Medical laboratory Valneva reported first-quarter net profit of EUR58.9 million on Tuesday, compared with a net loss a year earlier, helped by the sale of its Priority Review Voucher (PRV) and the recovery in the travel industry.

"First-quarter results are in line with our expectations. For the rest of the year, we expect to continue to benefit from the recovery in the travel industry," said Valneva CFO Peter Bühler in a statement.

The vaccine manufacturer had posted a net loss of 18.1 million in the first quarter of 2023.

Valneva announced in February the sale for 95 million euros of the Priority Review Voucher (PRV) it obtained from the US health agency with its vaccine against the chikungunya virus.

The laboratory confirmed its annual outlook and anticipates "significantly lower cash consumption in 2024", according to the CFO.

(Written by Kate Entringer)