million of the inventory reserve related to VLA2001 (December 31, 2022: €176.9 million), of which €26.6 million was attributable to the raw materials (December 31, 2022: €78.8 million) and €4.6 million to work in progress (December 31, 2022: €98.1 million). As at December 31, 2023, the remaining write-down provision of €12.2 million in raw materials and work in progress relate to Valneva's commercialized vaccines IXIARO, DUKORAL and IXCHIQ (December 31, 2022: €2.2 million ).. As at December 31, 2023, the write down provision for finished goods for Valneva's commercialized vaccines IXIARO and DUKORAL based on sales expectations and limited shelf life of the products amount to €1.5 million (December 31, 2022: €1.4 million). Also a slight increase in the provision for third party products was necessary as at December 31, 2023 (December 31, 2022: €0.4 million). |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Trade receivables | 5.18 Trade receivables Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss. Trade receivables include the following: Year ended December 31 in € thousand 2023 2022 Trade receivables 41,714 23,997 Less: loss allowance of receivables (69) (84) TRADE RECEIVABLES, NET 41,645 23,912 In 2023 and 2022, no material impairment losses were recognized. As at December 31, 2023, the amount of trade receivables past due (which is defined as being more than 30 days late) reached €4.5 million (December 31, 2022: €4.4 million) of which €3.4 million come from a governmental authority with a credit rating of B+/B2. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. As at December 31, 2023, trade receivables included €41.6 million (December 31, 2022: €23.9 million) of receivables from contracts with customers. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Miscellaneous assets [abstract] | |
Other assets | 5.19 Other assets Other assets include the following: Year ended December 31 in € thousand 2023 2022 R&D tax credit receivables 43,762 49,174 Advance payments 759 1,672 Tax receivables 3,921 9,066 Prepaid expenses 4,468 4,939 Contract costs 3,710 3,710 Consumables and supplies on stock 872 1,380 Miscellaneous current assets 522 451 OTHER NON-FINANCIAL ASSETS 58,014 70,391 Deposits 194 11,822 Miscellaneous financial assets 916 165 OTHER FINANCIAL ASSETS 1,109 11,988 OTHER ASSETS 59,123 82,378 Less non-current portion 8,490 8,299 CURRENT PORTION 50,633 74,079 Due to the short term nature of the financial instruments included in other assets, their carrying amount is considered to be the same as their fair value. The “R&D tax credit receivables” is mainly related to the received research and development tax credit primarily in connection with the COVID-19, chikungunya and Lyme vaccine candidates. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 5.20 Cash and cash equivalents Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes with a maximum maturity of three months that can be assigned or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates. Year ended December 31 in € thousand 2023 2022 Cash in hand 9 3 Cash at bank 126,071 286,530 Clearing accounts (1) (1) Restricted cash — 2,898 CASH AND CASH EQUIVALENTS 126,080 289,430 As at December 31, 2023, there was no restricted cash. As at December 31, 2022 the restricted cash mainly consisted of a locked bank account for a bank guarantee provided to a supplier as security for a payment relating to a settlement agreement announced in September 2022. As a result of a payment made in February 2023, this restriction has been removed. |
Assets classified as held for s
Assets classified as held for sale | 12 Months Ended |
Dec. 31, 2023 | |
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract] | |
Assets classified as held for sale | 5.21 Assets classified as held for sale BliNK Biomedical SAS Valneva previously held a 48.9% equity interest in BliNK Biomedical SAS, Marseille (BliNK), a private company not listed on a stock exchange. As a result of the management's intent to sell the equity interest, it was classified as an asset held for sale as of June 30, 2022. On September 8, 2023, the Company sold its equity interest in BliNK. The proceeds of the sale amounted to €2.4 million. For the year ended December 31, 2023, the final sale resulted in a profit of €0.2 million. The transaction stipulates an earn-out component which entitles the Company to receive 0.006491% for each equity interest share of BliNK’s net revenue over a period of seven years. The Company has assessed the fair value of the earn-out component as at December 31, 2023 to be immaterial. Divestment of CTM Unit in Solna, Sweden Valneva decided to divest its CTM unit in Solna as explained in Note 5.1.1 and 5.8. The transfer of ownership of the unit took effect on July 1, 2023. With the payment of the proceeds no remaining assets or liabilities held for sale were shown for the CTM unit as of December 31, 2023. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Equity | 5.22 Equity 5.22.1 Share capital and share premium The ordinary shares and convertible preferred shares are classified as equity. Year ended December 31 number of shares 2023 2022 Ordinary shares issued (€0.15 par value per share) 138,912,142 138,346,968 Convertible preferred shares registered — 20,514 TOTAL SHARES ISSUED 138,912,142 138,367,482 Less Treasury shares (124,322) (124,322) OUTSTANDING SHARES 138,787,820 138,243,160 Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds. When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes, if any) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects is included in equity attributable to the Company’s equity holders. The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves. The following table shows the development of the number of outstanding shares: Year ended December 31 number of shares 2023 2022 OUTSTANDING AS AT JANUARY 1 138,243,160 105,114,763 Share-based compensation exercises 544,660 2,578,636 Capital Increase — 30,549,761 OUTSTANDING AT YEAR END 138,787,820 138,243,160 The Company has issued stock options to employees under various employee stock option plans (ESOPs) established in the last 10 years. For details, please refer to Note 5.23. In June 2022, Pfizer invested €90.6 million ($95.0 million) million net representing 9,549,761 shares at a price of €9.49 per share through a reserved capital increase. In October 2022, the Company closed the Global Offering for a total of 21,000,000 new ordinary shares. Aggregate gross proceeds of the Global Offering, before deducting underwriting commissions and expenses payable by the Company, were €102.9 million ($99.9 million).The costs of both equity transactions which were directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Conditional and authorized capital As at December 31, 2023, the Company had 9,919,432 (December 31, 2022: 7,267,281) shares of conditional capital in connection with (see Note 5.23): • the possible exercise of existing stock options; and • the possible final grant of existing Free Ordinary Shares. Pursuant to resolution No. 21 of the Combined General Meeting held on December 20, 2023, the maximum aggregate amount of capital increases that may be carried out, with immediate effect or in the future, under resolutions 13 to 20 of said Meeting, may not exceed €5.2 million, it being specified that to this maximum aggregate amount will be added the additional nominal amount of shares or securities to be issued in accordance with applicable legal or regulatory provisions and, if applicable, with contractual provisions providing for other forms of adjustment, in order to preserve the rights of the holders of securities or other rights giving immediate and/or future access to the capital of the Company. 5.22.2 Other reserves in € thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total BALANCE AS AT JANUARY 1, 2023 52,820 (5,041) (645) 17,636 (9,517) 55,252 Currency translation differences — 3,300 — — — 3,300 Defined benefit plan actuarial losses — (130) — — — (130) Share-based compensation expense — — — 6,666 — 6,666 Purchase/sale of treasury shares — — — — — — BALANCE AS AT DECEMBER 31, 2023 52,820 (1,871) (645) 24,301 (9,517) 65,088 in € thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total BALANCE AS AT JANUARY 1, 2022 52,820 (5,146) (645) 15,000 (9,517) 52,512 Currency translation differences — (73) — — — (73) Defined benefit plan actuarial gains — 178 — — — 178 Share-based compensation expense — — — 2,636 — 2,636 Purchase/sale of treasury shares — — — — — — BALANCE AS AT DECEMBER 31, 2022 52,820 (5,041) (645) 17,636 (9,517) 55,252 Other regulated reserves contain a non-distributable mandatory legal reserve from the merger with Intercell AG. The Company did not obtain a dividend from its subsidiaries or pay a dividend to its shareholders in 2023 and 2022. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation [Abstract] | |
Share-based compensation | 5.23 Share-based compensation The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The consolidated statement of profit or loss includes the following expenses arising from share-based payments: Year ended December 31 in € thousand 2023 2022 2021 Stock option plans 5,152 1,916 646 Free convertible preferred share plans — — 652 Free ordinary shares program 1,514 719 1,334 Phantom shares (390) (11,291) 11,877 SHARE-BASED COMPENSATION EXPENSE /(INCOME) 6,276 (8,656) 14,509 5.23.1 Stock option plans The fair value of such share-based compensation is recognized as an expense for employee services received in exchange for the grant of the options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Annually, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement and makes a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to nominal capital (nominal value) and share premium (amount exceeding nominal value) when the options are exercised. Beginning in 2013, the Company granted stock options to employees and management pursuant to seven successive plans. Stock options granted from 2013 to 2017 are exercisable in two equal portions after being held for two All options expire no later than ten years after being granted. Stock options are not transferable or negotiable and unvested options lapse without compensation upon termination of employment with the Group (forfeiture). Stock options granted from 2013 onwards vest with the effectiveness of the takeover of more than 50% of the outstanding voting rights of the Group. As this change of control event was considered remote, it has not been considered in the determination of the vesting period. Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows: 2023 2022 Number of options Number of shares available Average exercise price (in € per share) Number of options Number of shares available Average exercise price (in € per share) OUTSTANDING AS AT JANUARY 1 5,774,339 5,776,114 4.90 3,933,385 3,996,588 3.11 Granted 3,441,269 3,441,269 5.25 3,152,751 3,152,751 6.47 Expired (3,648) (4,015) 2.92 — — — Forfeited (647,024) (647,024) 5.25 (196,834) (196,834) 3.05 Exercised (14,134) (15,542) 2.92 (1,114,963) (1,176,391) 3.32 OUTSTANDING AT YEAR END 8,550,802 8,550,802 5.02 5,774,339 5,776,114 4.90 Exercisable at year end 3,296,856 3,296,856 3.98 2,621,588 2,623,363 3.02 14,134 employee stock options (of which 14,134 were granted from ESOP 2013, 0 from ESOP 2015 and 0 from ESOP 2016) were exercised in 2023, whereas 1,114,963 employee stock options (of which 615,918 were granted from ESOP 2013, 478,845 from ESOP 2015 and 20,200 from ESOP 2016) were exercised in 2022. Stock options outstanding at the end of the period have the following expiry dates and exercise prices: Exercise price (in € per share) Number of options as at December 31, (presentation as number of convertible shares) expiry date 2023 2022 2023 2.92 — 19,557 2025 3.92 43,655 43,655 2026 2.71 14,500 14,500 2027 2.85 551,475 551,475 2029 3.05 1,770,676 1,994,176 2032 6.47 2,750,477 3,152,751 2033 5.25 3,420,019 — OUTSTANDING AT YEAR END 8,550,802 5,776,114 In 2023, 3,441,269 stock options were granted (2022: 3,152,751). The weighted average grant date f air value of options granted during 2023 was €3.22 (2022: €3.77 ). The fair value of the granted options was determined using the Black Scholes valuation model. The significant inputs into the models were: As at Dec 15, 2023 Expected volatility (%), based on historical volatility 72.95 Expected vesting period (term in years) 5.50 – 6.50 Risk-free interest rate (%) 2.12 – 3.15 5.23.2 Free ordinary shares In 2023, the Company’s Management Board granted 445,320 free ordinary shares for the benefit of Management Board and members of the Company’s senior management (2022: 401,911). The purpose of this free share plan 2023-2026 is to provide a long-term incentive program for the Company’s senior management. The number of free ordinary shares granted was as follows: Year ended December 31 number of free ordinary shares granted 2023 2022 Executive Committee (formerly Management Board) 263,842 196,855 Senior Leadership Group 181,478 205,056 FREE ORDINARY SHARES GRANTED 445,320 401,911 In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows: Year ended December 31 number of free shares 2023 2022 OUTSTANDING AS AT JANUARY 1 1,487,667 1,842,404 Granted 445,320 401,911 Forfeited (14,725) (120,000) Exercised (549,632) (636,648) OUTSTANDING AT YEAR END 1,368,630 1,487,667 Subject to vesting conditions (service conditions), the free share granted to a participant will vest in and be delivered to that participant (“ seront définitivement attribuées ”) in three tranches. Each tranche will amount to one third of the total individual allocation. If one third is not a whole number, the number of free shares will be rounded down for the first two tranches and rounded up for the third tranche. The first and the second tranche for the free shares granted in 2023 will vest on December 15, 2025, and the third tranche will vest on December 15, 2026. Following the vesting of the free shares, no compulsory holding period will apply to the vested shares. The expenses arising from the free ordinary share plan is the number of shares granted expected to vest multiplied with the share price at the grant date. The 2023 and 2022 plans further provide for accelerated vesting of the free shares in the event of a Change of Control (as defined in the applicable terms & conditions) occurring no earlier than two years after the grant date. For the 2022 plan that is October 10, 2024, and for the 2023 plan it is December 15, 2025. As management considered the chance of a Change of Control remote at the grant date, this was not included in the determination of the vesting period. In addition, the plan provides for the possibility to remain entitled to a prorated number of shares, for any unvested tranche, in case of retirement of a beneficiary before complete vesting. Finally, the terms and conditions applicable to the free share plans state that if a Change of Control takes place before the specified date and section III of Article L. 225-197-1 of the French Commercial Code does not apply, the plan will be canceled and the Company will indemnify the participants for the loss of unvested free shares, and, for the Management Board members, to getting all required shareholder approvals. The gross amount of this indemnity will be calculated as though such free shares had been vested upon the Change of Control. The conditions and limitations set forth in the applicable terms and conditions of the plan will apply to this calculation, mutatis mutandis. In accordance with section II (4th paragraph) of Article L. 225-197-1 of the French Commercial Code, the Supervisory Board decided during its meetings held on June 22, 2022 and March 9, 2023 that the Management Board members should keep no less than 20% of the vested free shares of each tranche until termination of their office as Management Board member or corporate officer. 5.23.3 Phantom shares In 2017, 2019 and 2020, phantom share plans were issued for employees who are US citizens, with the same conditions as the stock option programs (see above) but which will not be settled in equity, but in cash. Therefore, it is considered as a cash settled plan. The liability for the phantom shares is measured (initially and at the end of each reporting period until settled) at the fair value of the share options rights, by applying an option pricing model taking into account the terms and conditions on which the phantom rights were granted and the extent to which the employees have rendered services to date. No new phantom shares were granted in 2023 . In 2022, no new phantom shares were granted, but a change from one phantom share program to another for one employee was agreed. In accordance with the foregoing, changes in the outstanding phantom sh ares are as follows: Year ended December 31 number of phantom shares 2023 2022 OUTSTANDING AS AT JANUARY 1 670,500 841,450 Granted — 117,000 Forfeited (50,000) (67,001) Exercised (210,000) (220,949) OUTSTANDING AT YEAR END 410,500 670,500 The carrying amount of the liability relating to the phantom shares as at December 31, 2023 was €1.4 million (December 31, 2022: €3.0 million). The fair values of the granted options were determined on the balance sheet dates using the Black Scholes valuation model. Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices: Exercise price (in € per share) Number of phantom shares as at December 31, expiry date 2023 2022 2027 2.85 6,250 6,250 2029 3.05 194,250 244,250 2030 — 210,000 420,000 OUTSTANDING AT YEAR END 410,500 670,500 The significant inputs into the models were: Year ended December 31 2023 2022 Expected volatility (in %) 51.26 51.07-86.95 Expected vesting period (term in years) — 0.25-0.93 Risk-free interest rate (in %) 2.10 1.32-2.37 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Borrowings | 5.24 Borrowings Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowings of the Group at period-end include the following: Year ended December 31 in € thousand 2023 2022 NON-CURRENT Debentures and other loans 132,768 87,227 CURRENT Debentures and other loans 44,079 11,580 TOTAL BORROWINGS 176,847 98,806 The maturity of the borrowings is as follows: Year ended December 31 in € thousand 2023 2022 Between 1 and 3 years 62,378 57,838 Between 3 and 5 years 70,390 28,765 Over 5 years — 624 NON-CURRENT BORROWINGS 132,768 87,227 Current borrowings 44,079 11,580 TOTAL BORROWINGS 176,847 98,806 The carrying amounts of the Group’s borrowings are denominated in the following currencies: Year ended December 31 in € thousand 2023 2022 Borrowings denominated in EUR 3,581 4,433 Borrowings denominated in USD 173,266 94,373 TOTAL BORROWINGS 176,847 98,806 5.24.1 Other loans In August 2023, Valneva signed the 7 th amendment of the D&O Loan Agreement originally signed in February 2020. The amendment provided the Company with immediate access to $100.0 million (€90.0 million), out of which $50.0 million (€45.0 million) was drawn at the execution date of the amendment on August 16, 2023 and the remaining $50.0 million (€45.0 million) was drawn on December 28, 2023. The interest rate on the new debt remains unchanged at 9.95%, translating into an effective interest rate for the first draw of 14.17% and for the second draw of 13.47% as of December 31, 2023. The new tranches have a three-year interest-only period and will mature on August 16, 2028. Transaction costs amounting to €11.2 million have been deducted from the loan proceeds received. As at December 31, 2023, a total of $200.0 million have been drawn under the loan agreement. The book value of the loan amounts to $186.2 million (€167.5 million). In April 2022, Valneva signed an amendment to increase the principal amount of the $60.0 million (€54.0 million) D&O Loan Agreement. The April 2022 amendment provided Valneva immediate access to $20.0 million (€18.0 million), with an additional $20.0 million (€18.0 million) available upon potential approval of VLA2001 by the European Medicines Agency. This additional $20.0 million (€18.0 million) was drawn in September 2022. The loan interest rate on this additional debt remains unchanged at 9.95% (equivalent to 10.09% on an annual basis). The interest-only period was extended from the second quarter of 2023 to the third quarter of 2024, and the loan will now mature in the first quarter of 2027 instead of the first quarter of 2026. As at December 31, 2022, $100.0 million (€90.0 million) was drawn down and the carrying amount was $95.0 million (€89.2 million). As at December 31, 2021, $60.0 million (€54.0 million) was drawn down and the carrying amount was $56.3 million (€49.7 million). The loan is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by Valneva SE and certain of its subsidiaries. Please refer to Note 5.35 for information about changes to the D&O Loan Agreement after December 31, 2023. Noting the COVID-19 pandemic's impact on the travel industry and following a temporary waiver of the revenue covenant for the second half of 2020, Valneva, Deerfield and OrbiMed agreed to modify this covenant for 2021 and 2022, replacing the twelve-month rolling €115.0 million minimum revenue requirement with quarterly minimum revenue requirements representing an annual total of €64.0 million in 2021 and €103.8 million in 2022. In 2023, the twelve-month rolling €115.0 million minimum revenue requirement is effective again. The parties also agreed to modify the minimum cash requirement to €50.0 million for 2021 and 2022. Following an amendment to the D&O Loan Agreement in April 2022, the minimum liquidity requirement is €35.0 million for 2023. The Group does not expect these limitations to affect its ability to meet its cash obligations. As at December 31, 2023, the Group’s consolidated liquidity or net revenues did not fall below the covenant minimum values. If the Group’s consolidated liquidity or net revenues were to fall below the covenant minimum values, Valneva would not be able to comply with the financial covenants in the D&O Loan Agreement, which could result in additional costs (up to additional 10 percentage points of interest over the duration of the default) and an early repayment obligation. The Group does not expect these limitations to affect its ability to meet its cash obligations. The D&O Loan Agreement is included in the balance sheet item “Borrowings” and developed as follows: in € thousand 2023 2022 BALANCE AS AT JANUARY 1 89,182 49,671 Proceeds of issue 91,111 38,502 Transaction costs (11,198) (255) Accrued interest 12,942 7,521 Payment of interest (11,022) (7,685) Exchange rate difference (3,494) 1,429 BALANCE AS AT DECEMBER 31 167,520 89,182 Less: non-current portion (127,119) (79,709) CURRENT PORTION 40,401 9,473 As at December 31, 2023, other loans also included borrowings related to financing of research and development expenses and CIR (R&D tax credit in France) of €3.6 million (December 31, 2022: €4.4 million) as well as an amount related to CEPI of €5.7 million December 31, 2022: €5.2 million), representing payments received which are expected to be paid back in the future. For detailed information see Note 5.8.1. 5.24.2 Borrowings and other loans secured As at December 31, 2023, €171.1 million (December 31, 2022: €93.6 million) of the outstanding borrowings and other loans were guaranteed, secured or pledged. These borrowings and other loans related to financing of research and development expenses, fixed assets and CIR (R&D tax credit in France) and have various conditions (interest rates) and terms (maturities). 5.24.3 Fair value of borrowings and other loans The fair value of the borrowings and other loans are calculated by discounting the contractual cash flows with interest rates derived from relevant bond yields and swap rates and adjusted for any further potential risk and liquidity risks related to the nature of each loan. The relevant bond yields were determined by an internal analysis based on Moody’s RiskCalc corporate rating methodology. In the year ended December 31, 2023, the resulting calculations revealed no material difference between the carrying amount and the fair value. As at December 31, 2022, differences were identified only for guaranteed other loans, with a fair value of €3.9 million (carrying amount was €4.4 million). |
Trade payables and accruals
Trade payables and accruals | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Trade payables and accruals | 5.25 Trade payables and accruals Trade payables and accruals include the following: Year ended December 31 in € thousand 2023 2022 Trade payables 17,564 14,505 Accrued expenses 26,739 26,986 TOTAL 44,303 41,491 Less non-current portion — — CURRENT PORTION 44,303 41,491 |
