March 24, 2020 / 6:48 AM / 7 days ago

BRIEF-Valneva Provides Update On Its Operations As COVID-19 Situation Evolves

March 24 (Reuters) - VALNEVA SE:

* PROVIDED AN UPDATE ON ITS OPERATIONS AS COVID-19 SITUATION EVOLVES

* ON COVID-19: EXPECTS THAT ITS 2020 REVENUES MAY BE ADVERSELY AFFECTED

* ON CORONAVIRUS: AS PROVIDER OF TWO TRAVEL VACCINES, ONE AGAINST JAPANESE ENCEPHALITIS AND ONE AGAINST CHOLERA/ETEC, COMPANY EXPECTS THAT ITS 2020 REVENUES MAY BE ADVERSELY AFFECTED

* ON COVID-19: ESTIMATES THAT 2020 PRODUCT SALES REVENUES COULD BE IMPACTED BY BETWEEN EUR 20 MILLION AND EUR 40 MILLION

* FIRST-QUARTER SALES 2020 WILL NOT BE MATERIALLY ADVERSELY AFFECTED AS IMPACT OF COVID-19 CRISIS DID NOT AFFECT ITS MAJOR MARKETS UNTIL MARCH

* COMPANY IS WELL POSITIONED TO DEAL WITH CRISIS

* IS ALSO WELL PLACED TO TAKE COST MANAGEMENT MEASURES IF REQUIRED AND HAS COMMENCED A REVIEW OF NON-MISSION CRITICAL PROJECTS AND EXPENSES

* REDUCTION IN PRODUCT SALES REVENUE, OFFSET BY LIKELY DELAY IN CHIKUNGUNYA PHASE 3 INITIATION AND THEREFORE DELAY OF INITIAL PHASE 3 COSTS, MAY LEAD TO NEGATIVE EBITDA OF UP TO EUR 50 MILLION IN 2020 COMPARED TO EARLIER GUIDANCE OF NEGATIVE EBITDA OF UP TO EUR 35 MILLION

* CASH POSITION AT END OF 2020 COULD BE IN RANGE OF EUR 35 MILLION TO EUR 40 MILLION Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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