Oddo BHF maintains its 'outperform' rating on Valneva shares, with an unchanged target price of 12 euros.

Valneva has announced the sale for $103 million of the Priority Review Voucher (PRV) it obtained from the FDA when Ixchiq, its chikungunya vaccine, was approved. This sale gives the company financial visibility beyond the end of 2024.

Valneva plans to start marketing Ixchiq in early 2024. We model peak sales of c. €140 million for Ixchiq, based on marketing of the product in the USA, Canada and Europe, with a gradual ramp-up in 2024 in particular", stresses the analyst.

According to Oddo BHF, the stock should benefit from the momentum observed in the travel market over the last few quarters, and from the launch of Ixchiq, which will be closely followed by investors in 2024.

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