Tax and employee-related liabil
Tax and employee-related liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Tax And Employee-Related Liabilities [Abstract] | |
Tax and employee-related liabilities | 5.26 Tax and employee-related liabilities Liabilities for tax and employee-related liabilities are generally measured at amortized costs. Liabilities related to employees comprise mainly accruals for bonuses and unconsumed vacations. The line social security and other taxes consists of amounts owed to tax authorities and social security institutions. Year ended December 31 in € thousand 2023 2022 Employee-related liabilities 10,815 10,778 Social security and other taxes 5,394 4,960 BALANCE AS AT DECEMBER 31 16,209 15,738 Less non-current portion — — CURRENT PORTION 16,209 15,738 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities [abstract] | |
Lease liabilities | 5.13 Leases (right of use assets) The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Sweden include options to terminate the agreements earlier. The notice periods in these contracts are between one Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields, and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 0.183% and 7.000%, depending on the currency and the remaining term until maturity. For the rental contracts for the premises in Sweden interest rates of 2.493% and 3.401% were determined following significant increases in right of use assets in Sweden. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Sweden, which contain variable payments based on inflation rates or on published interest rates. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €10,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and for which there is no option for the lessee to prolong the contract to more than 12 months or there is no reasonable certainty that such an option will be exercised. Low-value assets comprise mainly IT equipment and small items of office furniture. The Group does not have residual value guarantees in the rental contracts. 5.13.1 Development of right-of-use assets in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets YEAR ENDED DECEMBER 31, 2023 Opening net book value 41,365 — 238 41,603 Additions 3,593 — 189 3,781 Amortization (2,428) — (141) (2,569) Termination of contracts (22,516) — (32) (22,548) Exchange rate differences 127 — (2) 125 CLOSING NET BOOK VALUE 20,141 — 251 20,392 in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets YEAR ENDED DECEMBER 31, 2022 Opening net book value 47,993 15 278 48,285 Additions 1,482 — 147 1,629 Amortization (2,944) (15) (145) (3,103) Impairment charge (4,178) — — (4,178) Revaluation due to variable payments 859 — — 859 Termination of contracts — — (32) (32) Exchange rate differences (1,847) — (10) (1,857) CLOSING NET BOOK VALUE 41,365 — 238 41,603 In the year ended December 31, 2023, right of use assets decreased from €41.6 million to €20.4 million, mainly due to termination of contracts and amortizations. This was partly offset by modifications of lease contacts for buildings in Sweden and a new lease contract for office space in the United States. The largest lease agreements for the premises in Austria was terminated in September 2023 with a termination value of €22.5 million. The largest remaining active lease contract was for the building in Solna, Sweden with a book value of €15.5 million as at December 31, 2023 (December 31, 2022: €14.7 million). For details on lease liabilities, see Note 5.27. For details on the impairment charge, see Note 5.15. 5.13.2 Other amounts recognized in the consolidated income statement Expense relating to short-term leases and leases of low-value assets as well as expenses relating to termination of lease contracts have not been material in 2023 and 2022. There have been no substantive revaluations in 2023 and 2022. 5.27 Lease liabilities Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default. Year ended December 31 in € thousand 2023 2022 OPENING NET BOOK VALUE 53,574 56,822 Additions 3,759 1,629 Revaluation due to variable payments (2) 859 Termination of contracts (22,539) — Lease payments (4,286) (3,900) Interest expenses 1,183 833 Exchange rate differences 280 (2,669) CLOSING NET BOOK VALUE 31,969 53,574 In the year ended December 31, 2023, lease liabilities decreased by €21.6 million, mainly due to the termination of the lease agreement for the premises in Austria in September 2023 with a termination value of €22.5 million. The maturity of non-current lease liabilities is as follows: Year ended December 31 in € thousand 2023 2022 Between 1-3 years 5,313 4,573 Between 3-5 years 5,414 4,608 Over 5 years 18,362 18,982 NON-CURRENT LEASE LIABILITIES 29,090 28,163 Current lease liabilities 2,879 25,411 TOTAL LEASE LIABILITIES 31,969 53,574 The carrying amounts of the Group’s lease liabilities are denominated in the following currencies: Year ended December 31 in € thousand 2023 2022 EUR 1,479 24,694 SEK 28,308 27,314 Other 2,182 1,566 TOTAL LEASE LIABILITIES 31,969 53,574 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Contract liabilities [abstract] | |
Contract liabilities | 5.28 Contract liabilities A contract liability has to be recognized when the customer already provided the consideration or part of the consideration before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided) resulting from the “contract”. Development of contract liabilities is presented in the table below: Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 9,411 128,758 Revenue recognition (4,394) (130,678) Addition 1,870 10,833 Other releases (1,032) — Exchange rate differences (159) 498 BALANCE AS AT CLOSING DATE 5,697 9,411 Less non-current portion — — CURRENT PORTION 5,697 9,411 In the year ended December 31, 2023, revenue recognition in the amount of €3.8 million came from the Advanced Purchase Agreement (APA) for VLA2001 with the Kingdom of Bahrain. The other releases of €1.0 million are from the divestment of Valneva’s CTM Unit in Solna as of July 1, 2023. |
Refund liabilities
Refund liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Refund Liabilities [Abstract] | |
Refund liabilities | 5.29 Refund liabilities A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future. Development of refund liabilities during the period is presented below: Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 143,085 254,582 Additions 465 52,012 Payments (352) (2,626) Other releases (108,542) (879) Revenue recognition (40) (169,242) Interest expense capitalized 8,419 9,597 Exchange rate difference (3,095) (357) BALANCE AS AT CLOSING DATE 39,941 143,085 Less non-current portion (6,303) (6,635) CURRENT PORTION 33,637 136,450 As at December 31, 2023, from the total of €39.9 million, an amount of €33.1 million is connected to the Collaboration and License Agreement with Pfizer. Beside the future payment obligations to Pfizer these refund liabilities also contain considerations which should be recognized in future as revenue and amount to €10.7 million for the year ended December 31, 2023 (December 31, 2022: €4.6 million). Refund liabilities of €6.5 million relate to the expected payment to GlaxoSmithKline (GSK) due to the termination of the strategic alliance agreements (SAA) in 2019. The other releases in the year ended December 31, 2023 relate largely to payments made in the period in connection with the terms of the Pfizer Collaboration and License Agreement. As at December 31, 2022, €135.5 million stems from the collaboration with Pfizer and €6.6 million (of which €6.6 million was non-current) related to the expected payment to GSK from the termination of the SAA in 2019. Revenue recognized in 2022 related primarily to the de-recognition of the previously included royalty obligation towards the UK Authority in the amount of €89.2 million and the de-recognition of the previously included capex obligation towards the UK Authority in the amount of €80.0 million. Additions included the milestone of $25 million (€24.5 million) received related to the Collaboration and License Agreement with Pfizer as well as other payments received where Valneva has a repayment obligation. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Provisions | 5.30 Provisions 5.30.1 Provisions for employee commitments Year ended December 31 in € thousand 2023 2022 Employer contribution costs on share-based compensation plans 1,684 3,330 Phantom shares 1,421 2,976 Retirement termination benefits 459 330 Leaving indemnities 670 267 BALANCE AS AT CLOSING DATE 4,234 6,903 Less non-current portion 490 1,320 CURRENT PORTION 3,744 5,583 Share-based provisions Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date using the share price of Valneva as at December 31, 2023: €4.72 (December 31, 2022: €6.22). Retirement termination benefits Some Group companies provide retirement termination benefits to their retirees. For defined benefit plans, retirement costs are determined once a year: • Up to December 31, 2020, using the projected unit credit method where each period of service gave rise to an additional unit of benefit entitlement and where each unit was measured separately to determine the final obligation. • From December 31, 2021 onward, under the new calculation method proposed by the IFRS IC and according to the updated recommendation of the ANC n 2013-02 as at December 31, 2021: under this method, when the plan provides for the payment of an indemnity to the employee, if he or she is present at the date of retirement, the amount of which depends on seniority and is capped at a certain years of service, the commitment must be calculated solely on the basis of the years of service prior to the retirement date. The final obligation is then discounted. These calculations mainly use the following assumptions: • a discount rate; • a salary increase rate; • an employee turnover rate. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid. Assumptions used Year ended December 31 2023 2022 Discount rate 3.20 % 3.60 % Salary increase rate 2.50 % 2.50 % Turnover rate 0%-21.35% 0%-21.35% Social security rate 43.00%-47.00% 43.00%-47.00% Average remaining lifespan of employees (in years) 22 20 Changes in defined benefit obligation Present value of obligation development: Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 330 422 Current service cost (1) 86 Actuarial losses/(gains) 130 (178) BALANCE AS AT CLOSING DATE 459 330 5.30.2 Other provisions Year ended December 31 in € thousand 2023 2022 Non-current 584 960 Current 7,091 24,714 PROVISIONS 7,675 25,674 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Miscellaneous liabilities [abstract] | |
Other liabilities | 5.31 Other liabilities Year ended December 31 in € thousand 2023 2022 Deferred income 513 5,519 Other financial liabilities 34 32 Miscellaneous liabilities 125 88 OTHER LIABILITIES 671 5,639 Less non-current portion (79) (116) CURRENT PORTION 592 5,523 |
Cash flow information
Cash flow information | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Information [Abstract] | |
Cash flow information | 5.32 Cash flow information 5.32.1 Cash generated from operations The following table shows the adjustments to reconcile net loss to net cash generated from operations: Year ended December 31, in € thousand 2023 2022 2021 LOSS FOR THE YEAR (101,429) (143,279) (73,425) ADJUSTMENTS FOR Depreciation and amortization 17,584 21,036 14,281 Write-off / impairment fixed assets/intangibles (731) 23,249 — Share-based compensation expense 5,111 (8,656) 14,509 Income tax expense/(income) 2,800 (1,536) 3,446 Dividends received from associated companies — — — (Profit)/loss from disposal of property, plant, equipment and intangible assets (12) 38 46 Share of (profit)/loss from associates — (9) 5 (Profit)/loss from disposal held for sale 580 — — Provision for employer contribution costs on share-based compensation plans (1) (1,659) (22,933) 19,079 Other non-cash (income)/expense (804) 14,088 (11,604) Interest income (1,210) (260) (249) Interest expense 23,325 19,054 16,964 44,984 44,070 56,476 CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION) Other non-current assets (192) 10,981 194 Long term contract liabilities — (5,241) 4,662 Long term refund liabilities (2) 1,136 (154,833) 54,501 Other non-current liabilities and provisions (430) 1,379 (3) 514 (147,713) 59,353 CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION) Inventory (9,165) 84,224 (92,373) Trade and other receivables (2,855) 12,401 (21,349) Contract liabilities (3,471) (114,603) 34,453 Refund liabilities (112,689) 33,764 80,160 Trade and other payables and provisions (17,398) (14,053) 35,236 (145,578) 1,732 36,127 CASH USED IN OPERATIONS (201,509) (245,189) 78,532 (1) In the year ended December 31, 2022, the position “employee benefit other than share-based compensation” includes an income of €23.2 million, which resulted from release of the employer contribution provision, which was accounted for as of December 31, 2021 for the payable at the exercise of the IFRS 2 programs. (2) As at December 31, 2022, the terms of the royalty and the CAPEX obligation towards the UK Authority were redefined under the 2022 settlement agreement. Management assessed the likelihood for this future obligation as remote. This resulted in a reduction of refund liabilities and recognition of other revenues recognized of €169.2 million. 5.32.2 Reconciliation of liabilities arising from financing activities Liabilities arising from financing activities are those for which cash flows were (or future cash flows will be) classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. For development of borrowings and lease liabilities see Note 5.24 and 5.27. Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 98,806 57,834 Proceeds of issue 92,309 39,587 Transaction costs (11,198) (255) Repayments (2,097) (1,793) Revaluations 393 1,115 Accrued interest 13,365 7,932 Payment of interest (11,025) (7,685) Exchange rate difference (3,706) 2,073 BALANCE AS AT DECEMBER 31 176,847 98,806 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments and contingencies | 5.33 Commitments and contingencies As at December 31, 2023, there were €3.7 million of capital expenditure contracted, mainly related to manufacturing sites (December 31, 2022: €9.9 million). The respective contracts are all related to the finalization of the Almeida building in Scotland, the new manufacturing facility and production site for IXIARO and IXCHIQ. 5.33.1 Other commitments, pledges and guarantees The other commitments relate to minimum payments and consist of: Year ended December 31 in € thousand 2023 2022 Loans and grants 6 49 Royalties 6,798 8,262 OTHER COMMITMENTS 6,804 8,311 The pledges consist of: Year ended December 31 in € thousand 2023 2022 Pledges on bank accounts 121,085 284,889 GUARANTEES AND PLEDGES 121,085 284,889 The stated pledges on cash at banks originate from the requirements of the D&O Loan Agreement which in addition is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by the Company and certain of its subsidiaries. For more information about this loan agreement, please refer to Note 5.24. 5.33.2 Contingencies and litigations Following the merger between the companies Vivalis SA and Intercell AG in 2013, certain former Intercell shareholders initiated legal proceedings before the Commercial Court of Vienna to request a revision of either the cash compensation paid to departing shareholders or the exchange ratio between Intercell and Valneva shares used in the merger. In October 2021, a court-appointed expert recommended an increase in the cash compensation as well as further valuation work on the exchange ratio. In April 2022, this expert presented the result of its work on the exchange ratio, and in April 2023 the court’s expert committee provided their view. However, the final outcome will depend on the court’s position on specific legal points. The Company therefore assessed the probability of several scenarios and decided to hold a provision of €5.2 million to cover the reassessed risk and potential legal costs ( December 31, 2022 : €5.2 million). |
Related-party transactions
Related-party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Related-party transactions | 5.34 Related-party transactions In the year ended December 31, 2023, there have been no changes to related parties. Due to their significant influence through material transactions and provision of essential technical information Groupe Grimaud La Corbière SAS, Sevremoine (France) and its affiliate Vital Meat SAS are considered as related parties. Bpifrance, Maisons-Alfort (France) is considered as related party with significant influence through a membership in the Company’s Board of Directors. 5.34.1 Rendering of services Transactions with related parties are carried out similar to market: Year ended December 31 in € thousand 2023 2022 2021 PROVISION OF SERVICES Operating activities 260 1,200 231 Financing activities 76 8 — PROVISION OF SERVICES 335 1,208 231 Services provided by Valneva to Groupe Grimaud La Corbière SAS, a significant shareholder of Valneva, are considered related party transactions and consist of services within a collaboration and research license agreement and of the provision of premises and equipment and sale of patents and cells. Operating activities include Valneva’s agreement with Vital Meat SAS, an affiliate of Group Grimaud La Corbière SAS, to which Valneva transferred certain assets (patent and cell lines) for a consideration of €1.0 million in the year ended December 31, 2022. From June 2022 onward, Bpifrance qualified as a related party, as a shareholder of Valneva with significant influence through membership on the Company's Board. Valneva has borrowed amounts amounting to 80% of French Tax Authorities receivables relating to Research Tax Credits for 2020, 2021 and 2022 from Bpifrance. The total amount borrowed from Bpifrance is €3.5 million. A commitment fee of 0.5% as well as interest at the EURIBOR one-month average rate of the previous month (the rate mentioned is a variable rate deducted at nil percent if it were to be negative) plus 1.7% p.a. is applicable to these borrowed amounts (see table above). The borrowings related to the Research Tax Credits outstanding: in € thousand Amount Grant date BPI payable relating to Research tax credit 2020 859 November 2021 BPI payable relating to Research tax credit 2021 1,419 November 2022 BPI payable relating to Research tax credit 2022 1,198 December 2023 5.34.2 Key management compensation The aggregate compensation of the key management (including Executive Committee and Board of Directors) was as follows: Year ended December 31 in € thousand 2023 2022 2021 Salaries and other short-term employee benefits 3,439 3,172 2,213 Other long-term benefits 52 45 24 Share-based payments (expense of the year) 2,145 722 856 KEY MANAGEMENT COMPENSATION 5,636 3,939 3,093 In the year ended December 31, 2023, the aggregate compensation of the members of the Company’s Executive Committee (former Management Board) amounted to €5.2 million (2022: €3.6 million, 2021: €2.8 million) and represents primarily salaries and share-based payments. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | 5.35 Events after the reporting period Sale of Priority Review Voucher for $103 million The Company sold the Priority Review Voucher (PRV) it received from the U.S. Food and Drug Administration (FDA) for $103 million (€95 million) on February 2, 2024. The Company was awarded a tropical disease PRV in November 2023 following U.S. FDA approval of IXCHIQ, Valneva’s single-dose, live-attenuated vaccine indicated for the prevention of disease caused by chikungunya virus (CHIKV) in individuals 18 years of age and older who are at increased risk of exposure to CHIKV. With this approval, IXCHIQ became the world’s first licensed chikungunya vaccine available to address this unmet medical need. Valneva will invest proceeds from the sale of the PRV into its R&D projects, including the co-development of its Phase 3 vaccine candidate against Lyme disease, additional clinical trials for its chikungunya vaccine IXCHIQ and the expansion of the Company’s clinical pipeline. Amendment of the D&O Loan Agreement |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies | |
Basis of preparation | 5.2.1 Basis of preparation These 2023 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, SIC (Standards Interpretations Committee) and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (IASB). The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3. For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column. These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 18, 2024. |
Impact of new, revised or amended Standards and Interpretations | 5.2.2 Impact of new, revised or amended Standards and Interpretations Standards, amendments to existing standards and interpretations issued by IASB whose application has been mandatory since January 1, 2023 New standards and interpretations adopted by the Group Effective date in accordance with IASB Effects IFRS 17 Insurance Contracts including Amendments to IFRS 17 January 1, 2023 none AMENDMENTS ADOPTED BY THE GROUP IAS 1 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies January 1, 2023 none IAS 8 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates January 1, 2023 none IAS 12 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 none IAS 12 Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules January 1, 2023 none IFRS 9 & IFRS 17 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information January 1, 2023 none The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. The amendments to IAS 1 Presentation of Financial Statements have had an impact on the Group’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group’s financial statements. Standards, amendments to existing standards and interpretations whose application is not yet mandatory. The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2023. New standards, Interpretations and Amendments Effective date in accordance with IASB Effects IAS 1 Amendments to IAS 1 Presentation of Financial Statements January 1, 2024 none IFRS 16 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback January 1, 2024 none IAS 7 & IFRS 7 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements January 1, 2024 none IAS 21 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability January 1, 2025 none These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions. |
Consolidation | 5.2.3 Consolidation Subsidiaries Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. |
Foreign currency translation | 5.2.4 Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros which is Valneva SE’s functional and presentation currency. Transactions and balances Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement. Subsidiaries The results and financial position of all subsidiaries (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows: • assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date; • income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions); and • all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves. When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale. |
