Updated FY 2024 guidance

• Valneva raises its 2024 product sales4 guidance to between €160 million and €180 million due to an improved outlook regarding the IXIARO supply constraints that were anticipated in February 2024.
• As such, 2024 total revenues are now expected to reach between €170 million and €190 million compared to €153.7 million in 2023, driven by continued sales growth of the Company's proprietary travel vaccines and the launch-year sales of IXCHIQ.
• Sales are expected to grow this year despite an estimated 20-30% reduction in third-party sales as a result of anticipated supply constraints.
• In 2024, the Company anticipates lower R&D expenses than previously communicated, narrowing guidance to €60 million to €75 million, based on additional visibility for its chikungunya- and Zika- related expenses. Additionally, Valneva expects non-dilutive contributions from institutions for R&D costs in connection with its ongoing chikungunya activities and the product tech transfers to Valneva's brand-new state-of the art facility ("Almeida") in Scotland.
• Other income is now expected between €100 million and €110 million in 2024, reflecting €95 million in proceeds from the PRV sale in early 2024.
• Valneva anticipates a significantly lower cash burn this year than in 2023 and expects its commercial business to be cash-flow positive and contribute significantly to funding the Company's R&D from 2025.