Cover
Cover | 3 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | VALNEVA SE |
Entity Central Index Key | 0001836564 |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2024 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Income (Loss) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Profit or loss [abstract] | ||
Product sales | € 32,149 | € 32,100 |
Other revenues | 604 | 1,408 |
REVENUES | 32,753 | 33,508 |
Cost of goods and services | (22,160) | (20,480) |
Research and development expenses | (13,131) | (14,065) |
Marketing and distribution expenses | (11,333) | (8,986) |
General and administrative expenses | (11,670) | (10,038) |
Gain from sale of Priority Review Voucher, net | 90,833 | 0 |
Other income and expenses, net | 2,917 | 3,488 |
OPERATING PROFIT/(LOSS) | 68,208 | (16,574) |
Finance income | 266 | 253 |
Finance expenses | (7,045) | (5,096) |
Foreign exchange gain/(loss), net | (2,512) | 3,170 |
PROFIT/(LOSS) BEFORE INCOME TAX | 58,918 | (18,247) |
Income tax benefit/(expense) | (8) | 120 |
PROFIT/(LOSS) FOR THE PERIOD | € 58,909 | € (18,127) |
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) | € 0.42 | € (0.13) |
Diluted earnings (losses) per share for profit/(loss) for the period attributable to the equity holders of the Company (in euro per share) | € 0.41 | € (0.13) |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of comprehensive income [abstract] | ||
PROFIT/(LOSS) FOR THE PERIOD | € 58,909 | € (18,127) |
Items that may be reclassified to profit or loss | ||
Currency translation differences | (57) | 1,628 |
Other comprehensive income/(loss) for the period, net of tax | (57) | 1,628 |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | € 58,853 | € (16,500) |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statement of Financial Position - EUR (€) € in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Non-current assets | € 196,588 | € 197,238 |
Intangible assets | 24,853 | 25,567 |
Right of use assets | 19,267 | 20,392 |
Property, plant and equipment | 136,696 | 136,198 |
Deferred tax assets | 7,006 | 6,592 |
Other non-current assets | 8,766 | 8,490 |
Current assets | 306,241 | 262,824 |
Inventories | 48,585 | 44,466 |
Trade receivables | 27,285 | 41,645 |
Other current assets | 53,732 | 50,633 |
Cash and cash equivalents | 176,640 | 126,080 |
TOTAL ASSETS | 502,829 | 460,062 |
EQUITY | ||
Share capital | 20,892 | 20,837 |
Share premium | 593,948 | 594,003 |
Other reserves | 67,162 | 65,088 |
Retained earnings/(Accumulated deficit) | (551,682) | (450,253) |
Profit/(Loss) for the period | 58,909 | (101,429) |
TOTAL EQUITY | 189,230 | 128,247 |
LIABILITIES | ||
Non-current liabilities | 197,515 | 172,952 |
Borrowings | 159,035 | 132,768 |
Lease liabilities | 27,547 | 29,090 |
Refund liabilities | 6,350 | 6,303 |
Provisions | 810 | 1,074 |
Deferred tax liabilities | 3,704 | 3,638 |
Other liabilities | 70 | 79 |
Current liabilities | 116,085 | 158,863 |
Borrowings | 22,413 | 44,079 |
Trade payables and accruals | 33,506 | 44,303 |
Income tax liability | 746 | 632 |
Tax and Employee-related liabilities | 17,271 | 16,209 |
Lease liabilities | 2,676 | 2,879 |
Contract liabilities | 5,291 | 5,697 |
Refund liabilities | 24,258 | 33,637 |
Provisions | 9,553 | 10,835 |
Other liabilities | 371 | 592 |
TOTAL LIABILITIES | 313,600 | 331,815 |
TOTAL EQUITY AND LIABILITIES | € 502,829 | € 460,062 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statement of Cash Flows - EUR (€) € in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit/(Loss) for the period | € 58,909 | € (18,127) |
Gain from sale of Priority Review Voucher, net | (90,833) | 0 |
Adjustments for non-cash transactions | 15,072 | 8,438 |
Changes in non-current operating assets and liabilities | (529) | (269) |
Changes in working capital | (10,923) | (13,935) |
Cash generated/(used) in operations | (28,303) | (23,893) |
Income tax paid | (129) | (433) |
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES | (28,432) | (24,326) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (4,498) | (3,846) |
Proceeds from sale of property, plant and equipment | 146 | 33 |
Purchases of intangible assets | (34) | 0 |
Proceeds from sale of Priority Review Voucher | 90,833 | 0 |
Interest received | 266 | 253 |
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES | 86,713 | (3,561) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds/(payments) from issuance of common stock, net of costs of equity transactions | 0 | (194) |
Proceeds from borrowings, net of transaction costs | (944) | 0 |
Payment of lease liabilities | (677) | (933) |
Interest paid | (5,836) | (2,689) |
NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES | (7,457) | (3,816) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 50,824 | (31,703) |
Cash and cash equivalents at beginning of the year | 126,080 | 286,532 |
Exchange gains/(losses) on cash | (264) | (344) |
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | € 176,640 | € 254,485 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed 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, 2022 | € 219,797 | € 20,755 | € 594,043 | € 55,252 | € (306,974) | € (143,279) |
Total comprehensive income/(loss) | (16,500) | 1,628 | (18,127) | |||
Income appropriation | 0 | (143,279) | 143,279 | |||
Share-based compensation expense: | ||||||
Value of services | 1,489 | 1,489 | ||||
Exercises | (3) | (3) | ||||
Equity, ending balance at Mar. 31, 2023 | 204,783 | 20,752 | 594,043 | 58,369 | (450,253) | (18,127) |
Equity, beginning balance at Dec. 31, 2023 | 128,247 | 20,837 | 594,003 | 65,088 | (450,253) | (101,429) |
Total comprehensive income/(loss) | 58,853 | (57) | 58,909 | |||
Income appropriation | 0 | (101,429) | 101,429 | |||
Share-based compensation expense: | ||||||
Value of services | 2,130 | 2,130 | ||||
Exercises | 0 | 55 | (55) | |||
Equity, ending balance at Mar. 31, 2024 | € 189,230 | € 20,892 | € 593,948 | € 67,162 | € (551,682) | € 58,909 |