Financial risk management | 5.2.5 Financial risk management The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Financial risk management is carried out under the CFO’s responsibility. The Group’s risk management systems identify, evaluate and manage financial risks. The Audit Committee of the Group’s Board of Directors receives regular reports on the Group’s risk management systems, including the management of financial risks. Market risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK) and the US Dollar (USD). The foreign exchange risks from the exposure to other currencies are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by using foreign currency options. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk. Interest rate risk The Group is exposed to market risks in connection with hedging both its liquid assets and its medium and long-term indebtedness and borrowings subject to variable interest rates. Borrowings issued at variable rates expose the Group to cash flow interest rate risks, which are offset by cash and financial assets held at variable rates. During 2023, as well as 2022, both the Group’s investments as well as the borrowings at variable rates were denominated in EUR, SEK, USD, CAD and GBP. The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2023 and December 31, 2022, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities; in case of decreasing interest rates there will be no material negative impact. Credit risk The Group is exposed to credit risk which is the risk of financial loss if customers or counterparties to a financial instrument fail to meet their contractual obligations. Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard & Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating, a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits. The credit quality of financial assets is described in Note 5.16.4. Liquidity risk The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash flow, and the potential implementation of early repayment clauses in loan or grant agreements. Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets. Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2023 will be sufficient to fund its operations for at least 12 months from the date of authorization for issuance of these consolidated financial statements. This is further supported by the gross proceeds of $103 million for the sale of the Priority Review Voucher (PRV) which Valneva received in February 2024. For the existing D&O Loan Agreement with covenants, amendments were agreed to reduce the minimum liquidity covenant and the minimum revenue covenant to prevent a breach of the covenants (see Note 5.24.1). The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balance as at December 31, 2023 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 44,079 62,378 70,390 — 176,847 Lease liabilities 2,879 5,313 5,414 18,362 31,969 Refund liabilities 33,637 6,303 — — 39,941 Trade payables and accruals 44,303 — — — 44,303 Tax and employee-related liabilities (1) 10,815 — — — 10,815 Other liabilities 34 — — — 34 TOTAL 135,747 73,995 75,804 18,362 303,908 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. Balance as at December 31, 2022 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 11,629 74,815 44,859 939 132,242 Lease liabilities 26,674 5,915 5,706 21,268 59,563 Refund liabilities 140,098 — 7,000 — 147,098 Trade payables and accruals 41,491 — — — 41,491 Tax and employee-related liabilities (1) 10,778 — — — 10,778 Other liabilities 87 — — — 87 TOTAL 230,756 80,731 57,565 22,207 391,260 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24. To manage liquidity risk, the Group holds a combination of cash, cash equivalents and short-term deposit balances. |
Capital risk management | 5.2.6 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt. In order to pursue its business strategy to grow into a major, self-sustained vaccine company through organic growth and opportunistic mergers & acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet. |
Fair value estimation | 5.2.7 Fair value estimation 5.3.3 Measurements of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following Notes: • Note 5.16: Financial instruments and • Note 5.23: Share-based compensation. |
Segment information | The Company’s Management Board, and since December 20, 2023, its Executive Committee, as the Company’s chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement format. As a consequence, the Group has changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments. Segment reporting information for earlier periods has been restated to conform to these changes. |
Revenues and contract liabilities | The Group mostly generates product sales revenues from the sale of its commercialized travel vaccines and from the sale of third-party products. The Group’s product sales contracts generally include one nature of performance obligation. Revenue is recognized at the point in time when the identified performance obligation is transferred to the customer, either when the customer obtains control over the goods at the time of shipment or when the product is received by the customer, depending on the terms of the agreement, which generally happens within a few days. Sales contracts with retailers and with the U.S. Department of Defense (DOD) are shown as “direct product sales”, whereas sales to distributors are reported as “indirect sales - sales through distributors”. Some of the Group’s product sales agreements include retrospective rebates, charge-back clauses, discounts and under certain conditions return rights which give rise to variable consideration under IFRS 15. The constraint on variable consideration (expected rebates, discounts and considerations for product returns) are taken into account and recognized on an accrual basis and reported as refund liabilities or as contract liabilities (for replacement doses) in the consolidated balance sheet. In most cases, Valneva sells the products through retailers. When more than one party is involved in providing or distributing goods or services, the standard requires an entity to determine whether itself and its retailers are principals or agents in these transactions by evaluating the nature of its promises to the customer. An entity is a principal if it controls a promised good or service before transferring that good or service to the customer. An entity is an agent if its role is to arrange for another entity to provide the goods or services. Indicators that control has been transferred are that a) the retailer is primarily responsible for fulfilling the promise to its customers, b) the retailer has inventory risk, and c) the retailer has discretion in establishing the price for the sale to its customers. One of Valneva’s retailers has extensive rights to return and consequently no inventory risk and does not have the power to establish the price for the sales to its customers. Therefore, this retailer acts as agent rather than as principal. All of Valneva’s other retailers act as principal. While revenues to principals are recognized when the control is transferred to the principals, revenue from product sales to agents are recognized when the control is transferred to the final customer, when the goods are delivered to the final customer. Distribution costs and other amounts payable to customers are deducted from revenue for principals, and costs paid to agents are recognized as “Marketing and distribution expenses”. Valneva also sells products acquired from third parties. Valneva considers that it is acting as principal given that it controls products before transferring them to the final customer. More specifically, Valneva has an inventory risk before the goods have been transferred to customers and has discretion in establishing the prices. Revenue is recognized when the product is delivered to the customers. Products purchased from third parties are recognized as “inventory” in the balance sheets and when sold as “cost of goods” in the statements of income. The Group generates other revenues for its product candidates and proprietary technologies. The contracts in place often include several different promised goods or services such as research licenses, commercial licenses and further R&D services. The terms of such agreements include license fees received as initial fees, annual license maintenance fees and fees to be paid upon achievement of milestones, as well as license option fees and fees for the performance of research services. In addition, the Group’s licensing arrangements generally provide for royalties payable on the licensee’s future sales of products developed within the scope of the license agreement. Revenue recognized due to the termination of agreements is recognized in other revenues. The Group’s license contracts in place provide distinct right to use licenses, and therefore the revenue is recognized at the point in time at which the licensee is able to direct the use of and benefit from the license. The consideration for licensing contracts may consist of fixed and variable parts. In case of right-to-use licenses, the fixed part of the consideration is recognized at the point in time when the licensee is able to direct the use and benefit from the license. For any variable consideration, revenue is recognized at the point in time when the variable consideration constraint is removed. Revenue for research and development services within the Group’s contracts currently in place is recognized over time. The progress is measured on an input basis (costs incurred related to total costs expected). This input method is considered an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. Variable considerations are included in revenues only to the extent that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Group updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Amounts allocated to a satisfied performance obligation are recognized as revenue, or as a reduction of revenue, in the period in which a change in estimate of variable consideration occurs. Revenues from license royalties are recognized when the underlying product sales occur. |
Grants | Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions. Grants received as reimbursement of approved research and development expenses are recognized as other income when the respective expenses have been incurred and there is reasonable assurance that funds will be received. Advance payments received under such grants are deferred and recognized when these conditions have been met. Advanced payments received which need to be repaid are recognized as borrowings (see Note 5.24.1). Government grants received to support the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets. Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets. |
Research and development tax credits | Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets. |
Income tax income/(expense) | The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current Income tax income/(expense) is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities. |
Deferred income tax income/(expense) | Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed within the foreseeable future. |
Intangible assets | Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and implement the specific software. These costs are amortized on a straight-line basis over their estimated useful lives, generally three Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred. The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred. Acquired research and development technology and projects Acquired research and development technology projects are capitalized. Amortization of the intangible asset over its useful life starts when the product has been fully developed and is ready for use. These costs are amortized on a straight-line basis over their useful lives. This useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on the patent life and technological replacement of a newer vaccine generation. Development costs Research expenses are recognized as expenses when incurred. Development expenses incurred on clinical projects (related to the design and testing of new or significantly improved products) are recognized as intangible assets when the following criteria have been fulfilled: • it is technically feasible to complete the intangible asset so that it will be available for use or sale; • management intends to complete the intangible asset and to utilize or sell it; • there is an ability to utilize or sell the intangible asset; • it can be demonstrated how the intangible asset will generate probable future economic benefits; • adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and • the expenditure attributable to the intangible asset during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as expenses when they are incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life, generally 10 - 15 years. In 2023 and 2022, no development costs were capitalized. Amortization Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows: • Software 3 - 6 years • Acquired R&D technology and projects 1 - 24 years • Development costs 1 - 15 years The useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years (with a remaining useful life period of 9 years) which is based on estimated period where Valneva benefits from the patent. |
Leases (right of use assets) | The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Sweden include options to terminate the agreements earlier. The notice periods in these contracts are between one Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields, and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 0.183% and 7.000%, depending on the currency and the remaining term until maturity. For the rental contracts for the premises in Sweden interest rates of 2.493% and 3.401% were determined following significant increases in right of use assets in Sweden. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Sweden, which contain variable payments based on inflation rates or on published interest rates. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €10,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and for which there is no option for the lessee to prolong the contract to more than 12 months or there is no reasonable certainty that such an option will be exercised. Low-value assets comprise mainly IT equipment and small items of office furniture. The Group does not have residual value guarantees in the rental contracts. |
Property, plant and equipment | Property, plant and equipment mainly comprise a manufacturing facility and leasehold improvements in rented office and laboratory space. All Property, plant and equipment are stated at historical cost less depreciation and less impairment losses when necessary. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incur. Property, plant and equipment include machinery, for which validation is required to bring the asset to its working condition. The costs of such validation activities are capitalized together with the cost of the asset. Validation costs beyond the normal validation costs, which are usually required to bring an asset to its working condition, are expensed immediately. The usual validation costs are capitalized on the asset and depreciated over the remaining life of the asset or the shorter period until the next validation is usually required. Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows: ▪ Buildings, leasehold improvements 5 - 40 years ▪ Machinery, laboratory equipment 1 - 15 years ▪ Furniture, fittings and office equipment 4 - 10 years ▪ Hardware 3 - 5 years Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is immediately written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8). |
Impairment testing | At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. |
Financial instruments | Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date. The valuation techniques utilized for measuring the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions. The fair value of instruments that are quoted in active markets are determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place. Furthermore, the Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are not available. |
Inventories | Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual and standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories. |
Trade receivables | Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss. |
Cash and cash equivalents | Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes with a maximum maturity of three months that can be assigned or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates. |
Equity | Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds. When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes, if any) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects is included in equity attributable to the Company’s equity holders. The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves. |
Share-based compensation | The fair value of such share-based compensation is recognized as an expense for employee services received in exchange for the grant of the options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Annually, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement and makes a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to nominal capital (nominal value) and share premium (amount exceeding nominal value) when the options are exercised. |
Borrowings | Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. |
Refund liabilities | A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future. |
Provisions | Share-based provisions Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date using the share price of Valneva as at December 31, 2023: €4.72 (December 31, 2022: €6.22). Retirement termination benefits Some Group companies provide retirement termination benefits to their retirees. For defined benefit plans, retirement costs are determined once a year: • Up to December 31, 2020, using the projected unit credit method where each period of service gave rise to an additional unit of benefit entitlement and where each unit was measured separately to determine the final obligation. • From December 31, 2021 onward, under the new calculation method proposed by the IFRS IC and according to the updated recommendation of the ANC n 2013-02 as at December 31, 2021: under this method, when the plan provides for the payment of an indemnity to the employee, if he or she is present at the date of retirement, the amount of which depends on seniority and is capped at a certain years of service, the commitment must be calculated solely on the basis of the years of service prior to the retirement date. The final obligation is then discounted. These calculations mainly use the following assumptions: • a discount rate; • a salary increase rate; • an employee turnover rate. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid. |
General information (Tables)
General information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General Information And Significant Events Of Period | |
Summary of all subsidiaries held by the company directly or indirectly | The following list shows all subsidiaries held by the Company directly or indirectly: Name Country of incorporation Consolidation Method Interest held as at December 31, 2023 December 31, 2022 Vaccines Holdings Sweden AB SE Full Consolidation 100 % 100 % Valneva Austria GmbH AT Full Consolidation 100 % 100 % Valneva Canada Inc. CA Full Consolidation 100 % 100 % Valneva France SAS FR Full Consolidation 100 % 100 % Valneva Scotland Ltd. UK Full Consolidation 100 % 100 % Valneva Sweden AB SE Full Consolidation 100 % 100 % Valneva UK Ltd. UK Full Consolidation 100 % 100 % Valneva USA, Inc. US Full Consolidation 100 % 100 % VBC 3 Errichtungs GmbH AT Full Consolidation 100 % — % |
Summary of recognised amounts of identifiable net assets and fair value of consideration transferred at acquisition date | The following table summarizes the recognised amounts of identifiable net assets based on their relative fair values at the acquisition date which was determined as October 1, 2023 as per contract details: in € thousand October 1, 2023 Cash 1,003 Property, Plant & Equipment 22,373 Loans and borrowings (11,296) Other liabilities (126) TOTAL IDENTIFIABLE NET ASSETS 11,955 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies | |
Schedule of new and amended standards adopted by the Group | New standards and interpretations adopted by the Group Effective date in accordance with IASB Effects IFRS 17 Insurance Contracts including Amendments to IFRS 17 January 1, 2023 none AMENDMENTS ADOPTED BY THE GROUP IAS 1 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies January 1, 2023 none IAS 8 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates January 1, 2023 none IAS 12 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 none IAS 12 Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules January 1, 2023 none IFRS 9 & IFRS 17 Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information January 1, 2023 none New standards, Interpretations and Amendments Effective date in accordance with IASB Effects IAS 1 Amendments to IAS 1 Presentation of Financial Statements January 1, 2024 none IFRS 16 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback January 1, 2024 none IAS 7 & IFRS 7 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements January 1, 2024 none IAS 21 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability January 1, 2025 none |
Schedule of maturity analysis for Group’s financial liabilities | The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balance as at December 31, 2023 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 44,079 62,378 70,390 — 176,847 Lease liabilities 2,879 5,313 5,414 18,362 31,969 Refund liabilities 33,637 6,303 — — 39,941 Trade payables and accruals 44,303 — — — 44,303 Tax and employee-related liabilities (1) 10,815 — — — 10,815 Other liabilities 34 — — — 34 TOTAL 135,747 73,995 75,804 18,362 303,908 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. Balance as at December 31, 2022 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 11,629 74,815 44,859 939 132,242 Lease liabilities 26,674 5,915 5,706 21,268 59,563 Refund liabilities 140,098 — 7,000 — 147,098 Trade payables and accruals 41,491 — — — 41,491 Tax and employee-related liabilities (1) 10,778 — — — 10,778 Other liabilities 87 — — — 87 TOTAL 230,756 80,731 57,565 22,207 391,260 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. The maturity of the borrowings is as follows: Year ended December 31 in € thousand 2023 2022 Between 1 and 3 years 62,378 57,838 Between 3 and 5 years 70,390 28,765 Over 5 years — 624 NON-CURRENT BORROWINGS 132,768 87,227 Current borrowings 44,079 11,580 TOTAL BORROWINGS 176,847 98,806 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Schedule of disaggregated revenue | Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15: Year ended December 31, in € thousand 2023 2022 2021 Product sales 144,624 114,797 62,984 Other revenues from contracts with customers 8,075 245,709 284,202 Other non-IFRS 15 revenue 1,014 797 899 REVENUES 153,713 361,303 348,086 |
Disclosure of disaggregated revenue by type of goods or services | The Group’s revenues are disaggregated as follows: Type of goods or service Year ended December 31, in € thousand 2023 2022 2021 IXIARO 73,483 41,349 45,118 DUKORAL 29,775 17,334 2,440 Third party products 35,675 26,545 15,426 COVID VLA2001 5,691 29,568 — PRODUCT SALES 144,624 114,797 62,984 IXCHIQ (1) 2,733 5,565 3,257 COVID VLA2001 (1) 1,973 280,010 253,314 Lyme VLA15 — (45,869) 14,265 Services related to clinical trial material 275 3,205 10,001 Others 3,093 2,798 3,364 OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS 8,075 245,709 284,202 Other non-IFRS 15 revenue 1,014 797 899 REVENUES 153,713 361,303 348,086 (1) Revenues from these products were derived from contractual arrangements and do not represent product sales. |
Disclosure of products sales by channel | Products are sold via the following sales channels: Year ended December 31, in € thousand 2023 2022 2021 Direct product sales 119,305 75,968 60,306 Indirect product sales (Sales through distributors) 25,320 38,828 2,678 TOTAL PRODUCT SALES 144,624 114,797 62,984 |
Disclosure of revenue by geographical markets | Year ended December 31, in € thousand 2023 2022 2021 United States 32,964 (23,803) 54,791 Canada 28,193 18,904 4,226 United Kingdom 20,266 181,129 256,075 Austria 14,583 21,793 18,529 Germany 13,503 68,529 966 Nordics 12,695 12,043 2,440 France 5,866 46,608 1,367 Other Europe 9,335 18,740 5,006 Rest of World 16,308 17,360 4,684 REVENUE TOTAL 153,713 361,303 348,086 Nordics includes Finland, Denmark, Norway and Sweden. Year ended December 31, in € thousand 2023 2022 United Kingdom 87,646 84,843 Austria 49,460 52,199 Nordics 39,111 40,250 Other Europe 4,839 5,211 United States 934 64 Canada 166 183 NON-CURRENT ASSETS 182,156 182,749 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [abstract] | |
Schedule of income statement items by nature of cost | The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost: Year ended December 31, in € thousand Note 2023 2022 2021 Consulting and other purchased services 80,988 141,631 169,158 Cost of services and change in inventory 11,417 190,086 105,648 Employee benefit expense other than share-based compensation 5.7 72,997 56,393 85,334 Share-based compensation expense 5.7 6,276 (5,215) 14,678 Raw materials and consumables used 14,113 12,723 14,676 Depreciation and amortization and impairment 5.12/13/14 16,853 44,285 14,281 Building and energy costs 13,088 14,696 10,960 Supply, office and IT costs 11,663 11,739 7,409 License fees and royalties 5,492 6,830 4,865 Advertising costs 13,361 7,343 2,176 Warehousing and distribution costs 3,939 1,898 1,419 Travel and transportation costs 2,700 2,208 538 Other expenses 4,432 2,329 1,309 OPERATING EXPENSES 257,320 486,945 432,452 |
