May 7, 2020 / 7:00 AM / 23 days ago

BRIEF-Valneva Q1 EBITDA Down At 2.4 Million Euros

May 7 (Reuters) - Valneva SE:

* EBITDA OF €2.4 MILLION IN Q1 2020, LOWER THAN Q1 2019 (€8.2 MILLION) DUE TO INCREASED RESEARCH AND DEVELOPMENT INVESTMENTS

* PRODUCT SALES REVENUE OF EUR 32.7 MILLION IN Q1 2020, SIMILAR TO Q1 2019 (EUR 32.8 MILLION)

* POSITIVE OPERATING CASH FLOW OF EUR 3.0 MILLION IN Q1 2020

* STRONG CASH POSITION OF EUR 80.8 MILLION AT END OF MARCH 2020

* LIMITED BUSINESS IMPACT OF COVID-19 CRISIS DURING Q1

* TOTAL REVENUES NOW ESTIMATED TO BE BETWEEN EUR 95 MILLION AND EUR 135 MILLION IN 2020

* PRODUCT SALES REVENUE GUIDANCE REVISED TO EUR 75 MILLION TO EUR 95 MILLION NOTING CONTINUING IMPACT OF COVID-19 PANDEMIC

* EXPECTS IMPROVED NEGATIVE EBITDA OF EUR 10 MILLION TO EUR 30 MILLION IN 2020 (COMPARED TO PREVIOUS GUIDANCE OF UP TO EUR 50 MILLION NEGATIVE EBITDA) IN 2020 Source text for Eikon: [ID: nNDL4pzkP4] Further company coverage: (Gdansk Newsroom)

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