Valneva SE

given that there was a competitive vaccine which was acquired by a private company who kind of talked about expanding global registrations of that vaccine. I was just wondering if you could discuss your thoughts on the market and how you are kind of able to defend your position there. Thanks.

So let me take a second question and then I will give to the first part to Peter. So, look, I mean, at this point in time, we have not seen any competitor for JE initiating the necessary clinical studies for a registration in Europe and US. And there is no way, you know, you can register this competitive product without a respective clinical study. And those will, you know, take time. And I think we got to deal with it when we see, you know, a potential competitor entry. In terms of positioning, our vaccine has more than 10 years history. It is a vaccine that is marked by excellent effectiveness and safety. And it is a very well-known and established brand. And as such, we feel strong about this product. We feel strong about its prospects. And we would also feel strong about it if we had a competitor interest. which is not on the horizon at this point in time from where we stand at this point. Peter, you want to say something about guidance?

Yeah, well, thanks, Rachon, for the question. Look, I think we're very optimistic when it comes to our sales. I think, as you said, with a very strong first quarter, actually in line with pre-pandemic level in Euro terms. So, of course, this is great for the rest of the year. Also, and as Thomas said, we still have some supply constraints in Q1 So we're very optimistic with regards to reaching our guidance. Whether it will be the upper part of the guidance, I think it's too early to tell, but we're certainly at a good start.