Schedule of principal accountant fees and services | Principal Accountant Fees and Services Year ended December 31, PricewaterhouseCoopers Deloitte & Associés in € thousand 2023 % 2022 % 2021 % 2023 % 2022 % 2021 % Audit fees 2,076 98 % 1,891 99 % 1,122 91 % 1,902 99 % 1,678 99 % 1,113 93 % provided by the statutory auditor 1,539 73 % 1,386 72 % 937 76 % 1,622 84 % 1,376 81 % 939 78 % provided by the statutory auditor's network 537 25 % 505 26 % 185 15 % 280 15 % 302 18 % 174 15 % Audit-related Fees — — % — — % 90 7 % — — % 13 1 % 85 7 % provided by the statutory auditor — — % — — % 85 7 % — — % 13 1 % 85 7 % provided by the statutory auditor's network — — % — — % 5 — % — — % — — % — — % Tax fees 40 2 % 25 1 % 25 2 % — — % — — % — — % provided by the statutory auditor's network 40 2 % 25 1 % 25 2 % — — % — — % — — % All Other Fees — — % — — % — — % 19 1 % — — % — — % Total 2,116 100 % 1,916 100 % 1,238 100 % 1,921 100 % 1,691 100 % 1,199 100 % |
Employee benefit expense (Table
Employee benefit expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of employee benefits expense [abstract] | |
Disclosure of employee benefit expenses | Employee benefit expenses include the following: Year ended December 31, in € thousand 2023 2022 2021 Salaries 55,793 57,272 47,717 Social security contributions 14,359 (3,035) 35,923 Share-based compensation expense 6,276 (5,215) 14,678 Training and education 1,292 840 603 Other employee benefits 1,553 1,317 1,091 TOTAL EMPLOYEE BENEFIT EXPENSE 79,273 51,178 100,012 |
Other income_(expenses), net (T
Other income/(expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of other income (expenses) | Other income and expenses, net include the following: Year ended December 31, in € thousand 2023 2022 2021 Research and development tax credit 6,797 15,348 21,949 Grant income 11,350 191 1,684 Profit/(loss) on disposal of fixed assets and intangible assets, net (21) (38) (42) Profit/(loss) from revaluation of lease agreements 45 (32) — Taxes, duties, fees, charges, other than income tax (475) (217) (212) Miscellaneous income/(expenses), net 3,824 (3,054) (403) OTHER INCOME AND EXPENSES, NET 21,520 12,199 22,976 |
Finance income_(expenses), net
Finance income/(expenses), net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance Income (Expense) [Abstract] | |
Disclosure of detailed information about finance income (cost) | Year ended December 31, in € thousand 2023 2022 2021 FINANCE INCOME Interest income from other parties 1,210 260 249 TOTAL FINANCE INCOME 1,210 260 249 FINANCE EXPENSES Interest expense on loans (13,681) (8,238) (7,273) Interest expense on refund liabilities (8,419) (9,597) (8,478) Interest expenses on lease liabilities (1,183) (955) (903) Other interest expense (42) (264) (309) TOTAL FINANCE EXPENSES (23,325) (19,054) (16,964) FOREIGN EXCHANGE GAIN/(LOSSES), NET 5,574 (12,587) 8,130 FINANCE INCOME/(EXPENSES), NET (16,541) (31,381) (8,584) |
Income tax benefit_(expense) (T
Income tax benefit/(expense) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes paid (refund) [abstract] | |
Disclosure of major components of tax expense (income) | Income tax income/(expense) is comprised of current and deferred tax. Year ended December 31, in € thousand 2023 2022 2021 CURRENT TAX Current income tax charge (931) (1,029) (32) Adjustments in respect of current income tax of previous year (175) 97 (19) DEFERRED TAX Relating to origination and reversal of temporary differences (1,695) 2,468 (3,395) INCOME TAX BENEFIT/(EXPENSE) (2,800) 1,536 (3,446) |
Disclosure of reconciliation of income tax expense | The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows: Year ended December 31, in € thousand 2023 2022 2021 LOSS BEFORE TAX (98,629) (144,815) (69,979) Tax calculated at domestic tax rates applicable to profits in the respective countries 23,400 37,203 18,824 Income not subject to tax (mainly R&D tax credit) 190 7,435 10,739 Expenses not deductible for tax purposes (1,902) (26) (2,509) Deferred tax asset not recognized (23,360) (45,955) (26,902) Utilization of previously unrecognized tax losses (1,593) 2,628 — Income tax credit/withholding tax/other adjustments 553 101 (459) Effect of change in applicable tax rate (160) 586 (3,291) Exchange differences (25) (526) 296 Income tax of prior years 98 90 (64) Minimum income tax (2) (2) (80) INCOME TAX BENEFIT/(EXPENSE) (2,800) 1,536 (3,446) Effective income tax rate — — — |
Disclosure of reconciliation of deferred income tax | The gross movement on the deferred income tax account was as follows: Year ended December 31, in € thousand 2023 2022 2021 BEGINNING OF THE YEAR 4,943 2,292 5,158 Exchange differences (294) 171 529 Income statement charge / (credit) (1,695) 2,480 (3,395) END OF THE YEAR 2,954 4,943 2,292 |
Disclosure of deferred tax assets and liabilities by balance sheet items | The deferred tax assets and liabilities are allocable to the various balance sheet items as follows: Year ended December 31, in € thousand 2023 2022 DEFERRED TAX ASSET FROM Tax losses carried forward 207,858 203,852 Fixed assets 1,765 3,541 Inventory 4,388 3,306 Borrowings and accrued interest 4,722 1,526 Provision 1,501 1,659 Other items 217 2,502 Non-recognition of deferred tax assets (204,529) (199,493) TOTAL DEFERRED TAX ASSETS 15,921 16,893 DEFERRED TAX LIABILITY FROM Fixed assets (6,364) (4,789) Intangible assets (5,157) (6,229) Other items (1,446) (932) TOTAL DEFERRED TAX LIABILITY (12,967) (11,950) DEFERRED TAX, NET 2,954 4,943 |
Earnings (Losses) per share (Ta
Earnings (Losses) per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of basic and diluted earnings per share | Year ended December 31, 2023 2022 2021 Net profit (loss) from continuing operations attributable to equity holders of the Company (in € thousand) (101,429) (143,279) (73,425) Weighted average number of outstanding shares 138,624,381 115,473,914 97,619,320 BASIC EARNINGS (LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE) (0.73) (1.24) (0.75) Year ended December 31, 2023 2022 2021 Profit used to determine diluted earnings per share (in € thousand) (101,429) (143,279) (73,425) Weighted average number of outstanding shares for diluted earnings (losses) per share (1) 138,624,381 115,473,914 97,619,320 DILUTED EARNINGS/(LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE) (0.73) (1.24) (0.75) (1) Potentially dilutive securities ( 2023 : 2,861,904 share options; 2022: 1,504,892 share options, 2021: 5,846,267) have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets other than goodwill [abstract] | |
Schedule of reconciliation of intangible assets | in € thousand Software Acquired R&D technology and projects Development costs Intangible assets in the course of construction Total YEAR ENDED DECEMBER 31, 2023 Opening net book value 585 26,731 1,394 — 28,711 Additions 85 — — — 85 Amortization charge (420) (2,683) (160) — (3,262) Exchange rate differences 4 24 4 — 33 CLOSING NET BOOK VALUE 255 24,073 1,239 — 25,567 AS AT DECEMBER 31, 2023 Cost 6,368 80,562 7,314 — 94,244 Accumulated amortization and impairment (6,113) (56,489) (6,075) — (68,677) CLOSING NET BOOK VALUE 255 24,073 1,239 — 25,567 in € thousand Software Acquired R&D technology and projects Development costs Intangible assets in the course of construction Total YEAR ENDED DECEMBER 31, 2022 Opening net book value 1,217 29,768 1,581 134 32,700 Additions 201 1 — — 201 Amortization charge (792) (2,957) (171) — (3,920) Disposals — — (2) (125) (127) Exchange rate differences (41) (80) (14) (9) (144) CLOSING NET BOOK VALUE 585 26,731 1,394 — 28,711 AS AT DECEMBER 31, 2022 Cost 6,240 80,514 7,304 — 94,058 Accumulated amortization and impairment (5,655) (53,783) (5,910) — (65,347) CLOSING NET BOOK VALUE 585 26,731 1,394 — 28,711 |
Leases (right of use assets) (T
Leases (right of use assets) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of reconciliation of right-of-use assets | in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets YEAR ENDED DECEMBER 31, 2023 Opening net book value 41,365 — 238 41,603 Additions 3,593 — 189 3,781 Amortization (2,428) — (141) (2,569) Termination of contracts (22,516) — (32) (22,548) Exchange rate differences 127 — (2) 125 CLOSING NET BOOK VALUE 20,141 — 251 20,392 in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Furniture, fittings and other Total assets YEAR ENDED DECEMBER 31, 2022 Opening net book value 47,993 15 278 48,285 Additions 1,482 — 147 1,629 Amortization (2,944) (15) (145) (3,103) Impairment charge (4,178) — — (4,178) Revaluation due to variable payments 859 — — 859 Termination of contracts — — (32) (32) Exchange rate differences (1,847) — (10) (1,857) CLOSING NET BOOK VALUE 41,365 — 238 41,603 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of reconciliation of property, plant and equipment | in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course of construction Total YEAR ENDED DECEMBER 31, 2023 Opening net book value 74,493 34,544 1,140 675 1,583 112,435 Change in consolidation scope 22,373 — — — — 22,373 Additions 9,088 2,884 414 33 1,985 14,404 Depreciation charge (6,008) (4,372) (442) (155) — (10,976) Impairment charge/reversal — 1,869 — — — 1,869 Disposals (1,837) (3,547) (61) (2) — (5,448) Exchange rate differences 991 383 3 9 155 1,541 CLOSING NET BOOK VALUE 99,100 31,761 1,053 560 3,724 136,198 AS AT DECEMBER 31, 2023 Cost 125,580 73,686 3,438 1,895 3,724 208,323 Accumulated depreciation and impairment (26,479) (41,926) (2,384) (1,335) — (72,125) CLOSING NET BOOK VALUE 99,100 31,761 1,053 560 3,724 136,198 The change in consolidation scope came from the acquisition of VBC3, see Note 5.1.2. The additions were primarily from the finalization of the Almeida facility in Livingston. The reversal of impairment is due to a reversal of a fixed asset impairment in the amount of €1.9 million related to production equipment. in € thousand Land, buildings and leasehold improvements Manufacturing and laboratory equipment Computer hardware Furniture, fittings and other Assets in the course of construction Total YEAR ENDED DECEMBER 31, 2022 Opening net book value 10,284 21,066 1,335 202 92,659 125,545 Reclassification 45,082 16,576 — — (61,658) — Additions 30,902 24,484 281 552 (29,043) 27,176 Depreciation charge (3,091) (10,424) (432) (64) — (14,012) Impairment charge (4,453) (14,618) — — — (19,071) Disposals — (43) (2) — — (45) Exchange rate differences (4,230) (2,497) (42) (14) (375) (7,158) CLOSING NET BOOK VALUE 74,493 34,544 1,140 675 1,583 112,435 AS AT DECEMBER 31, 2022 Cost 96,528 76,315 3,245 1,912 1,583 179,583 Accumulated depreciation and impairment (22,035) (41,770) (2,105) (1,238) — (67,148) CLOSING NET BOOK VALUE 74,493 34,544 1,140 675 1,583 112,435 |
Disclosure of revenue by geographical markets | Year ended December 31, in € thousand 2023 2022 2021 United States 32,964 (23,803) 54,791 Canada 28,193 18,904 4,226 United Kingdom 20,266 181,129 256,075 Austria 14,583 21,793 18,529 Germany 13,503 68,529 966 Nordics 12,695 12,043 2,440 France 5,866 46,608 1,367 Other Europe 9,335 18,740 5,006 Rest of World 16,308 17,360 4,684 REVENUE TOTAL 153,713 361,303 348,086 Nordics includes Finland, Denmark, Norway and Sweden. Year ended December 31, in € thousand 2023 2022 United Kingdom 87,646 84,843 Austria 49,460 52,199 Nordics 39,111 40,250 Other Europe 4,839 5,211 United States 934 64 Canada 166 183 NON-CURRENT ASSETS 182,156 182,749 |
Impairment testing (Tables)
Impairment testing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of impairment loss and reversal of impairment loss [abstract] | |
Schedule of sensitivity analysis | in € thousand except ratios IXIARO DUKORAL IXCHIQ CTM* WEIGHTED AVERAGE COST OF CAPITAL (WACC) 2023 9.08 % 8.94 % 9.04 % — % 2022 8.34 % 8.30 % 8.25 % 9.50 % BREAK-EVEN WACC 2023 81.06 % 8.04 % 113.62 % — % 2022 56.27 % 7.59 % 113.60 % 15.00 % Impairment if WACC increases by 1% (in € thousand) 2023 NO 3,330 NO — 2022 NO 5,095 NO NO Impairment if sales reduce by 10% (in € thousand) 2023 NO 6,508 NO — 2022 NO 4,023 NO 1 * CTM CGU was sold in July 2023, see Note 5.1.1 . |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments by category | The Group has materially only short-term assets and all of the financial instruments are categorized as assets at amortized costs. Financial instruments can be found in the following positions within the assets: Year ended December 31 in € thousand 2023 2022 FINANCIAL INSTRUMENTS IN ASSETS Trade receivables 41,645 23,912 Other assets (1) 1,109 11,988 Cash and cash equivalents 126,080 289,430 TOTAL ASSETS 168,834 325,330 (1) Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments. The Group has only financial instruments which are categorized as liabilities at amortized costs. Financial instruments can be found in the following positions within the liabilities: Year ended December 31 in € thousand 2023 2022 FINANCIAL INSTRUMENTS IN LIABILITIES Borrowings 176,847 98,806 Trade payables and accruals 44,303 41,491 Tax and employee-related liabilities (1) 10,815 10,778 Lease liabilities 31,969 53,574 Refund liabilities 39,941 143,085 Other liabilities (2) 34 32 TOTAL LIABILITIES 303,908 347,767 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments. (2) Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments. |
Disclosure of foreign currency sensitivity analysis | With all other variables held constant, the impact from changes in exchange rates on the pre-tax result would be as follows: Year ended December 31 in € thousand 2023 2022 $/EUR +10% (24,079) (21,245) $/EUR -10% 29,430 25,966 GBP/EUR +10% 4,760 3,941 GBP/EUR -10% (5,817) (4,817) SEK/EUR +10% (8,846) (9,318) SEK/EUR -10% 10,812 11,388 CAD/EUR +10% 2,368 2,011 CAD/EUR -10% (2,894) (2,457) |
Disclosure of credit quality of financial assets | The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows: Year ended December 31 in € thousand 2023 2022 TRADE RECEIVABLES Receivables from governmental institutions (AAA-country) 205 757 Receivables from governmental institutions (AA-country) 11,535 3,620 Receivables from governmental institutions (A-country) — — AA — — A — 4,861 Counterparties without external credit rating or rating below A 29,905 14,674 TRADE RECEIVABLES 41,645 23,912 OTHER ASSETS A — 11,296 Assets from governmental institutions (AA-country) — 151 Counterparties without external credit rating or rating below A 1,109 541 OTHER ASSETS 1,109 11,988 CASH AND CASH EQUIVALENTS AA 17,581 11,557 A 108,253 272,719 Counterparties without external credit rating or rating below A 245 5,154 CASH AND CASH EQUIVALENTS 126,080 289,430 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Schedule of inventories | Year ended December 31 in € thousand 2023 2022 Raw materials 35,379 86,452 Work in progress 38,094 114,218 Finished goods 12,968 11,783 Purchased goods (third party products) 3,626 3,518 GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN 90,067 215,970 Less: write-down provision (45,601) (180,866) INVENTORIES 44,466 35,104 |
Schedule of write-down provisions related to the inventory categories | Write-down provisions related to the inventory categories as follows: Year ended December 31 in € thousand 2023 2022 Raw materials 28,158 79,939 Work in progress 15,177 99,089 Finished goods 1,524 1,417 Purchased goods (third party products) 743 421 TOTAL WRITE-DOWN PROVISION 45,601 180,866 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Disclosure of detailed information about trade receivables | Trade receivables include the following: Year ended December 31 in € thousand 2023 2022 Trade receivables 41,714 23,997 Less: loss allowance of receivables (69) (84) TRADE RECEIVABLES, NET 41,645 23,912 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Miscellaneous assets [abstract] | |
Disclosure of other assets | Other assets include the following: Year ended December 31 in € thousand 2023 2022 R&D tax credit receivables 43,762 49,174 Advance payments 759 1,672 Tax receivables 3,921 9,066 Prepaid expenses 4,468 4,939 Contract costs 3,710 3,710 Consumables and supplies on stock 872 1,380 Miscellaneous current assets 522 451 OTHER NON-FINANCIAL ASSETS 58,014 70,391 Deposits 194 11,822 Miscellaneous financial assets 916 165 OTHER FINANCIAL ASSETS 1,109 11,988 OTHER ASSETS 59,123 82,378 Less non-current portion 8,490 8,299 CURRENT PORTION 50,633 74,079 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Disclosure of composition of cash and cash equivalents | Year ended December 31 in € thousand 2023 2022 Cash in hand 9 3 Cash at bank 126,071 286,530 Clearing accounts (1) (1) Restricted cash — 2,898 CASH AND CASH EQUIVALENTS 126,080 289,430 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Disclosure of ordinary shares and convertible preferred shares and development of outstanding shares | The ordinary shares and convertible preferred shares are classified as equity. Year ended December 31 number of shares 2023 2022 Ordinary shares issued (€0.15 par value per share) 138,912,142 138,346,968 Convertible preferred shares registered — 20,514 TOTAL SHARES ISSUED 138,912,142 138,367,482 Less Treasury shares (124,322) (124,322) OUTSTANDING SHARES 138,787,820 138,243,160 The following table shows the development of the number of outstanding shares: Year ended December 31 number of shares 2023 2022 OUTSTANDING AS AT JANUARY 1 138,243,160 105,114,763 Share-based compensation exercises 544,660 2,578,636 Capital Increase — 30,549,761 OUTSTANDING AT YEAR END 138,787,820 138,243,160 |
Schedule of other reserves | in € thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total BALANCE AS AT JANUARY 1, 2023 52,820 (5,041) (645) 17,636 (9,517) 55,252 Currency translation differences — 3,300 — — — 3,300 Defined benefit plan actuarial losses — (130) — — — (130) Share-based compensation expense — — — 6,666 — 6,666 Purchase/sale of treasury shares — — — — — — BALANCE AS AT DECEMBER 31, 2023 52,820 (1,871) (645) 24,301 (9,517) 65,088 in € thousand Other regulated reserves Other comprehensive income Treasury shares Capital from Share-based compensation Other revenue reserves Total BALANCE AS AT JANUARY 1, 2022 52,820 (5,146) (645) 15,000 (9,517) 52,512 Currency translation differences — (73) — — — (73) Defined benefit plan actuarial gains — 178 — — — 178 Share-based compensation expense — — — 2,636 — 2,636 Purchase/sale of treasury shares — — — — — — BALANCE AS AT DECEMBER 31, 2022 52,820 (5,041) (645) 17,636 (9,517) 55,252 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation [Abstract] | |
Disclosure of expenses of share-based payments arrangements | The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The consolidated statement of profit or loss includes the following expenses arising from share-based payments: Year ended December 31 in € thousand 2023 2022 2021 Stock option plans 5,152 1,916 646 Free convertible preferred share plans — — 652 Free ordinary shares program 1,514 719 1,334 Phantom shares (390) (11,291) 11,877 SHARE-BASED COMPENSATION EXPENSE /(INCOME) 6,276 (8,656) 14,509 |
Disclosure of number and weighted average exercise prices of share options and phantom shares | Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows: 2023 2022 Number of options Number of shares available Average exercise price (in € per share) Number of options Number of shares available Average exercise price (in € per share) OUTSTANDING AS AT JANUARY 1 5,774,339 5,776,114 4.90 3,933,385 3,996,588 3.11 Granted 3,441,269 3,441,269 5.25 3,152,751 3,152,751 6.47 Expired (3,648) (4,015) 2.92 — — — Forfeited (647,024) (647,024) 5.25 (196,834) (196,834) 3.05 Exercised (14,134) (15,542) 2.92 (1,114,963) (1,176,391) 3.32 OUTSTANDING AT YEAR END 8,550,802 8,550,802 5.02 5,774,339 5,776,114 4.90 Exercisable at year end 3,296,856 3,296,856 3.98 2,621,588 2,623,363 3.02 In accordance with the foregoing, changes in the outstanding phantom sh ares are as follows: Year ended December 31 number of phantom shares 2023 2022 OUTSTANDING AS AT JANUARY 1 670,500 841,450 Granted — 117,000 Forfeited (50,000) (67,001) Exercised (210,000) (220,949) OUTSTANDING AT YEAR END 410,500 670,500 |
Disclosure of maturity analysis of available share options outstanding and phantom shares outstanding | Stock options outstanding at the end of the period have the following expiry dates and exercise prices: Exercise price (in € per share) Number of options as at December 31, (presentation as number of convertible shares) expiry date 2023 2022 2023 2.92 — 19,557 2025 3.92 43,655 43,655 2026 2.71 14,500 14,500 2027 2.85 551,475 551,475 2029 3.05 1,770,676 1,994,176 2032 6.47 2,750,477 3,152,751 2033 5.25 3,420,019 — OUTSTANDING AT YEAR END 8,550,802 5,776,114 Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices: Exercise price (in € per share) Number of phantom shares as at December 31, expiry date 2023 2022 2027 2.85 6,250 6,250 2029 3.05 194,250 244,250 2030 — 210,000 420,000 OUTSTANDING AT YEAR END 410,500 670,500 |
Disclosure of significant inputs in the model, shares options and phantom shares | The significant inputs into the models were: As at Dec 15, 2023 Expected volatility (%), based on historical volatility 72.95 Expected vesting period (term in years) 5.50 – 6.50 Risk-free interest rate (%) 2.12 – 3.15 The significant inputs into the models were: Year ended December 31 2023 2022 Expected volatility (in %) 51.26 51.07-86.95 Expected vesting period (term in years) — 0.25-0.93 Risk-free interest rate (in %) 2.10 1.32-2.37 |
Disclosure of number of free ordinary shares granted | The number of free ordinary shares granted was as follows: Year ended December 31 number of free ordinary shares granted 2023 2022 Executive Committee (formerly Management Board) 263,842 196,855 Senior Leadership Group 181,478 205,056 FREE ORDINARY SHARES GRANTED 445,320 401,911 |
Disclosure of number and weighted average exercise prices of of free ordinary shares | In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows: Year ended December 31 number of free shares 2023 2022 OUTSTANDING AS AT JANUARY 1 1,487,667 1,842,404 Granted 445,320 401,911 Forfeited (14,725) (120,000) Exercised (549,632) (636,648) OUTSTANDING AT YEAR END 1,368,630 1,487,667 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [abstract] | |
Schedule of composition of borrowings | Borrowings of the Group at period-end include the following: Year ended December 31 in € thousand 2023 2022 NON-CURRENT Debentures and other loans 132,768 87,227 CURRENT Debentures and other loans 44,079 11,580 TOTAL BORROWINGS 176,847 98,806 |
Schedule of maturity analysis of non-current borrowings | The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balance as at December 31, 2023 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 44,079 62,378 70,390 — 176,847 Lease liabilities 2,879 5,313 5,414 18,362 31,969 Refund liabilities 33,637 6,303 — — 39,941 Trade payables and accruals 44,303 — — — 44,303 Tax and employee-related liabilities (1) 10,815 — — — 10,815 Other liabilities 34 — — — 34 TOTAL 135,747 73,995 75,804 18,362 303,908 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. Balance as at December 31, 2022 in € thousand Less than 1 year Between 1 and 3 years Between 3 and 5 years Over 5 years Total Borrowings 11,629 74,815 44,859 939 132,242 Lease liabilities 26,674 5,915 5,706 21,268 59,563 Refund liabilities 140,098 — 7,000 — 147,098 Trade payables and accruals 41,491 — — — 41,491 Tax and employee-related liabilities (1) 10,778 — — — 10,778 Other liabilities 87 — — — 87 TOTAL 230,756 80,731 57,565 22,207 391,260 (1) Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only. The maturity of the borrowings is as follows: Year ended December 31 in € thousand 2023 2022 Between 1 and 3 years 62,378 57,838 Between 3 and 5 years 70,390 28,765 Over 5 years — 624 NON-CURRENT BORROWINGS 132,768 87,227 Current borrowings 44,079 11,580 TOTAL BORROWINGS 176,847 98,806 |
Schedule of borrowings by denominated currency | The carrying amounts of the Group’s borrowings are denominated in the following currencies: Year ended December 31 in € thousand 2023 2022 Borrowings denominated in EUR 3,581 4,433 Borrowings denominated in USD 173,266 94,373 TOTAL BORROWINGS 176,847 98,806 |
Schedule of reconciliation of loan | The D&O Loan Agreement is included in the balance sheet item “Borrowings” and developed as follows: in € thousand 2023 2022 BALANCE AS AT JANUARY 1 89,182 49,671 Proceeds of issue 91,111 38,502 Transaction costs (11,198) (255) Accrued interest 12,942 7,521 Payment of interest (11,022) (7,685) Exchange rate difference (3,494) 1,429 BALANCE AS AT DECEMBER 31 167,520 89,182 Less: non-current portion (127,119) (79,709) CURRENT PORTION 40,401 9,473 |
Trade payables and accruals (Ta
Trade payables and accruals (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | Trade payables and accruals include the following: Year ended December 31 in € thousand 2023 2022 Trade payables 17,564 14,505 Accrued expenses 26,739 26,986 TOTAL 44,303 41,491 Less non-current portion — — CURRENT PORTION 44,303 41,491 |
