France Health Body Advises Unfavorable Opinion Regarding Valneva's COVID-19 Vaccine

The French health authority, Haute Autorite de Sante (HAS), "does not recommend" the use of Valneva SE's VALN VLA2001 vaccine in the current primary vaccination strategy.
The HAS stresses that it "does not currently have clinical efficacy data" for VLA2001, "particularly against the variants currently in circulation."
Related: Valneva Tries Reviving COVID-19 Vaccine Play As It Talks With Potential Partner For An Updated Shot.
The HAS adds that it "also has no direct comparison data" between the VLA2001 vaccine and the vaccines "currently preferentially recommended and used in France."
Moreover, it considers that "the needs for vaccines that can be used in primary vaccination in people who do not wish or cannot benefit from mRNA vaccines are already covered in France."
The HAS gives a favorable opinion on using the VidPrevtyn Beta vaccine from Sanofi SA SNY/ GSK Plc GSK and Novavax Inc's NVAX Nuvaxovid "to offer an alternative to the bivalent mRNA vaccines already available and recommended for the booster, in particular for people reluctant to this type of vaccine and people for whom they are contraindicated."
In August, Valneva cut its FY22 revenue outlook citing lower demand for its anti-COVID shot from European Union member states.
The company expects FY22 revenues of €340-€360 million, down from an earlier forecast of €430-€590 million.
Price Action: VALN shares are up 1.30% at $13.77 on the last check Thursday.