Valbiotis (ALVAL) H2 2024 earnings summary

Executive summary

• Completed transformation from R&D to commercial company, launching first product in May 2024 and expanding sales infrastructure.

• Regained full rights to TOTUM-63 after ending partnership with Nestlé Health Science, enabling direct commercialization and new licensing opportunities.

• Strategic focus on commercial growth, aiming for €25M revenue and positive EBITDA in 2027, and €100M revenue by 2030 with at least 30% from international markets.

Financial highlights

• 2024 revenue: €175K, down from €4.44M in 2023 due to end of NHS partnership and transition to direct sales.

• Total operating income: €4.64M (including €3.51M from NHS contract termination and €792K research tax credit).

• Operating loss: €10.42M (vs. €7.18M loss in 2023); net loss: €10.03M (vs. €7.37M loss in 2023).

• Cash at year-end: €11.58M, down €13.44M from 2023, not including €1.57M research tax credit pending.

Outlook and guidance

• 2025 to focus on scaling commercial and industrial operations, launching Valbiotis®PRO Santé métabolique in February and TOTUM-854 in Q2.

• Targeting new international distribution agreements and continued clinical development, especially for TOTUM.448.

• 2027 goal: >€25M revenue and positive EBITDA in France; 2030 goal: >€100M revenue, 25–30% EBITDA margin, 30%+ international sales.