Tax and employee-related liab_2
Tax and employee-related liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Tax And Employee-Related Liabilities [Abstract] | |
Schedule of tax and employee related liabilities | Year ended December 31 in € thousand 2023 2022 Employee-related liabilities 10,815 10,778 Social security and other taxes 5,394 4,960 BALANCE AS AT DECEMBER 31 16,209 15,738 Less non-current portion — — CURRENT PORTION 16,209 15,738 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities [abstract] | |
Schedule of reconciliation of lease liabilities | Year ended December 31 in € thousand 2023 2022 OPENING NET BOOK VALUE 53,574 56,822 Additions 3,759 1,629 Revaluation due to variable payments (2) 859 Termination of contracts (22,539) — Lease payments (4,286) (3,900) Interest expenses 1,183 833 Exchange rate differences 280 (2,669) CLOSING NET BOOK VALUE 31,969 53,574 |
Disclosure of maturity analysis of lease payments | The maturity of non-current lease liabilities is as follows: Year ended December 31 in € thousand 2023 2022 Between 1-3 years 5,313 4,573 Between 3-5 years 5,414 4,608 Over 5 years 18,362 18,982 NON-CURRENT LEASE LIABILITIES 29,090 28,163 Current lease liabilities 2,879 25,411 TOTAL LEASE LIABILITIES 31,969 53,574 |
Disclosure of lease liabilities by currency | The carrying amounts of the Group’s lease liabilities are denominated in the following currencies: Year ended December 31 in € thousand 2023 2022 EUR 1,479 24,694 SEK 28,308 27,314 Other 2,182 1,566 TOTAL LEASE LIABILITIES 31,969 53,574 |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contract liabilities [abstract] | |
Disclosure of development of contract liabilities | Development of contract liabilities is presented in the table below: Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 9,411 128,758 Revenue recognition (4,394) (130,678) Addition 1,870 10,833 Other releases (1,032) — Exchange rate differences (159) 498 BALANCE AS AT CLOSING DATE 5,697 9,411 Less non-current portion — — CURRENT PORTION 5,697 9,411 |
Refund liabilities (Tables)
Refund liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Refund Liabilities [Abstract] | |
Disclosure of development of refund liabilities | Development of refund liabilities during the period is presented below: Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 143,085 254,582 Additions 465 52,012 Payments (352) (2,626) Other releases (108,542) (879) Revenue recognition (40) (169,242) Interest expense capitalized 8,419 9,597 Exchange rate difference (3,095) (357) BALANCE AS AT CLOSING DATE 39,941 143,085 Less non-current portion (6,303) (6,635) CURRENT PORTION 33,637 136,450 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Schedule of provision for employee commitments | Year ended December 31 in € thousand 2023 2022 Employer contribution costs on share-based compensation plans 1,684 3,330 Phantom shares 1,421 2,976 Retirement termination benefits 459 330 Leaving indemnities 670 267 BALANCE AS AT CLOSING DATE 4,234 6,903 Less non-current portion 490 1,320 CURRENT PORTION 3,744 5,583 |
Schedule of assumptions used in preparing sensitivity analysis for actuarial assumptions | Assumptions used Year ended December 31 2023 2022 Discount rate 3.20 % 3.60 % Salary increase rate 2.50 % 2.50 % Turnover rate 0%-21.35% 0%-21.35% Social security rate 43.00%-47.00% 43.00%-47.00% Average remaining lifespan of employees (in years) 22 20 |
Schedule of changes in defined benefit obligation | Present value of obligation development: Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 330 422 Current service cost (1) 86 Actuarial losses/(gains) 130 (178) BALANCE AS AT CLOSING DATE 459 330 |
Schedule of other provisions | Year ended December 31 in € thousand 2023 2022 Non-current 584 960 Current 7,091 24,714 PROVISIONS 7,675 25,674 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Miscellaneous liabilities [abstract] | |
Schedule of other liabilities | Year ended December 31 in € thousand 2023 2022 Deferred income 513 5,519 Other financial liabilities 34 32 Miscellaneous liabilities 125 88 OTHER LIABILITIES 671 5,639 Less non-current portion (79) (116) CURRENT PORTION 592 5,523 |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Information [Abstract] | |
Schedule of adjustments to reconcile net loss to net cash generated from operations | The following table shows the adjustments to reconcile net loss to net cash generated from operations: Year ended December 31, in € thousand 2023 2022 2021 LOSS FOR THE YEAR (101,429) (143,279) (73,425) ADJUSTMENTS FOR Depreciation and amortization 17,584 21,036 14,281 Write-off / impairment fixed assets/intangibles (731) 23,249 — Share-based compensation expense 5,111 (8,656) 14,509 Income tax expense/(income) 2,800 (1,536) 3,446 Dividends received from associated companies — — — (Profit)/loss from disposal of property, plant, equipment and intangible assets (12) 38 46 Share of (profit)/loss from associates — (9) 5 (Profit)/loss from disposal held for sale 580 — — Provision for employer contribution costs on share-based compensation plans (1) (1,659) (22,933) 19,079 Other non-cash (income)/expense (804) 14,088 (11,604) Interest income (1,210) (260) (249) Interest expense 23,325 19,054 16,964 44,984 44,070 56,476 CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION) Other non-current assets (192) 10,981 194 Long term contract liabilities — (5,241) 4,662 Long term refund liabilities (2) 1,136 (154,833) 54,501 Other non-current liabilities and provisions (430) 1,379 (3) 514 (147,713) 59,353 CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION) Inventory (9,165) 84,224 (92,373) Trade and other receivables (2,855) 12,401 (21,349) Contract liabilities (3,471) (114,603) 34,453 Refund liabilities (112,689) 33,764 80,160 Trade and other payables and provisions (17,398) (14,053) 35,236 (145,578) 1,732 36,127 CASH USED IN OPERATIONS (201,509) (245,189) 78,532 (1) In the year ended December 31, 2022, the position “employee benefit other than share-based compensation” includes an income of €23.2 million, which resulted from release of the employer contribution provision, which was accounted for as of December 31, 2021 for the payable at the exercise of the IFRS 2 programs. (2) As at December 31, 2022, the terms of the royalty and the CAPEX obligation towards the UK Authority were redefined under the 2022 settlement agreement. Management assessed the likelihood for this future obligation as remote. This resulted in a reduction of refund liabilities and recognition of other revenues recognized of €169.2 million. |
Disclosure of reconciliation of liabilities arising from financing activities | Year ended December 31 in € thousand 2023 2022 BALANCE AS AT JANUARY 1 98,806 57,834 Proceeds of issue 92,309 39,587 Transaction costs (11,198) (255) Repayments (2,097) (1,793) Revaluations 393 1,115 Accrued interest 13,365 7,932 Payment of interest (11,025) (7,685) Exchange rate difference (3,706) 2,073 BALANCE AS AT DECEMBER 31 176,847 98,806 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Schedule of other commitments | The other commitments relate to minimum payments and consist of: Year ended December 31 in € thousand 2023 2022 Loans and grants 6 49 Royalties 6,798 8,262 OTHER COMMITMENTS 6,804 8,311 |
Schedule of pledges | The pledges consist of: Year ended December 31 in € thousand 2023 2022 Pledges on bank accounts 121,085 284,889 GUARANTEES AND PLEDGES 121,085 284,889 |
Related-party transactions (Tab
Related-party transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Schedule of rendering of services | Transactions with related parties are carried out similar to market: Year ended December 31 in € thousand 2023 2022 2021 PROVISION OF SERVICES Operating activities 260 1,200 231 Financing activities 76 8 — PROVISION OF SERVICES 335 1,208 231 |
Disclosure of borrowings related to research tax credit outstanding | The borrowings related to the Research Tax Credits outstanding: in € thousand Amount Grant date BPI payable relating to Research tax credit 2020 859 November 2021 BPI payable relating to Research tax credit 2021 1,419 November 2022 BPI payable relating to Research tax credit 2022 1,198 December 2023 |
Schedule of key management compensation | The aggregate compensation of the key management (including Executive Committee and Board of Directors) was as follows: Year ended December 31 in € thousand 2023 2022 2021 Salaries and other short-term employee benefits 3,439 3,172 2,213 Other long-term benefits 52 45 24 Share-based payments (expense of the year) 2,145 722 856 KEY MANAGEMENT COMPENSATION 5,636 3,939 3,093 |
General information - Corporate
General information - Corporate Information (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||||
Aug. 16, 2023 USD ($) | Dec. 31, 2023 EUR (€) employee vaccine | Oct. 31, 2023 EUR (€) | Sep. 08, 2023 | Aug. 16, 2023 EUR (€) | Jul. 01, 2023 employee | Sep. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Apr. 30, 2022 EUR (€) | |
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Number of commercial vaccines | vaccine | 3 | ||||||||
VBC 3 Errichtungs GmbH | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Assets acquisition, acquisition price | € | € 11 | ||||||||
Debt financing agreement due 2027 | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Borrowing facilities, maximum borrowing capacity | $ 100 | $ 60 | € 54 | ||||||
Amended debt financing agreement due 2028 | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Borrowing facilities, maximum borrowing capacity | $ 100 | € 90 | |||||||
Borrowings, interest-only period | 3 years | ||||||||
BliNK Biomedical SAS | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Percentage of voting equity interests, disposal | 48.90% | ||||||||
CTM Unit, Sweden | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Number of employees transferred | employee | 30 | ||||||||
CTM Unit, Sweden | Disposal groups classified as held for sale | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Loss from disposal | € | € 1.4 | ||||||||
Minimum | |||||||||
Disclosure Of General Information And Significant Events Of The Period [Line Items] | |||||||||
Number of employees | employee | 700 |
General information - Summary o
General information - Summary of all subsidiaries held by the company directly or indirectly (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Vaccines Holdings Sweden AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva Austria GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva France SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva Scotland Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva Sweden AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva UK Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Valneva USA, Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
VBC 3 Errichtungs GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
General information - Group inf
General information - Group information (Details) - VBC 3 Errichtungs GmbH - EUR (€) € in Thousands | Oct. 31, 2023 | Oct. 01, 2023 |
Disclosure Of General Information [Line Items] | ||
Percentage of voting equity interests acquired | 100% | |
Cash and cash equivalents recognised as of acquisition date | € 1,003 | |
Assets acquisition, acquisition price | € 11,000 | |
Valneva SE | ||
Disclosure Of General Information [Line Items] | ||
Percentage of voting equity interests acquired | 6% | |
Valneva Austria GmbH | ||
Disclosure Of General Information [Line Items] | ||
Percentage of voting equity interests acquired | 94% |
General information - Summary_2
General information - Summary of recognised amounts of identifiable net assets and fair value of consideration transferred at acquisition date (Details) - VBC 3 Errichtungs GmbH € in Thousands | Oct. 01, 2023 EUR (€) |
Disclosure Of Assets Acquisitions [Line Items] | |
Cash | € 1,003 |
Property, Plant & Equipment | 22,373 |
Loans and borrowings | (11,296) |
Other liabilities | (126) |
TOTAL IDENTIFIABLE NET ASSETS | € 11,955 |
Summary of significant accoun_4
Summary of significant accounting policies - Narrative (Details) - Feb. 02, 2024 € in Millions, $ in Millions | USD ($) | EUR (€) |
Other disposals of assets | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Proceeds from sale of priority review voucher | $ 103 | € 95 |
Summary of significant accoun_5
Summary of significant accounting policies - Schedule of maturity analysis for Group’s financial liabilities (Details) - Liquidity risk - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | € 176,847 | € 132,242 |
Lease liabilities | 31,969 | 59,563 |
Refund liabilities | 39,941 | 147,098 |
Trade payables and accruals | 44,303 | 41,491 |
Tax and employee-related liabilities | 10,815 | 10,778 |
Other liabilities | 34 | 87 |
TOTAL | 303,908 | 391,260 |
Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 44,079 | 11,629 |
Lease liabilities | 2,879 | 26,674 |
Refund liabilities | 33,637 | 140,098 |
Trade payables and accruals | 44,303 | 41,491 |
Tax and employee-related liabilities | 10,815 | 10,778 |
Other liabilities | 34 | 87 |
TOTAL | 135,747 | 230,756 |
Between 1 and 3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 62,378 | 74,815 |
Lease liabilities | 5,313 | 5,915 |
Refund liabilities | 6,303 | 0 |
Trade payables and accruals | 0 | 0 |
Tax and employee-related liabilities | 0 | 0 |
Other liabilities | 0 | 0 |
TOTAL | 73,995 | 80,731 |
Between 3 and 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 70,390 | 44,859 |
Lease liabilities | 5,414 | 5,706 |
Refund liabilities | 0 | 7,000 |
Trade payables and accruals | 0 | 0 |
Tax and employee-related liabilities | 0 | 0 |
Other liabilities | 0 | 0 |
TOTAL | 75,804 | 57,565 |
Over 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 0 | 939 |
Lease liabilities | 18,362 | 21,268 |
Refund liabilities | 0 | 0 |
Trade payables and accruals | 0 | 0 |
Tax and employee-related liabilities | 0 | 0 |
Other liabilities | 0 | 0 |
TOTAL | € 18,362 | € 22,207 |
Segment information (Details)
Segment information (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Disclosure of operating segments [abstract] | |
Number of reportable segments | 1 |
Revenues - Schedule of disaggre
Revenues - Schedule of disaggregated revenue (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |||
Product sales | € 144,624 | € 114,797 | € 62,984 |
Other revenues from contracts with customers | 8,075 | 245,709 | 284,202 |
Other non-IFRS 15 revenue | 1,014 | 797 | 899 |
REVENUES | € 153,713 | € 361,303 | € 348,086 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) € in Thousands, dose in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Jul. 31, 2022 dose | May 31, 2022 | Dec. 31, 2023 EUR (€) performance_obligation customer | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Increase in product sales | € 29,800 | |||||
Decrease in other revenues from contract with customers | (237,600) | |||||
Other revenues from contracts with customers | € 8,075 | € 245,709 | € 284,202 | |||
Revenue, number of performance obligations | performance_obligation | 1 | |||||
Refund liabilities | € 39,941 | 143,085 | 254,582 | |||
Product sales | 144,624 | 114,797 | 62,984 | |||
Trade receivables | € 41,645 | 23,912 | ||||
Number of largest customers | customer | 1 | |||||
Largest customers, percentage of annual revenue | 12% | |||||
Other revenues | € 9,088 | 246,506 | 285,101 | |||
Largest customers | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Product sales | 17,700 | 16,000 | 41,800 | |||
Other revenues | 5,000 | 169,200 | 253,300 | |||
UK Authority | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from royalty obligation | 169,200 | |||||
Covid VLA2001 contract | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | 1,973 | 280,010 | 253,314 | |||
Covid VLA2001 contract | UK Authority | Vaccine supply agreement | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | 169,200 | 253,300 | ||||
Refund liabilities | 166,900 | |||||
Revenue from CAPEX obligation | 80,000 | |||||
Revenue from royalty obligation | 89,200 | |||||
Covid VLA2001 contract | UK Authority | Vaccine supply agreement | United Kingdom | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | 169,200 | 253,300 | ||||
Covid VLA2001 contract | European Commission | Amended Advance Purchase Agreement (APA) | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | 110,800 | |||||
Product sales | 6,000 | |||||
Minimum number of doses to supply | dose | 1,250 | |||||
Lyme VLA15 | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | 0 | (45,869) | 14,265 | |||
Lyme VLA15 | Pfizer Inc. | Amended Collaboration and License agreement | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | 0 | (45,900) | 14,300 | |||
Refund liabilities | 33,100 | 135,500 | ||||
Shared development costs, percentage incurred | 40% | |||||
Milestone payments, development and commercialization | $ | $ 143 | |||||
Future milestone, sales targets | $ | $ 100 | |||||
Trade receivables | 10,700 | 4,600 | ||||
Lyme VLA15 | Pfizer Inc. | Amended Collaboration and License agreement | United States | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Other revenues from contracts with customers | (45,900) | |||||
Lyme VLA15 | Pfizer Inc. | Amended Collaboration and License agreement | Minimum | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Royalties, percentage | 14% | |||||
Lyme VLA15 | Pfizer Inc. | Amended Collaboration and License agreement | Maximum | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Royalties, percentage | 22% | |||||
Covid VLA2001 product | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Product sales | € 5,691 | 29,568 | 0 | |||
Increase in revenue from sales of goods, percentage | (81.00%) | |||||
IXIARO | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Product sales | € 73,483 | 41,349 | 45,118 | |||
Increase in revenue from sales of goods, percentage | 78% | |||||
Decrease through foreign currency impact | € (1,500) | |||||
DUKORAL | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Product sales | € 29,775 | 17,334 | 2,440 | |||
Increase in revenue from sales of goods, percentage | 72% | |||||
Decrease through foreign currency impact | € (900) | |||||
Third party products | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Product sales | € 35,675 | € 26,545 | € 15,426 | |||
Increase in revenue from sales of goods, percentage | 34% |
Revenues - Disclosure of disagg
Revenues - Disclosure of disaggregated revenue by type of goods or services (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
PRODUCT SALES | € 144,624 | € 114,797 | € 62,984 |
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS | 8,075 | 245,709 | 284,202 |
Other non-IFRS 15 revenue | 1,014 | 797 | 899 |
REVENUES | 153,713 | 361,303 | 348,086 |
IXIARO | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
PRODUCT SALES | 73,483 | 41,349 | 45,118 |
DUKORAL | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
PRODUCT SALES | 29,775 | 17,334 | 2,440 |
Third party products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
PRODUCT SALES | 35,675 | 26,545 | 15,426 |
COVID VLA2001 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
PRODUCT SALES | 5,691 | 29,568 | 0 |
IXCHIQ | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS | 2,733 | 5,565 | 3,257 |
COVID VLA2001 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS | 1,973 | 280,010 | 253,314 |
Lyme VLA15 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS | 0 | (45,869) | 14,265 |
Services related to clinical trial material | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS | 275 | 3,205 | 10,001 |
Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS | € 3,093 | € 2,798 | € 3,364 |
Revenues - Disclosure of produc
Revenues - Disclosure of products sales by channel (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
TOTAL PRODUCT SALES | € 144,624 | € 114,797 | € 62,984 |
Direct product sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
TOTAL PRODUCT SALES | 119,305 | 75,968 | 60,306 |
Indirect product sales (Sales through distributors) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
TOTAL PRODUCT SALES | € 25,320 | € 38,828 | € 2,678 |
Revenues - Disclosure of revenu
Revenues - Disclosure of revenue by geographical markets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | € 153,713 | € 361,303 | € 348,086 |
United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 32,964 | (23,803) | 54,791 |
Canada | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 28,193 | 18,904 | 4,226 |
United Kingdom | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 20,266 | 181,129 | 256,075 |
Austria | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 14,583 | 21,793 | 18,529 |
Germany | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 13,503 | 68,529 | 966 |
Nordics | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 12,695 | 12,043 | 2,440 |
France | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 5,866 | 46,608 | 1,367 |
Other Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | 9,335 | 18,740 | 5,006 |
Rest of World | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
REVENUE TOTAL | € 16,308 | € 17,360 | € 4,684 |
Expenses by nature - Schedule o
Expenses by nature - Schedule of income statement items by nature of cost (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses by nature [abstract] | |||
Consulting and other purchased services | € 80,988 | € 141,631 | € 169,158 |
Cost of services and change in inventory | 11,417 | 190,086 | 105,648 |
Employee benefit expense other than share-based compensation | 72,997 | 56,393 | 85,334 |
Share-based compensation expense | 6,276 | (5,215) | 14,678 |
Raw materials and consumables used | 14,113 | 12,723 | 14,676 |
Depreciation and amortization and impairment | 16,853 | 44,285 | 14,281 |
Building and energy costs | 13,088 | 14,696 | 10,960 |
Supply, office and IT costs | 11,663 | 11,739 | 7,409 |
License fees and royalties | 5,492 | 6,830 | 4,865 |
Advertising costs | 13,361 | 7,343 | 2,176 |
Warehousing and distribution costs | 3,939 | 1,898 | 1,419 |
Travel and transportation costs | 2,700 | 2,208 | 538 |
Other expenses | 4,432 | 2,329 | 1,309 |
OPERATING EXPENSES | € 257,320 | € 486,945 | € 432,452 |
Expenses by nature - Narrative
Expenses by nature - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Decrease in operating expenses | € (229,600) | ||
Operating expense | 257,320 | € 486,945 | € 432,452 |
Impairment charge/reversal | 1,869 | (19,071) | |
Provision released, employer contribution costs on share-based compensation plans | 23,200 | ||
Manufacturing and laboratory equipment | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Impairment charge/reversal | € 1,869 | (14,618) | |
COVID VLA2001 | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Write-downs (reversals of write-downs) of inventories | 159,400 | ||
Impairment charge/reversal | € (14,800) |
Expenses by nature - Schedule_2
Expenses by nature - Schedule of principal accountant fees and services (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PricewaterhouseCoopers | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Audit fees | € 2,076 | € 1,891 | € 1,122 |
Audit fees, percentage | 98% | 99% | 91% |
Audit-related Fees | € 0 | € 0 | € 90 |
Audit-related fees, percentage | 0% | 0% | 7% |
Tax fees | € 40 | € 25 | € 25 |
Tax fees, percentage | 2% | 1% | 2% |
All Other Fees | € 0 | € 0 | € 0 |
All Other Fees, percentage | 0% | 0% | 0% |
Auditor's remuneration | € 2,116 | € 1,916 | € 1,238 |
Auditor's remuneration, percentage | 100% | 100% | 100% |
Deloitte & Associés | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Audit fees | € 1,902 | € 1,678 | € 1,113 |
Audit fees, percentage | 99% | 99% | 93% |
Audit-related Fees | € 0 | € 13 | € 85 |
Audit-related fees, percentage | 0% | 1% | 7% |
Tax fees | € 0 | € 0 | € 0 |
Tax fees, percentage | 0% | 0% | 0% |
All Other Fees | € 19 | € 0 | € 0 |
All Other Fees, percentage | 1% | 0% | 0% |
Auditor's remuneration | € 1,921 | € 1,691 | € 1,199 |
Auditor's remuneration, percentage | 100% | 100% | 100% |
Statutory auditor | PricewaterhouseCoopers | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Audit fees | € 1,539 | € 1,386 | € 937 |
Audit fees, percentage | 73% | 72% | 76% |
Audit-related Fees | € 0 | € 0 | € 85 |
Audit-related fees, percentage | 0% | 0% | 7% |
Statutory auditor | Deloitte & Associés | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Audit fees | € 1,622 | € 1,376 | € 939 |
Audit fees, percentage | 84% | 81% | 78% |
Audit-related Fees | € 0 | € 13 | € 85 |
Audit-related fees, percentage | 0% | 1% | 7% |
