March 23, 2017 / 6:13 AM / 4 months ago

BRIEF-Valneva FY EBITDA turns to profit of EUR 2.8 mln

2 Min Read

March 23 (Reuters) - Valneva SE:

* Total revenues and grants of 97.9 million euros ($105.64 million) in 2016 (versus 83.3 million euros in 2015)

* Valneva reported a positive EBITDA of 2.8 million euros in 2016 (versus EBITDA loss of 8.5 million euros in 2015)

* Net loss of 49.2 million euros in 2016, impacted by impairment charges related to pseudomonas program termination

* Expects 2017 overall IFRS revenues to reach 105 to 115 million euros, reflecting up to 17 percent total revenue growth compared to 2016

* Positive operating cash flow of 6.5 million euros in 2016

* Anticipates product sales in 2017 to grow by 10-15 percent over 80.4 million euros reported in 2016

* Expects to further grow its operational performance to an EBITDA of 5 to 10 million euros in 2017

* To receive a 5 million euro installment from European Investment Bank loan

* Intends to invest between 21 million euros and 23 million euros in research and development, corresponding to approximately 20 percent of annual revenues Source text for Eikon: Further company coverage: ($1 = 0.9267 euros) (Gdynia Newsroom)

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