Statutory auditor's network | PricewaterhouseCoopers | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Audit fees | € 537 | € 505 | € 185 |
Audit fees, percentage | 25% | 26% | 15% |
Audit-related Fees | € 0 | € 0 | € 5 |
Audit-related fees, percentage | 0% | 0% | 0% |
Tax fees | € 40 | € 25 | € 25 |
Tax fees, percentage | 2% | 1% | 2% |
Statutory auditor's network | Deloitte & Associés | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Audit fees | € 280 | € 302 | € 174 |
Audit fees, percentage | 15% | 18% | 15% |
Audit-related Fees | € 0 | € 0 | € 0 |
Audit-related fees, percentage | 0% | 0% | 0% |
Tax fees | € 0 | € 0 | € 0 |
Tax fees, percentage | 0% | 0% | 0% |
Employee benefit expense - Disc
Employee benefit expense - Disclosure of employee benefit expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of employee benefits expense [abstract] | |||
Salaries | € 55,793 | € 57,272 | € 47,717 |
Social security contributions | 14,359 | (3,035) | 35,923 |
Share-based compensation expense | 6,276 | (5,215) | 14,678 |
Training and education | 1,292 | 840 | 603 |
Other employee benefits | 1,553 | 1,317 | 1,091 |
TOTAL EMPLOYEE BENEFIT EXPENSE | € 79,273 | € 51,178 | € 100,012 |
Employee benefit expense - Narr
Employee benefit expense - Narrative (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2023 employee | Dec. 31, 2022 EUR (€) employee | Dec. 31, 2021 employee | |
Classes of employee benefits expense [abstract] | |||
Provision released, employer contribution costs on share-based compensation plans | € | € 23.2 | ||
Average number of employees | employee | 684 | 778 | 722 |
Other income_(expenses), net -
Other income/(expenses), net - Disclosure of other income (expenses) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Research and development tax credit | € 6,797 | € 15,348 | € 21,949 |
Grant income | 11,350 | 191 | 1,684 |
Profit/(loss) on disposal of fixed assets and intangible assets, net | (21) | (38) | (42) |
Profit/(loss) from revaluation of lease agreements | 45 | (32) | 0 |
Taxes, duties, fees, charges, other than income tax | (475) | (217) | (212) |
Miscellaneous income/(expenses), net | 3,824 | (3,054) | (403) |
OTHER INCOME AND EXPENSES, NET | € 21,520 | € 12,199 | € 22,976 |
Other income_(expenses), net _2
Other income/(expenses), net - Narrative (Details) € in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Sep. 08, 2023 EUR (€) | May 31, 2023 GBP (£) | Feb. 28, 2022 EUR (€) grant | Feb. 28, 2022 GBP (£) grant | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2019 USD ($) | |
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Increase in other operating income (expense) | € 9,300 | ||||||||
Increase in other operating income (expense), percentage | 76% | 76% | |||||||
Other income and expenses, net | € 21,520 | € 12,199 | € 22,976 | ||||||
Grant income | 11,350 | 191 | 1,684 | ||||||
Research and development tax credit | 6,797 | 15,348 | 21,949 | ||||||
Gains on litigation settlements | 4,700 | ||||||||
Other revenues | 9,088 | 246,506 | 285,101 | ||||||
Austria | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Research and development tax credit | 13,900 | € 20,200 | |||||||
Legal proceedings provision | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Increase of litigation provision | 3,100 | ||||||||
Non-current assets held for sale | BliNK Biomedical SAS | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Profit (loss) from disposal of assets (liabilities) classified as held for sale | € 200 | 300 | |||||||
CTM Unit, Sweden | Disposal groups classified as held for sale | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Profit (loss) from disposal of assets (liabilities) classified as held for sale | (1,400) | ||||||||
Scottish Enterprise | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Grant income | 11,100 | £ 9.6 | |||||||
Number of grants received | grant | 2 | 2 | |||||||
Decrease in available funding | £ | £ 0.7 | ||||||||
Government grant awarded, period | 3 years | ||||||||
Scottish Enterprise | Maximum | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Government grant awarded | € 23,900 | £ 20 | |||||||
Coalition for Epidemic Preparedness Innovations (CEPI) | IXCHIQ | Partnering agreement, CEPI | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Grant income | 200 | 200 | |||||||
Other revenues | € 5,000 | € 3,900 | |||||||
Coalition for Epidemic Preparedness Innovations (CEPI) | IXCHIQ | Partnering agreement, CEPI | Maximum | |||||||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||||||
Amount to be released under contract | $ | $ 24.6 |
Finance income_(expenses), ne_2
Finance income/(expenses), net - Disclosure of detailed information about finance income (cost) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FINANCE INCOME | |||
Interest income from other parties | € 1,210 | € 260 | € 249 |
TOTAL FINANCE INCOME | 1,210 | 260 | 249 |
FINANCE EXPENSES | |||
Interest expense on loans | (13,681) | (8,238) | (7,273) |
Interest expense on refund liabilities | (8,419) | (9,597) | (8,478) |
Interest expenses on lease liabilities | (1,183) | (955) | (903) |
Other interest expense | (42) | (264) | (309) |
TOTAL FINANCE EXPENSES | (23,325) | (19,054) | (16,964) |
FOREIGN EXCHANGE GAIN/(LOSSES), NET | 5,574 | (12,587) | 8,130 |
FINANCE INCOME/(EXPENSES), NET | € (16,541) | € (31,381) | € (8,584) |
Finance income_(expenses), ne_3
Finance income/(expenses), net - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Income (Expense) [Abstract] | |||
Exchange rate, devaluation of US dollar against Euro | 4% | ||
Increase in loan volume | 45% | ||
Increase in average lending rate | 148% | ||
Interest expense on refund liabilities | € (8,419) | € (9,597) | € (8,478) |
Income tax benefit_(expense) -
Income tax benefit/(expense) - Disclosure of major components of tax expense (income) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes paid (refund) [abstract] | |||
Current income tax charge | € (931) | € (1,029) | € (32) |
Adjustments in respect of current income tax of previous year | (175) | 97 | (19) |
Relating to origination and reversal of temporary differences | (1,695) | 2,468 | (3,395) |
INCOME TAX BENEFIT/(EXPENSE) | € (2,800) | € 1,536 | € (3,446) |
Income tax benefit_(expense) _2
Income tax benefit/(expense) - Disclosure of reconciliation of income tax expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes paid (refund) [abstract] | |||
LOSS BEFORE TAX | € (98,629) | € (144,815) | € (69,979) |
Tax calculated at domestic tax rates applicable to profits in the respective countries | 23,400 | 37,203 | 18,824 |
Income not subject to tax (mainly R&D tax credit) | 190 | 7,435 | 10,739 |
Expenses not deductible for tax purposes | (1,902) | (26) | (2,509) |
Deferred tax asset not recognized | (23,360) | (45,955) | (26,902) |
Utilization of previously unrecognized tax losses | (1,593) | 2,628 | 0 |
Income tax credit/withholding tax/other adjustments | 553 | 101 | (459) |
Effect of change in applicable tax rate | (160) | 586 | (3,291) |
Exchange differences | (25) | (526) | 296 |
Income tax of prior years | 98 | 90 | (64) |
Minimum income tax | (2) | (2) | (80) |
INCOME TAX BENEFIT/(EXPENSE) | € (2,800) | € 1,536 | € (3,446) |
Effective income tax rate | 0% | 0% | 0% |
Income tax benefit_(expense) _3
Income tax benefit/(expense) - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | € 204.5 | € 199.5 |
Tax losses carried forward | 879.1 | 821.6 |
Valneva SE | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax losses carried forward | 290 | 272.1 |
Valneva Austria GmbH | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax losses carried forward | 564.2 | 521.7 |
Valneva Scotland Ltd. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax losses carried forward | 10.4 | 19.6 |
Valneva Sweden AB | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax losses carried forward | 13.7 | 8.2 |
Vaccines Holdings Sweden AB | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax losses carried forward | € 0.9 | € 0 |
Income tax benefit_(expense) _4
Income tax benefit/(expense) - Disclosure of reconciliation of deferred income tax (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes paid (refund) [abstract] | |||
Deferred tax liability (asset), at beginning of period | € 4,943 | € 2,292 | € 5,158 |
Exchange differences | (294) | 171 | 529 |
Income statement charge / (credit) | (1,695) | 2,480 | (3,395) |
Deferred tax liability (asset), at end of period | € 2,954 | € 4,943 | € 2,292 |
Income tax benefit_(expense) _5
Income tax benefit/(expense) - Disclosure of deferred tax assets and liabilities by balance sheet items (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | € 6,592 | € 5,637 | ||
TOTAL DEFERRED TAX LIABILITY | (3,638) | (694) | ||
DEFERRED TAX, NET | 2,954 | 4,943 | € 2,292 | € 5,158 |
TOTAL DEFERRED TAX ASSETS | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 15,921 | 16,893 | ||
Tax losses carried forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 207,858 | 203,852 | ||
Fixed assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 1,765 | 3,541 | ||
TOTAL DEFERRED TAX LIABILITY | (6,364) | (4,789) | ||
Inventory | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 4,388 | 3,306 | ||
Borrowings and accrued interest | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 4,722 | 1,526 | ||
Provision | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 1,501 | 1,659 | ||
Other items | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 217 | 2,502 | ||
TOTAL DEFERRED TAX LIABILITY | (1,446) | (932) | ||
Non-recognition of deferred tax assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX ASSETS | 204,529 | 199,493 | ||
TOTAL DEFERRED TAX LIABILITY | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX LIABILITY | (12,967) | (11,950) | ||
Intangible assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
TOTAL DEFERRED TAX LIABILITY | € (5,157) | € (6,229) |
Earnings (Losses) per share - S
Earnings (Losses) per share - Schedule of basic earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Net profit (loss) from continuing operations attributable to equity holders of the Company | € (101,429) | € (143,279) | € (73,425) |
Weighted average number of outstanding shares (in shares) | 138,624,381 | 115,473,914 | 97,619,320 |
Basic earnings (losses) from continuing operations per share (in euro per share) | € (0.73) | € (1.24) | € (0.75) |
Earnings (Losses) per share -_2
Earnings (Losses) per share - Schedule of diluted earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [line items] | |||
Profit used to determine diluted earnings per share | € (101,429) | € (143,279) | € (73,425) |
Weighted average number of outstanding shares for diluted earnings (losses) per share (in shares) | 138,624,381 | 115,473,914 | 97,619,320 |
Diluted earnings (losses) from continuing operations per share (in euro per share) | € (0.73) | € (1.24) | € (0.75) |
Share options | |||
Earnings per share [line items] | |||
Number of potential ordinary shares that are antidilutive in period presented (in shares) | 2,861,904 | 1,504,892 | 5,846,267 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 25,567 | € 28,711 | € 32,700 |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 94,244 | 94,058 | |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 255 | 585 | 1,217 |
Software | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 6,368 | 6,240 | |
Software | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | ||
Software | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 6 years | ||
Acquired R&D technology and projects | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 24,073 | 26,731 | 29,768 |
Acquired R&D technology and projects | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 80,562 | 80,514 | |
Acquired R&D technology and projects | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 1 year | ||
Acquired R&D technology and projects | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 24 years | ||
General development costs | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 10 years | ||
General development costs | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
Development costs | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 1,239 | 1,394 | € 1,581 |
Development costs | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 7,314 | 7,304 | |
Development costs | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 1 year | ||
Development costs | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
IXIARO | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 24 years | ||
Remaining useful life measured as period of time, intangible assets other than goodwill | 9 years | ||
Intangible assets other than goodwill | € 25,000 | 27,700 | |
IXIARO | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | € 78,800 | € 78,700 |
Intangible assets - Schedule of
Intangible assets - Schedule of reconciliation of intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | € 28,711 | € 32,700 |
Additions | 85 | 201 |
Amortization charge | (3,262) | (3,920) |
Disposals, intangible assets other than goodwill | (127) | |
Exchange rate differences | 33 | (144) |
Intangible assets other than goodwill, ending balance | 25,567 | 28,711 |
Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 94,058 | |
Intangible assets other than goodwill, ending balance | 94,244 | 94,058 |
Accumulated amortization and impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | (65,347) | |
Intangible assets other than goodwill, ending balance | (68,677) | (65,347) |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 585 | 1,217 |
Additions | 85 | 201 |
Amortization charge | (420) | (792) |
Disposals, intangible assets other than goodwill | 0 | |
Exchange rate differences | 4 | (41) |
Intangible assets other than goodwill, ending balance | 255 | 585 |
Software | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 6,240 | |
Intangible assets other than goodwill, ending balance | 6,368 | 6,240 |
Software | Accumulated amortization and impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | (5,655) | |
Intangible assets other than goodwill, ending balance | (6,113) | (5,655) |
Acquired R&D technology and projects | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 26,731 | 29,768 |
Additions | 0 | 1 |
Amortization charge | (2,683) | (2,957) |
Disposals, intangible assets other than goodwill | 0 | |
Exchange rate differences | 24 | (80) |
Intangible assets other than goodwill, ending balance | 24,073 | 26,731 |
Acquired R&D technology and projects | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 80,514 | |
Intangible assets other than goodwill, ending balance | 80,562 | 80,514 |
Acquired R&D technology and projects | Accumulated amortization and impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | (53,783) | |
Intangible assets other than goodwill, ending balance | (56,489) | (53,783) |
Development costs | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 1,394 | 1,581 |
Additions | 0 | 0 |
Amortization charge | (160) | (171) |
Disposals, intangible assets other than goodwill | (2) | |
Exchange rate differences | 4 | (14) |
Intangible assets other than goodwill, ending balance | 1,239 | 1,394 |
Development costs | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 7,304 | |
Intangible assets other than goodwill, ending balance | 7,314 | 7,304 |
Development costs | Accumulated amortization and impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | (5,910) | |
Intangible assets other than goodwill, ending balance | (6,075) | (5,910) |
Intangible assets in the course of construction | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 0 | 134 |
Additions | 0 | 0 |
Amortization charge | 0 | 0 |
Disposals, intangible assets other than goodwill | (125) | |
Exchange rate differences | 0 | (9) |
Intangible assets other than goodwill, ending balance | 0 | 0 |
Intangible assets in the course of construction | Cost | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 0 | |
Intangible assets other than goodwill, ending balance | 0 | 0 |
Intangible assets in the course of construction | Accumulated amortization and impairment | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill, beginning balance | 0 | |
Intangible assets other than goodwill, ending balance | € 0 | € 0 |
Leases (right of use assets) -
Leases (right of use assets) - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | € 20,392 | € 41,603 | € 48,285 |
New lease contract | 3,759 | 1,629 | |
Sweden | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | € 15,500 | € 14,700 | |
Maximum | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease agreement, period | 5 years | ||
Lease agreement, interest rate percentage | 7% | ||
Maximum | Sweden | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease agreement, period | 15 years | ||
Lease agreement, notice period | 6 years | ||
Lease agreement, interest rate percentage | 3.401% | ||
Minimum | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease agreement, interest rate percentage | 0.183% | ||
Minimum | Sweden | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease agreement, period | 10 years | ||
Lease agreement, notice period | 1 year | ||
Lease agreement, interest rate percentage | 2.493% |
Leases (right of use assets) _2
Leases (right of use assets) - Schedule of reconciliation of right-of-use assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning period | € 41,603 | € 48,285 |
Additions | 3,759 | 1,629 |
Revaluation due to variable payments | (2) | 859 |
Termination of contracts | 22,539 | 0 |
Exchange rate differences | 280 | (2,669) |
Right-of-use assets, ending period | 20,392 | 41,603 |
Total assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Additions | 3,781 | 1,629 |
Amortization | (2,569) | (3,103) |
Impairment charge | (4,178) | |
Revaluation due to variable payments | 859 | |
Termination of contracts | 22,548 | 32 |
Exchange rate differences | 125 | (1,857) |
Land, buildings and leasehold improvements | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning period | 41,365 | 47,993 |
Additions | 3,593 | 1,482 |
Amortization | (2,428) | (2,944) |
Impairment charge | (4,178) | |
Revaluation due to variable payments | 0 | 859 |
Termination of contracts | 22,516 | 0 |
Exchange rate differences | 127 | (1,847) |
Right-of-use assets, ending period | 20,141 | 41,365 |
Manufacturing and laboratory equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning period | 0 | 15 |
Additions | 0 | 0 |
Amortization | 0 | (15) |
Impairment charge | 0 | |
Revaluation due to variable payments | 0 | |
Termination of contracts | 0 | 0 |
Exchange rate differences | 0 | 0 |
Right-of-use assets, ending period | 0 | 0 |
Furniture, fittings and other | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets, beginning period | 238 | 278 |
Additions | 189 | 147 |
Amortization | (141) | (145) |
Impairment charge | 0 | |
Revaluation due to variable payments | 0 | |
Termination of contracts | 32 | 32 |
Exchange rate differences | (2) | (10) |
Right-of-use assets, ending period | € 251 | € 238 |
Property, plant and equipment -
Property, plant and equipment - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment charge/reversal | € 1,869 | € (19,071) | |
Depreciation and amortization and impairment | 16,853 | 44,285 | € 14,281 |
Cost of sales | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation and amortization and impairment | 12,500 | 39,500 | |
Research and development expense | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation and amortization and impairment | 3,000 | 3,500 | |
Marketing and distribution expense | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation and amortization and impairment | 800 | 700 | |
General and administrative expense | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation and amortization and impairment | 500 | 600 | |
Buildings, leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment charge/reversal | 0 | (4,453) | |
Machinery, laboratory equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment charge/reversal | 1,869 | (14,618) | |
Furniture, fittings and office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment charge/reversal | 0 | 0 | |
Hardware | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment charge/reversal | € 0 | € 0 | |
Minimum | Buildings, leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 5 years | ||
Minimum | Machinery, laboratory equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 1 year | ||
Minimum | Furniture, fittings and office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 4 years | ||
Minimum | Hardware | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 3 years | ||
Maximum | Buildings, leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 40 years | ||
Maximum | Machinery, laboratory equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 15 years | ||
Maximum | Furniture, fittings and office equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 10 years | ||
Maximum | Hardware | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 5 years |
Property, plant and equipment_2
Property, plant and equipment - Schedule of reconciliation of property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | € 112,435 | € 125,545 |
Change in consolidation scope | 22,373 | |
Reclassification | 0 | |
Additions | 14,404 | 27,176 |
Depreciation charge | (10,976) | (14,012) |
Impairment charge/reversal | 1,869 | (19,071) |
Disposals | (5,448) | (45) |
Exchange rate differences | 1,541 | (7,158) |
Property, plant and equipment, ending balance | 136,198 | 112,435 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 179,583 | |
Property, plant and equipment, ending balance | 208,323 | 179,583 |
Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | (67,148) | |
Property, plant and equipment, ending balance | (72,125) | (67,148) |
Land, buildings and leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 74,493 | 10,284 |
Change in consolidation scope | 22,373 | |
Reclassification | 45,082 | |
Additions | 9,088 | 30,902 |
Depreciation charge | (6,008) | (3,091) |
Impairment charge/reversal | 0 | (4,453) |
Disposals | (1,837) | 0 |
Exchange rate differences | 991 | (4,230) |
Property, plant and equipment, ending balance | 99,100 | 74,493 |
Land, buildings and leasehold improvements | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 96,528 | |
Property, plant and equipment, ending balance | 125,580 | 96,528 |
Land, buildings and leasehold improvements | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | (22,035) | |
Property, plant and equipment, ending balance | (26,479) | (22,035) |
Manufacturing and laboratory equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 34,544 | 21,066 |
Change in consolidation scope | 0 | |
Reclassification | 16,576 | |
Additions | 2,884 | 24,484 |
Depreciation charge | (4,372) | (10,424) |
Impairment charge/reversal | 1,869 | (14,618) |
Disposals | (3,547) | (43) |
Exchange rate differences | 383 | (2,497) |
Property, plant and equipment, ending balance | 31,761 | 34,544 |
Manufacturing and laboratory equipment | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 76,315 | |
Property, plant and equipment, ending balance | 73,686 | 76,315 |
Manufacturing and laboratory equipment | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | (41,770) | |
Property, plant and equipment, ending balance | (41,926) | (41,770) |
Computer hardware | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 1,140 | 1,335 |
Change in consolidation scope | 0 | |
Reclassification | 0 | |
Additions | 414 | 281 |
Depreciation charge | (442) | (432) |
Impairment charge/reversal | 0 | 0 |
Disposals | (61) | (2) |
Exchange rate differences | 3 | (42) |
Property, plant and equipment, ending balance | 1,053 | 1,140 |
Computer hardware | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 3,245 | |
Property, plant and equipment, ending balance | 3,438 | 3,245 |
Computer hardware | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | (2,105) | |
Property, plant and equipment, ending balance | (2,384) | (2,105) |
Furniture, fittings and other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 675 | 202 |
Change in consolidation scope | 0 | |
Reclassification | 0 | |
Additions | 33 | 552 |
Depreciation charge | (155) | (64) |
Impairment charge/reversal | 0 | 0 |
Disposals | (2) | 0 |
Exchange rate differences | 9 | (14) |
Property, plant and equipment, ending balance | 560 | 675 |
Furniture, fittings and other | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 1,912 | |
Property, plant and equipment, ending balance | 1,895 | 1,912 |
Furniture, fittings and other | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | (1,238) | |
Property, plant and equipment, ending balance | (1,335) | (1,238) |
Assets in the course of construction | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 1,583 | 92,659 |
Change in consolidation scope | 0 | |
Reclassification | (61,658) | |
Additions | 1,985 | (29,043) |
Depreciation charge | 0 | 0 |
Impairment charge/reversal | 0 | 0 |
Disposals | 0 | 0 |
Exchange rate differences | 155 | (375) |
Property, plant and equipment, ending balance | 3,724 | 1,583 |
Assets in the course of construction | Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 1,583 | |
Property, plant and equipment, ending balance | 3,724 | 1,583 |
Assets in the course of construction | Accumulated depreciation and impairment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, beginning balance | 0 | |
Property, plant and equipment, ending balance | € 0 | € 0 |
Property, plant and equipment_3
Property, plant and equipment - Disclosure of non-current operating assets by region (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | € 182,156 | € 182,749 |
United Kingdom | ||
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | 87,646 | 84,843 |
Austria | ||
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | 49,460 | 52,199 |
Nordics | ||
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | 39,111 | 40,250 |
Other Europe | ||
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | 4,839 | 5,211 |
United States | ||
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | 934 | 64 |
Canada | ||
Disclosure Of Non-Current Operating Assets By Region [Line Items] | ||
NON-CURRENT ASSETS | € 166 | € 183 |
Impairment testing - Narrative
Impairment testing - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Reversal of impairment loss recognised in profit or loss, property, plant and equipment | € 1,869 | € (19,071) |
Manufacturing and laboratory equipment | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Reversal of impairment loss recognised in profit or loss, property, plant and equipment | € 1,869 | (14,618) |
COVID VLA2001 | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss | 14,800 | |
COVID VLA2001 | Leasehold improvements | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss | 1,900 | |
COVID VLA2001 | Manufacturing and laboratory equipment | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss | 11,900 | |
COVID VLA2001 | Right-of-use assets | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss | 1,000 | |
DUKORAL | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss | 8,300 | |
DUKORAL | Leasehold improvements | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss, property, plant and equipment | 2,500 | |
DUKORAL | Manufacturing and laboratory equipment | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss, property, plant and equipment | 2,700 | |
DUKORAL | Right-of-use assets | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Impairment loss recognised in profit or loss | € 3,200 |
Impairment testing - Schedule o
Impairment testing - Schedule of sensitivity analysis (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
WACC increase, percentage | 1% | |
Reduced revenue percentage | 10% | |
IXIARO | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
WEIGHTED AVERAGE COST OF CAPITAL (WACC) | 9.08% | 8.34% |
BREAK-EVEN WACC | 81.06% | 56.27% |
DUKORAL | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
WEIGHTED AVERAGE COST OF CAPITAL (WACC) | 8.94% | 8.30% |
BREAK-EVEN WACC | 8.04% | 7.59% |
Impairment if WACC increases by 1% | € 3,330 | € 5,095 |
Impairment if sales reduce by 10% | € 6,508 | € 4,023 |
IXCHIQ | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
WEIGHTED AVERAGE COST OF CAPITAL (WACC) | 9.04% | 8.25% |
BREAK-EVEN WACC | 113.62% | 113.60% |
CTM | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
WEIGHTED AVERAGE COST OF CAPITAL (WACC) | 0% | 9.50% |
BREAK-EVEN WACC | 0% | 15% |
Impairment if WACC increases by 1% | € 0 | |
Impairment if sales reduce by 10% | € 0 | € 1 |
Financial Instruments - Disclos
Financial Instruments - Disclosure of financial instruments by category, assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments [Abstract] | ||
Trade receivables | € 41,645 | € 23,912 |
Other assets | 1,109 | 11,988 |
Cash and cash equivalents | 126,080 | 289,430 |
TOTAL ASSETS | € 168,834 | € 325,330 |
Financial instruments - Discl_2
Financial instruments - Disclosure of financial instruments by category, liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Instruments [Abstract] | |||
Borrowings | € 176,847 | € 98,806 | |
Trade payables and accruals | 44,303 | 41,491 | |
Tax and employee-related liabilities | 10,815 | 10,778 | |
Lease liabilities | 31,969 | 53,574 | € 56,822 |
Refund liabilities | 39,941 | 143,085 | € 254,582 |
Other liabilities | 34 | 32 | |
TOTAL LIABILITIES | € 303,908 | € 347,767 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Currency risk | |
Disclosure of detailed information about financial instruments [line items] | |
Reasonably possible change in risk variable, percent | 10% |
Financial instruments - Discl_3
Financial instruments - Disclosure of foreign currency sensitivity analysis (Details) - Currency risk - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
$/EUR | ||
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items] | ||
Reasonably possible increase in risk variable, impact on pre-tax profit (loss) | € (24,079) | € (21,245) |
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss) | 29,430 | 25,966 |
GBP/EUR | ||
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items] | ||
Reasonably possible increase in risk variable, impact on pre-tax profit (loss) | 4,760 | 3,941 |
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss) | (5,817) | (4,817) |
SEK/EUR | ||
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items] | ||
Reasonably possible increase in risk variable, impact on pre-tax profit (loss) | (8,846) | (9,318) |
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss) | 10,812 | 11,388 |
CAD/EUR | ||
Disclosure Of Sensitivity Analysis For Types Of Market Risk [Line Items] | ||
Reasonably possible increase in risk variable, impact on pre-tax profit (loss) | 2,368 | 2,011 |
Reasonably possible decrease in risk variable, impact on pre-tax profit (loss) | € (2,894) | € (2,457) |
Financial Instruments - Discl_4
Financial Instruments - Disclosure of credit quality of financial assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | € 41,645 | € 23,912 |
OTHER ASSETS | 1,109 | 11,988 |
CASH AND CASH EQUIVALENTS | 126,080 | 289,430 |
Receivables from governmental institutions (AAA-country) | ||
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | 205 | 757 |
Receivables from governmental institutions (AA-country) | ||
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | 11,535 | 3,620 |
OTHER ASSETS | 0 | 151 |
Receivables from governmental institutions (A-country) | ||
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | 0 | 0 |
AA | ||
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | 0 | 0 |
CASH AND CASH EQUIVALENTS | 17,581 | 11,557 |
A | ||
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | 0 | 4,861 |
OTHER ASSETS | 0 | 11,296 |
CASH AND CASH EQUIVALENTS | 108,253 | 272,719 |
Counterparties without external credit rating or rating below A | ||
Disclosure of external credit grades [line items] | ||
TRADE RECEIVABLES | 29,905 | 14,674 |
OTHER ASSETS | 1,109 | 541 |
CASH AND CASH EQUIVALENTS | € 245 | € 5,154 |
Inventories - Schedule of inven
Inventories - Schedule of inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Raw materials | € 35,379 | € 86,452 |
Work in progress | 38,094 | 114,218 |
Finished goods | 12,968 | 11,783 |
Purchased goods (third party products) | 3,626 | 3,518 |
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN | 90,067 | 215,970 |
Less: write-down provision | (45,601) | (180,866) |
INVENTORIES | € 44,466 | € 35,104 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Inventories [Line Items] | ||
Inventories, write-down provision | € 45,601 | € 180,866 |
Raw materials, write-down provision | 28,158 | 79,939 |
Work in progress, write-down provision | 15,177 | 99,089 |
Finished goods, write-down provision | 1,524 | 1,417 |
Purchased goods, write-down provision | 743 | 421 |
COVID VLA2001 | ||
Disclosure Of Inventories [Line Items] | ||
Inventories, write-down provision | 31,200 | 176,900 |
Raw materials, write-down provision | 26,600 | 78,800 |
Work in progress, write-down provision | 4,600 | 98,100 |
IXIARO, DUKORAL and IXCHIQ | ||
Disclosure Of Inventories [Line Items] | ||
Inventories, write-down provision | 12,200 | 2,200 |
IXIARO and DUKORAL | ||
Disclosure Of Inventories [Line Items] | ||
Finished goods, write-down provision | € 1,500 | 1,400 |
Purchased goods, write-down provision | € 400 |
Inventories - Schedule of write
Inventories - Schedule of write-down provisions related to the inventory categories (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Classes of current inventories [abstract] | ||
Raw materials | € 28,158 | € 79,939 |
Work in progress | 15,177 | 99,089 |
Finished goods | 1,524 | 1,417 |
Purchased goods (third party products) | 743 | 421 |
TOTAL WRITE-DOWN PROVISION | € 45,601 | € 180,866 |
Trade receivables - Disclosure
Trade receivables - Disclosure of detailed information about trade receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other receivables [abstract] | ||
Trade receivables | € 41,714 | € 23,997 |
Less: loss allowance of receivables | (69) | (84) |
TRADE RECEIVABLES, NET | € 41,645 | € 23,912 |
Trade receivables - Narrative (
Trade receivables - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Trade Receivables [Line Items] | ||
Trade receivables past due | € 4.5 | € 4.4 |
Receivables from contracts with customers | 41.6 | € 23.9 |
Receivables from governmental institutions (B+Country) | ||
Disclosure Of Trade Receivables [Line Items] | ||
Trade receivables past due | € 3.4 |
Other assets (Details)
Other assets (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Miscellaneous assets [abstract] | ||
R&D tax credit receivables | € 43,762 | € 49,174 |
Advance payments | 759 | 1,672 |
Tax receivables | 3,921 | 9,066 |
Prepaid expenses | 4,468 | 4,939 |
Contract costs | 3,710 | 3,710 |
Consumables and supplies on stock | 872 | 1,380 |
Miscellaneous current assets | 522 | 451 |
OTHER NON-FINANCIAL ASSETS | 58,014 | 70,391 |
Deposits | 194 | 11,822 |
Miscellaneous financial assets | 916 | 165 |
OTHER FINANCIAL ASSETS | 1,109 | 11,988 |
OTHER ASSETS | 59,123 | 82,378 |
Less non-current portion | 8,490 | 8,299 |
CURRENT PORTION | € 50,633 | € 74,079 |
Cash and cash equivalents - Dis
Cash and cash equivalents - Disclosure of composition of cash and cash equivalents (Details) - EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [abstract] | |||
Cash in hand | € 9,000 | € 3,000 | |
Cash at bank | 126,071,000 | 286,530,000 | |
Clearing accounts | (1,000) | (1,000) | |
Restricted cash | 0 | 2,898,000 | € 40,000 |
CASH AND CASH EQUIVALENTS | € 126,080,000 | € 289,430,000 |
Cash and cash equivalents - Nar
Cash and cash equivalents - Narrative (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Restricted cash | € 0 | € 2,898,000 | € 40,000 |
Amended debt financing agreement due 2028 | |||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Financial covenant, minimum cash requirement | € 35,000,000 |
Assets classified as held for_2
Assets classified as held for sale (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Sep. 08, 2023 | Sep. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items] | |||||
Proceeds from assets classified as held for sale | € 3,358 | € 0 | € 0 | ||
Non-current assets held for sale | BliNK Biomedical SAS | |||||
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items] | |||||
Proceeds from assets classified as held for sale | € 2,400 | ||||
Profit from disposal of assets (liabilities) classified as held for sale | € 200 | € 300 | |||
Earn-out, net revenue per security, percentage | 0.00649% | ||||
Earn-out, period | 7 years | ||||
BliNK Biomedical SAS | |||||
Disclosure of Assets and Liabilities Classified as Held For Sale [Line Items] | |||||
Proportion of ownership interest in associate | 48.90% |
Equity - Disclosure of ordinary
Equity - Disclosure of ordinary shares and convertible preferred shares (Details) - € / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Equity [abstract] | |||
Par value per share (in euro per share) | € 0.15 | ||
Ordinary shares issued (€0.15 par value per share) (in shares) | 138,912,142 | 138,346,968 | |
Convertible preferred shares registered (in shares) | 0 | 20,514 | |
TOTAL SHARES ISSUES (in shares) | 138,912,142 | 138,367,482 | |
Less Treasury shares (in shares) | (124,322) | (124,322) | |
OUTSTANDING SHARES (in shares) | 138,787,820 | 138,243,160 | 105,114,763 |
Equity - Disclosure of developm
Equity - Disclosure of development of outstanding shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [abstract] | ||
Number of shares outstanding, beginning balance (in shares) | 138,243,160 | 105,114,763 |
Share-based compensation exercises (in shares) | 544,660 | 2,578,636 |
Capital Increase (in shares) | 0 | 30,549,761 |
Number of shares outstanding, ending balance (in shares) | 138,787,820 | 138,243,160 |
Equity - Narrative (Details)
Equity - Narrative (Details) € / shares in Units, € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2022 EUR (€) shares | Oct. 31, 2022 USD ($) shares | Jun. 30, 2022 EUR (€) € / shares shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) | [2] | ||
Disclosure of classes of share capital [line items] | |||||||||
Issue of equity | € | € 185,996 | [1] | € 164,158 | ||||||
Number of ordinary shares issued (in shares) | shares | 0 | 30,549,761 | |||||||
Par value per share (in euro per share) | € / shares | € 0.15 | ||||||||
Proceeds from issue of ordinary shares | € 102,900 | $ 99.9 | |||||||
Number of shares authorised (in shares) | shares | 9,919,432 | 7,267,281 | |||||||
Maximum capital increase authorised | € | € 5,200 | ||||||||
Pfizer Inc. | Equity subscription agreement | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issue of equity | € 90,600 | $ 95 | |||||||
Par value per share (in euro per share) | € / shares | € 9.49 | ||||||||
Share capital | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issue of equity | € | € 4,582 | [1] | € 1,998 | ||||||
Number of ordinary shares issued (in shares) | shares | 21,000,000 | 21,000,000 | 9,549,761 | 9,549,761 | |||||
[1] Capital Increase includes the cost of transactions, net of tax. Capital Increase includes the cost of transactions, net of tax. |
Equity - Schedule of other rese
Equity - Schedule of other reserves (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | € 55,252 | ||
Currency translation differences | 3,300 | € (73) | € (2,877) |
Defined benefit plan actuarial (losses)/gains | (130) | 178 | 205 |
Share-based compensation expense | 6,666 | 2,636 | 2,632 |
Purchase/sale of treasury shares | 209 | ||
Other reserves, at end of period | 65,088 | 55,252 | |
Other reserves | |||
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | 55,252 | 52,512 | |
Currency translation differences | 3,300 | (73) | |
Defined benefit plan actuarial (losses)/gains | (130) | 178 | |
Share-based compensation expense | 6,666 | 2,636 | 2,632 |
Purchase/sale of treasury shares | 0 | 0 | 209 |
Other reserves, at end of period | 65,088 | 55,252 | 52,512 |
Other regulated reserves | |||
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | 52,820 | 52,820 | |
Currency translation differences | 0 | 0 | |
Defined benefit plan actuarial (losses)/gains | 0 | 0 | |
Share-based compensation expense | 0 | 0 | |
Purchase/sale of treasury shares | 0 | 0 | |
Other reserves, at end of period | 52,820 | 52,820 | 52,820 |
Other comprehensive income | |||
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | (5,041) | (5,146) | |
Currency translation differences | 3,300 | (73) | |
Defined benefit plan actuarial (losses)/gains | (130) | 178 | |
Share-based compensation expense | 0 | 0 | |
Purchase/sale of treasury shares | 0 | 0 | |
Other reserves, at end of period | (1,871) | (5,041) | (5,146) |
Treasury shares | |||
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | (645) | (645) | |
Currency translation differences | 0 | 0 | |
Defined benefit plan actuarial (losses)/gains | 0 | 0 | |
Share-based compensation expense | 0 | 0 | |
Purchase/sale of treasury shares | 0 | 0 | |
Other reserves, at end of period | (645) | (645) | (645) |
Capital from Share-based compensation | |||
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | 17,636 | 15,000 | |
Currency translation differences | 0 | 0 | |
Defined benefit plan actuarial (losses)/gains | 0 | 0 | |
Share-based compensation expense | 6,666 | 2,636 | |
Purchase/sale of treasury shares | 0 | 0 | |
Other reserves, at end of period | 24,301 | 17,636 | 15,000 |
Other revenue reserves | |||
Disclosure of reserves within equity [line items] | |||
Other reserves, at beginning of period | (9,517) | (9,517) | |
Currency translation differences | 0 | 0 | |
Defined benefit plan actuarial (losses)/gains | 0 | 0 | |
Share-based compensation expense | 0 | 0 | |
Purchase/sale of treasury shares | 0 | 0 | |
Other reserves, at end of period | € (9,517) | € (9,517) | € (9,517) |
Share-based compensation - Disc
Share-based compensation - Disclosure of expenses of share-based payments arrangements (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
SHARE-BASED COMPENSATION EXPENSE /(INCOME) | € 6,276 | € (8,656) | € 14,509 |
Stock option plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
SHARE-BASED COMPENSATION EXPENSE /(INCOME) | 5,152 | 1,916 | 646 |
Free convertible preferred share plans | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
SHARE-BASED COMPENSATION EXPENSE /(INCOME) | 0 | 0 | 652 |
Free ordinary shares program | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
SHARE-BASED COMPENSATION EXPENSE /(INCOME) | 1,514 | 719 | 1,334 |
Phantom shares | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
SHARE-BASED COMPENSATION EXPENSE /(INCOME) | € (390) | € (11,291) | € 11,877 |
Share-based compensation - Stoc
Share-based compensation - Stock options plans (Details) | 12 Months Ended | |
Dec. 31, 2023 shares plan tranche € / shares | Dec. 31, 2022 shares € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options exercised (in shares) | 544,660 | 2,578,636 |
Stock option plans | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of successive plans | plan | 7 | |
Expiration period | 10 years | |
Percentage of voting rights | 50% | |
Number of share options exercised (in shares) | 14,134 | 1,114,963 |
Number of share options granted (in shares) | 3,441,269 | 3,152,751 |
Weighted average grant date fair value, options granted (in euro per share) | € / shares | € 3.22 | € 3.77 |
Stock option plans | ESOP Plans 2013 to 2017 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of equal tranches to exercise awards | tranche | 2 | |
Stock option plans | ESOP Plans 2013 to 2017 | Tranche one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 2 years | |
Stock option plans | ESOP Plans 2013 to 2017 | Tranche two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 4 years | |
Stock option plans | ESOP Plan 2019 onwards | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of equal tranches to exercise awards | tranche | 3 | |
Stock option plans | ESOP Plan 2019 onwards | Tranche one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 1 year | |
Stock option plans | ESOP Plan 2019 onwards | Tranche two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 2 years | |
Stock option plans | ESOP Plan 2019 onwards | Tranche three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Stock option plans | ESOP 2013 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options exercised (in shares) | 14,134 | 615,918 |
Stock option plans | ESOP 2015 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options exercised (in shares) | 0 | 478,845 |
Stock option plans | ESOP 2016 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options exercised (in shares) | 0 | 20,200 |
Share-based compensation - Di_2
Share-based compensation - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2023 shares € / shares | Dec. 31, 2022 shares € / shares | |
Number of options | ||
Exercised (in shares) | (544,660) | (2,578,636) |
Stock option plans | ||
Number of options | ||
Outstanding, beginning balance (in shares) | 5,774,339 | 3,933,385 |
Granted (in shares) | 3,441,269 | 3,152,751 |
Expired (in shares) | (3,648) | 0 |
Forfeited (in shares) | (647,024) | (196,834) |
Exercised (in shares) | (14,134) | (1,114,963) |
Outstanding, ending balance (in shares) | 8,550,802 | 5,774,339 |
Exercisable at year end (in shares) | 3,296,856 | 2,621,588 |
Number of shares available | ||
Outstanding, beginning balance (in shares) | 5,776,114 | 3,996,588 |
Granted (in shares) | 3,441,269 | 3,152,751 |
Expired (in shares) | (4,015) | 0 |
Forfeited (in shares) | (647,024) | (196,834) |
Exercised (in shares) | (15,542) | (1,176,391) |
Outstanding, ending balance (in shares) | 8,550,802 | 5,776,114 |
Exercisable at year end (in shares) | 3,296,856 | 2,623,363 |
Average exercise price (in € per share) | ||
Outstanding, beginning balance (in euro per share) | € / shares | € 4.90 | € 3.11 |
Granted (in euro per share) | € / shares | 5.25 | 6.47 |
Expired ( in euro per share) | € / shares | 2.92 | 0 |
Forfeited ( in euro per share) | € / shares | 5.25 | 3.05 |
Exercised ( in euro per share) | € / shares | 2.92 | 3.32 |
Outstanding, ending balance (in euro per share) | € / shares | 5.02 | 4.90 |
Exercisable at year end ( in euro per share) | € / shares | € 3.98 | € 3.02 |
Share-based compensation - Di_3
Share-based compensation - Disclosure of maturity analysis of available share options outstanding (Details) - Stock option plans - € / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 5.02 | € 4.90 | € 3.11 |
Available shares options outstanding (in shares) | 8,550,802 | 5,776,114 | 3,996,588 |
2023 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 2.92 | ||
Available shares options outstanding (in shares) | 0 | 19,557 | |
2025 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 3.92 | ||
Available shares options outstanding (in shares) | 43,655 | 43,655 | |
2026 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 2.71 | ||
Available shares options outstanding (in shares) | 14,500 | 14,500 | |
2027 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 2.85 | ||
Available shares options outstanding (in shares) | 551,475 | 551,475 | |
2029 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 3.05 | ||
Available shares options outstanding (in shares) | 1,770,676 | 1,994,176 | |
2032 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 6.47 | ||
Available shares options outstanding (in shares) | 2,750,477 | 3,152,751 | |
2033 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € 5.25 | ||
Available shares options outstanding (in shares) | 3,420,019 | 0 |
Share-based compensation - Di_4
Share-based compensation - Disclosure of significant inputs in the model, share options (Details) - Stock option plans | Dec. 15, 2023 yr |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected volatility (%), based on historical volatility | 72.95% |
Minimum | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected vesting period (term in years) | 5.50 |
Risk-free interest rate (%) | 2.12% |
Maximum | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expected vesting period (term in years) | 6.50 |
Risk-free interest rate (%) | 3.15% |
Share-based compensation - Free
Share-based compensation - Free ordinary shares (Details) - Free ordinary shares program | 12 Months Ended | |
Dec. 31, 2023 shares tranche | Dec. 31, 2022 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares granted (in shares) | shares | 445,320 | 401,911 |
Number of equal tranches to exercise awards | 3 | |
Number of tranches rounded down if the third tranche is not a whole number | 2 | |
Minimum number of vested free shares of each tranche | 20% | |
Tranche one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 33.33% | |
Tranche two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 33.33% | |
Tranche three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 33.33% |
Share-based compensation - Di_5
Share-based compensation - Disclosure of number of free ordinary shares granted (Details) - Free ordinary shares program - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares granted (in shares) | 445,320 | 401,911 |
Executive Committee (formerly Management Board) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares granted (in shares) | 263,842 | 196,855 |
Senior Leadership Group | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares granted (in shares) | 181,478 | 205,056 |
Share-based compensation - Di_6
Share-based compensation - Disclosure of number and weighted average exercise prices of free ordinary shares (Details) - Free ordinary shares program - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
number of free shares | ||
Outstanding, beginning balance (in shares) | 1,487,667 | 1,842,404 |
Granted (in shares) | 445,320 | 401,911 |
Forfeited (in shares) | (14,725) | (120,000) |
Exercised (in shares) | (549,632) | (636,648) |
Outstanding, ending balance (in shares) | 1,368,630 | 1,487,667 |
Share-based compensation - Phan
Share-based compensation - Phantom shares (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) shares program employee | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Provisions for phantom shares | € 1,421 | € 2,976 |
Phantom shares | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares granted (in shares) | shares | 0 | 0 |
Number of programs modifies | program | 1 | |
Number of employee included in the program modification | employee | 1 | |
Provisions for phantom shares | € 1,400 | € 3,000 |
Share-based compensation - Di_7
Share-based compensation - Disclosure of number and weighted average exercise prices of phantom shares (Details) - Phantom shares - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
number of phantom shares | ||
Outstanding, beginning balance (in shares) | 670,500 | 841,450 |
Granted (in shares) | 0 | 0 |
Forfeited (in shares) | (50,000) | |
Exercised (in shares) | (210,000) | |
Outstanding, ending balance (in shares) | 410,500 | 670,500 |
Phantom shares, modification of program | ||
number of phantom shares | ||
Granted (in shares) | 117,000 | |
Forfeited (in shares) | (67,001) | |
Exercised (in shares) | (220,949) |
Share-based compensation - Di_8
Share-based compensation - Disclosure of maturity analysis of available phantom shares outstanding (Details) - Phantom shares | Dec. 31, 2023 shares € / shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of outstanding phantom shares (in shares) | 410,500 | 670,500 | 841,450 |
2027 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € / shares | € 2.85 | ||
Number of outstanding phantom shares (in shares) | 6,250 | 6,250 | |
2029 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € / shares | € 3.05 | ||
Number of outstanding phantom shares (in shares) | 194,250 | 244,250 | |
2030 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price | € / shares | € 0 | ||
Number of outstanding phantom shares (in shares) | 210,000 | 420,000 |
Share-based compensation - Di_9
Share-based compensation - Disclosure of significant inputs in the model, phantom shares (Details) - Phantom shares - yr | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected volatility (%), based on historical volatility | 51.26% | |
Expected vesting period (term in years) | 0 | |
Risk-free interest rate (%) | 2.10% | |
Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected volatility (%), based on historical volatility | 51.07% | |
Expected vesting period (term in years) | 0.25 | |
Risk-free interest rate (%) | 1.32% | |
Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected volatility (%), based on historical volatility | 86.95% | |
Expected vesting period (term in years) | 0.93 | |
Risk-free interest rate (%) | 2.37% |
Borrowings - Schedule of compos
Borrowings - Schedule of composition of borrowings (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
NON-CURRENT | ||
Debentures and other loans | € 132,768 | € 87,227 |
CURRENT | ||
Debentures and other loans | 44,079 | 11,580 |
TOTAL BORROWINGS | € 176,847 | € 98,806 |
Borrowings - Schedule of maturi
Borrowings - Schedule of maturity analysis of non-current borrowings (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
NON-CURRENT BORROWINGS | € 132,768 | € 87,227 |
Current borrowings | 44,079 | 11,580 |
TOTAL BORROWINGS | 176,847 | 98,806 |
Between 1 and 3 years | ||
Disclosure of detailed information about borrowings [line items] | ||
NON-CURRENT BORROWINGS | 62,378 | 57,838 |
Between 3 and 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
NON-CURRENT BORROWINGS | 70,390 | 28,765 |
Over 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
NON-CURRENT BORROWINGS | € 0 | € 624 |
Borrowings - Schedule of borrow
Borrowings - Schedule of borrowings by denominated currency (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
TOTAL BORROWINGS | € 176,847 | € 98,806 |
Borrowings denominated in EUR | ||
Disclosure of detailed information about borrowings [line items] | ||
TOTAL BORROWINGS | 3,581 | 4,433 |
Borrowings denominated in USD | ||
Disclosure of detailed information about borrowings [line items] | ||
TOTAL BORROWINGS | € 173,266 | € 94,373 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | 15 Months Ended | 23 Months Ended | 35 Months Ended | 47 Months Ended | |||||||||||||||||
Dec. 28, 2023 EUR (€) | Dec. 28, 2023 USD ($) | Aug. 16, 2023 EUR (€) | Aug. 16, 2023 USD ($) | Apr. 30, 2022 EUR (€) | Apr. 30, 2022 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Mar. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Aug. 16, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 29, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Proceeds from borrowings, net of transaction costs | € 81,111 | € 39,331 | € 859 | ||||||||||||||||||||
Borrowings | 176,847 | 98,806 | € 98,806 | ||||||||||||||||||||
Secured bank loans received | € 171,100 | 93,600 | 93,600 | ||||||||||||||||||||
Fair value of guaranteed other loans | 3,900 | 3,900 | |||||||||||||||||||||
Guaranteed other loans | 4,400 | 4,400 | |||||||||||||||||||||
Maximum | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Financial covenant, potential additional interest rate | 10% | ||||||||||||||||||||||
Amended debt financing agreement due 2028 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowing facilities, maximum borrowing capacity | € 90,000 | $ 100 | |||||||||||||||||||||
Proceeds from borrowings, net of transaction costs | € 45,000 | $ 50 | € 45,000 | $ 50 | $ 200 | ||||||||||||||||||
Borrowings, interest rate | 9.95% | 9.95% | |||||||||||||||||||||
Borrowings, interest-only period | 3 years | 3 years | |||||||||||||||||||||
Borrowings, transaction costs | € 11,200 | ||||||||||||||||||||||
Borrowings | € 167,520 | 89,182 | 49,671 | € 49,671 | 89,182 | $ 186.2 | |||||||||||||||||
Financial covenant, minimum cash requirement | € 35,000 | ||||||||||||||||||||||
Amended debt financing agreement due 2028 | Tranche one | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, effective interest rate | 14.17% | 14.17% | |||||||||||||||||||||
Amended debt financing agreement due 2028 | Tranche two | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings, effective interest rate | 13.47% | 13.47% | |||||||||||||||||||||
Debt financing agreement due 2027 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowing facilities, maximum borrowing capacity | € 54,000 | $ 100 | $ 60 | ||||||||||||||||||||
Proceeds from borrowings, net of transaction costs | 18,000 | $ 20 | 54,000 | $ 60 | 90,000 | $ 100 | |||||||||||||||||
Borrowings, interest rate | 9.95% | ||||||||||||||||||||||
Borrowings | 89,200 | 49,700 | € 49,700 | 89,200 | $ 95 | $ 56.3 | |||||||||||||||||
Borrowings, interest rate on annual basis | 10.09% | ||||||||||||||||||||||
Debt financing agreement due 2027 | Additional tranche | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | € 18,000 | $ 20 | |||||||||||||||||||||
Debt financing agreement due 2026 | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Financial covenant, twelve-month rolling minimum revenue requirement | € 115,000 | € 115,000 | |||||||||||||||||||||
Financial covenant, annual minimum revenue requirement | 103,800 | 64,000 | |||||||||||||||||||||
Financial covenant, minimum cash requirement | € 50,000 | € 50,000 | |||||||||||||||||||||
CIR | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | 3,600 | 4,400 | 4,400 | ||||||||||||||||||||
CEPI | |||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||
Borrowings | € 5,700 | € 5,200 | € 5,200 |
Borrowings - Schedule of reconc
Borrowings - Schedule of reconciliation of loan (Details) € in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, beginning period | € 98,806 | ||
Proceeds of issue | 92,309 | € 39,587 | |
Borrowings, ending period | 176,847 | 98,806 | |
Less: non-current portion | (132,768) | (87,227) | |
CURRENT PORTION | 44,079 | 11,580 | |
Amended debt financing agreement due 2028 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, beginning period | 89,182 | 49,671 | |
Proceeds of issue | 91,111 | 38,502 | |
Transaction costs | (11,198) | (255) | |
Accrued interest | 12,942 | 7,521 | |
Payment of interest | (11,022) | (7,685) | |
Exchange rate difference | (3,494) | 1,429 | |
Borrowings, ending period | 167,520 | $ 186.2 | 89,182 |
Less: non-current portion | (127,119) | (79,709) | |
CURRENT PORTION | € 40,401 | € 9,473 |
Trade payables and accruals (De
Trade payables and accruals (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other payables [abstract] | ||
Trade payables | € 17,564 | € 14,505 |
Accrued expenses | 26,739 | 26,986 |
TOTAL | 44,303 | 41,491 |
Less non-current portion | 0 | 0 |
CURRENT PORTION | € 44,303 | € 41,491 |
Tax and employee-related liab_3
Tax and employee-related liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Tax And Employee-Related Liabilities [Abstract] | ||
Employee-related liabilities | € 10,815 | € 10,778 |
Social security and other taxes | 5,394 | 4,960 |
BALANCE AS AT DECEMBER 31 | 16,209 | 15,738 |
Less non-current portion | 0 | 0 |
CURRENT PORTION | € 16,209 | € 15,738 |
Lease liabilities - Schedule of
Lease liabilities - Schedule of reconciliation of lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease liabilities [abstract] | ||
OPENING NET BOOK VALUE | € 53,574 | € 56,822 |
Additions | 3,759 | 1,629 |
Revaluation due to variable payments | (2) | 859 |
Termination of contracts | (22,539) | 0 |
Lease payments | (4,286) | (3,900) |
Interest expenses | 1,183 | 833 |
Exchange rate differences | 280 | (2,669) |
CLOSING NET BOOK VALUE | € 31,969 | € 53,574 |
Lease liabilities - Narrative (
Lease liabilities - Narrative (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
Decrease in lease liabilities | € (21,600) | ||
Termination of contracts | 22,539 | € 0 | |
Land, buildings and leasehold improvements | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
Termination of contracts | € 22,516 | € 0 | |
Land, buildings and leasehold improvements | Austria | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
Termination of contracts | € 22,500 |
Lease liabilities - Disclosure
Lease liabilities - Disclosure of maturity analysis of lease payments (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
NON-CURRENT LEASE LIABILITIES | € 29,090 | € 28,163 | |
Current lease liabilities | 2,879 | 25,411 | |
TOTAL LEASE LIABILITIES | 31,969 | 53,574 | € 56,822 |
Between 1 and 3 years | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
NON-CURRENT LEASE LIABILITIES | 5,313 | 4,573 | |
Between 3 and 5 years | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
NON-CURRENT LEASE LIABILITIES | 5,414 | 4,608 | |
Over 5 years | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
NON-CURRENT LEASE LIABILITIES | € 18,362 | € 18,982 |
Lease liabilities - Schedule _2
Lease liabilities - Schedule of lease liabilities by currency (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
TOTAL LEASE LIABILITIES | € 31,969 | € 53,574 | € 56,822 |
EUR | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
TOTAL LEASE LIABILITIES | 1,479 | 24,694 | |
SEK | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
TOTAL LEASE LIABILITIES | 28,308 | 27,314 | |
Other | |||
Disclosure Of Detailed Information About Leases Payments [Line Items] | |||
TOTAL LEASE LIABILITIES | € 2,182 | € 1,566 |
Contract liabilities - Disclosu
Contract liabilities - Disclosure of development of contract liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract liabilities [abstract] | ||
BALANCE AS AT JANUARY 1 | € 9,411 | € 128,758 |
Revenue recognition | (4,394) | (130,678) |
Addition | 1,870 | 10,833 |
Other releases | (1,032) | 0 |
Exchange rate differences | (159) | 498 |
BALANCE AS AT CLOSING DATE | 5,697 | 9,411 |
Less non-current portion | 0 | 0 |
CURRENT PORTION | € 5,697 | € 9,411 |
Contract liabilities - Narrativ
Contract liabilities - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue recognition | € 4,394 | € 130,678 |
Other releases | 1,032 | 0 |
Addition | 1,870 | 10,833 |
Kingdom of Bahrain | COVID VLA2001 | Advance Purchase Agreement (APA) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue recognition | € 3,800 | 2,300 |
Addition | 3,800 | |
European Commission | COVID VLA2001 | Advance Purchase Agreement (APA) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue recognition | 116,800 | |
Instituto Butantan | IXCHIQ | Partnering agreement, CEPI | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue recognition | 2,000 | |
Addition | 2,000 | |
Pfizer Inc. | Lyme VLA15 | Amended Collaboration and License agreement | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue recognition | 5,900 | |
Addition | € 4,200 |
Refund liabilities - Disclosure
Refund liabilities - Disclosure of development of refund liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Refund Liabilities [Abstract] | ||
BALANCE AS AT JANUARY 1 | € 143,085 | € 254,582 |
Additions | 465 | 52,012 |
Payments | (352) | (2,626) |
Other releases | (108,542) | (879) |
Revenue recognition | (40) | (169,242) |
Interest expense capitalized | 8,419 | 9,597 |
Exchange rate difference | (3,095) | (357) |
BALANCE AS AT CLOSING DATE | 39,941 | 143,085 |
Less non-current portion | (6,303) | (6,635) |
CURRENT PORTION | € 33,637 | € 136,450 |
Refund liabilities - Narrative
Refund liabilities - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Refund liabilities | € 39,941 | € 143,085 | € 254,582 | |
Trade receivables | 41,645 | 23,912 | ||
Non-current refund liabilities | 6,303 | 6,635 | ||
Additions, refund liability | 465 | 52,012 | ||
Pfizer Inc. | Lyme VLA15 | Amended Collaboration and License agreement | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Refund liabilities | 33,100 | 135,500 | ||
Trade receivables | 10,700 | 4,600 | ||
Additions, refund liability | 24,500 | $ 25 | ||
GSK | Supply agreement | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Refund liabilities | € 6,500 | 6,600 | ||
Non-current refund liabilities | 6,600 | |||
UK Authority | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from royalty obligation | 169,200 | |||
UK Authority | COVID VLA2001 | Vaccine supply agreement | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Refund liabilities | € 166,900 | |||
Revenue from royalty obligation | 89,200 | |||
Revenue from CAPEX obligation | € 80,000 |
Provisions - Schedule of provis
Provisions - Schedule of provision for employee commitments (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Provisions [abstract] | ||
Employer contribution costs on share-based compensation plans | € 1,684 | € 3,330 |
Phantom shares | 1,421 | 2,976 |
Retirement termination benefits | 459 | 330 |
Leaving indemnities | 670 | 267 |
BALANCE AS AT CLOSING DATE | 4,234 | 6,903 |
Less non-current portion | 490 | 1,320 |
CURRENT PORTION | € 3,744 | € 5,583 |
Provisions - Narrative (Details
Provisions - Narrative (Details) - EUR (€) € / shares in Units, € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of other provisions [line items] | ||
Closing share price (in euro per share) | € 4.72 | € 6.22 |
Other provisions | € 7,675 | € 25,674 |
Legal proceedings provision | ||
Disclosure of other provisions [line items] | ||
Other provisions | € 5,200 | 5,200 |
Onerous contracts provision | ||
Disclosure of other provisions [line items] | ||
Other provisions | € 18,800 |
Provisions - Schedule of assump
Provisions - Schedule of assumptions used in preparing sensitivity analysis for actuarial assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Discount rate | 3.20% | 3.60% |
Salary increase rate | 2.50% | 2.50% |
Average remaining lifespan of employees (in years) | 22 years | 20 years |
Minimum | ||
Disclosure of other provisions [line items] | ||
Turnover rate | 0% | 0% |
Social security rate | 43% | 43% |
Maximum | ||
Disclosure of other provisions [line items] | ||
Turnover rate | 21.35% | 21.35% |
Social security rate | 47% | 47% |
Provisions - Schedule of change
Provisions - Schedule of changes in defined benefit obligation (Details) - Present value of defined benefit obligation - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
BALANCE AS AT JANUARY 1 | € 330 | € 422 |
Current service cost | (1) | 86 |
Actuarial losses/(gains) | 130 | (178) |
BALANCE AS AT CLOSING DATE | € 459 | € 330 |
Provisions - Schedule of other
Provisions - Schedule of other provisions (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Provisions [abstract] | ||
Non-current | € 584 | € 960 |
Current | 7,091 | 24,714 |
PROVISIONS | € 7,675 | € 25,674 |
Other liabilities (Details)
Other liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Miscellaneous liabilities [abstract] | ||
Deferred income | € 513 | € 5,519 |
Other financial liabilities | 34 | 32 |
Miscellaneous liabilities | 125 | 88 |
OTHER LIABILITIES | 671 | 5,639 |
Less non-current portion | (79) | (116) |
CURRENT PORTION | € 592 | € 5,523 |
Cash flow information - Schedul
Cash flow information - Schedule of adjustments to reconcile net loss to net cash generated from operations (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cash And Cash Equivalents [Line Items] | |||
Loss for the year | € (101,429) | € (143,279) | € (73,425) |
ADJUSTMENTS FOR | |||
Depreciation and amortization | 17,584 | 21,036 | 14,281 |
Write-off / impairment fixed assets/intangibles | (731) | 23,249 | 0 |
Share-based compensation expense | 5,111 | (8,656) | 14,509 |
Income tax expense/(income) | 2,800 | (1,536) | 3,446 |
Dividends received from associated companies | 0 | 0 | 0 |
(Profit)/loss from disposal of property, plant, equipment and intangible assets | (12) | 38 | 46 |
Share of (profit)/loss from associates | 0 | (9) | 5 |
(Profit)/loss from disposal held for sale | 580 | 0 | 0 |
Provision for employer contribution costs on share-based compensation plans | (1,659) | (22,933) | 19,079 |
Other non-cash (income)/expense | (804) | 14,088 | (11,604) |
Interest income | (1,210) | (260) | (249) |
Interest expense | 23,325 | 19,054 | 16,964 |
Adjustments for non-cash transactions | 44,984 | 44,070 | 56,476 |
CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION) | |||
Other non-current assets | (192) | 10,981 | 194 |
Long term contract liabilities | 0 | (5,241) | 4,662 |
Long term refund liabilities | 1,136 | (154,833) | 54,501 |
Other non-current liabilities and provisions | (430) | 1,379 | (3) |
Changes in non-current operating assets and liabilities | 514 | (147,713) | 59,353 |
CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION) | |||
Inventory | (9,165) | 84,224 | (92,373) |
Trade and other receivables | (2,855) | 12,401 | (21,349) |
Contract liabilities | (3,471) | (114,603) | 34,453 |
Refund liabilities | (112,689) | 33,764 | 80,160 |
Trade and other payables and provisions | (17,398) | (14,053) | 35,236 |
Changes in working capital | (145,578) | 1,732 | 36,127 |
Cash used in operations | € (201,509) | (245,189) | € 78,532 |
Provision for employer contribution released | (23,200) | ||
UK Authority | |||
CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION) | |||
Revenue from royalty obligation | € 169,200 |
Cash flow information - Disclos
Cash flow information - Disclosure of reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow Information [Abstract] | |||
Liabilities arising from financing activities, beginning period | € 98,806 | € 57,834 | |
Proceeds of issue | 92,309 | 39,587 | |
Transaction costs | (11,198) | (255) | |
Repayments | (2,097) | (1,793) | € (1,956) |
Revaluations | 393 | 1,115 | |
Accrued interest | 13,365 | 7,932 | |
Payment of interest | (11,025) | (7,685) | |
Exchange rate difference | (3,706) | 2,073 | |
Liabilities arising from financing activities, end of period | € 176,847 | € 98,806 | € 57,834 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of other provisions [line items] | ||
Contractual capital commitments | € 3,700 | € 9,900 |
Other provisions | 7,675 | 25,674 |
Legal proceedings provision | ||
Disclosure of other provisions [line items] | ||
Other provisions | € 5,200 | € 5,200 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of other commitments (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments And Contingencies [Abstract] | ||
Loans and grants | € 6 | € 49 |
Royalties | 6,798 | 8,262 |
OTHER COMMITMENTS | € 6,804 | € 8,311 |
Commitments and contingencies_3
Commitments and contingencies - Schedule of pledges (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments And Contingencies [Abstract] | ||
Pledges on bank accounts | € 121,085 | € 284,889 |
GUARANTEES AND PLEDGES | € 121,085 | € 284,889 |
Related-party transactions - Sc
Related-party transactions - Schedule of rendering of services (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions [abstract] | |||
Operating activities | € 260 | € 1,200 | € 231 |
Financing activities | 76 | 8 | 0 |
PROVISION OF SERVICES | € 335 | € 1,208 | € 231 |
Related-party transactions - Na
Related-party transactions - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2022 | |
Disclosure of transactions between related parties [line items] | ||||
Borrowings | € 176,847 | € 98,806 | ||
Key management personnel compensation | 5,636 | 3,939 | € 3,093 | |
Vital Meat SAS | ||||
Disclosure of transactions between related parties [line items] | ||||
Provision of services, transfer of assets | 1,000 | |||
CIR | ||||
Disclosure of transactions between related parties [line items] | ||||
Borrowings | 3,600 | 4,400 | ||
CIR | BPI France | ||||
Disclosure of transactions between related parties [line items] | ||||
Borrowings, percentage of receivables | 80% | |||
Borrowings | 3,500 | |||
Borrowings, commitment fee | 0.50% | |||
Borrowings, adjustment to interest rate basis | 1.70% | |||
CIR | BPI France | Minimum | ||||
Disclosure of transactions between related parties [line items] | ||||
Borrowings, interest rate | 0% | |||
Executive Committee | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | 5,200 | 3,600 | 2,800 | |
Former Supervisory Board | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | € 500 | € 400 | € 300 |
Related-party transactions - Di
Related-party transactions - Disclosure of borrowings related to research tax credit outstanding (Details) - EUR (€) € in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Borrowings | € 176,847 | € 98,806 |
Research Tax Credit 2020 | BPI France | ||
Disclosure of transactions between related parties [line items] | ||
Borrowings | 859 | |
Research Tax Credit 2021 | BPI France | ||
Disclosure of transactions between related parties [line items] | ||
Borrowings | 1,419 | |
Research Tax Credit 2022 | BPI France | ||
Disclosure of transactions between related parties [line items] | ||
Borrowings | € 1,198 |
Related-party transactions - _2
Related-party transactions - Schedule of key management compensation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions [abstract] | |||
Salaries and other short-term employee benefits | € 3,439 | € 3,172 | € 2,213 |
Other long-term benefits | 52 | 45 | 24 |
Share-based payments (expense of the year) | 2,145 | 722 | 856 |
KEY MANAGEMENT COMPENSATION | € 5,636 | € 3,939 | € 3,093 |
Events after the reporting pe_2
Events after the reporting period (Details) € in Millions, $ in Millions | Mar. 18, 2024 | Feb. 02, 2024 USD ($) | Feb. 02, 2024 EUR (€) | Aug. 16, 2023 USD ($) | Aug. 16, 2023 EUR (€) | Sep. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Apr. 30, 2022 EUR (€) |
Debt financing agreement due 2027 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Borrowing facilities, maximum borrowing capacity | $ 100 | $ 60 | € 54 | |||||
Amended debt financing agreement due 2028 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Borrowing facilities, maximum borrowing capacity | $ 100 | € 90 | ||||||
Other disposals of assets | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proceeds from sale of priority review voucher | $ 103 | € 95 | ||||||
Major debt financing agreement | Amended debt financing agreement due 2028 | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Borrowing facilities, extended interest-only period | 18 months |