• Record revenues of $54 million for fiscal 2023, up 94% over 2022
  • Revenues of $13.1 million for Q4-23, up 4% over Q4-22
  • Record annual adjusted gross profit of $16.9 million for 2023, compared to $9.4 million for 2022, up 80%         

MONTREAL, QUEBEC, January 29, 2024 – Valeo Pharma Inc. (TSX:VPH, OTCQB: VPHIF, FSE: VP2) (“Valeo” or the “Company”), a Canadian pharmaceutical company, today reported its financial results for the fourth quarter and year-ended October 31, 2023.

Fourth quarter and year-end 2023 Results & Highlights:

  • Adjusted EBITDA loss of $4.5 million for Q4-23 vs $2.9 million loss in Q4-22, up 56%
  • Enerzair and Atectura prescribing physicians reached 2,967 at the end of Q4-23, a 19% growth for the quarter and 161% increase year-over-year.

“Valeo delivered another year of significant growth in 2023 with annual revenues and adjusted gross profit increasing 94% and 80% respectively over 2022. Our 3 main pillars of growth, Enerzair, Atectura and Redesca, all experienced growing revenues, market share gains and are positioned for further growth in 2024”, said Steve Saviuk, CEO. “Our main focus for 2024 is to accelerate our path to profitability, in our on-going effort to drive value for our shareholders.  We look forward to seeing the impact of our recently implemented cost reduction initiatives and organizational realignment measures materializing, starting in the first quarter of 2024, and having full impact by the third quarter of 2024”.

Commenting on the fourth quarter and fiscal 2023 results, Pascal Tougas, Valeo’s Chief Financial Officer, said, “Although our fourth quarter of 2023 was more challenging in terms of EBITDA and cash management, our team remains fully focused on the execution of our currently ongoing and upcoming business initiatives. This will enable us to reap the benefits associated with the recently implemented and upcoming operating expenses reduction measures, while effectively supporting the dynamic growth of our core assets. We expect continued revenue growth and sequential improvements in our results starting in the first quarter of the current year and continuing throughout 2024 as we accelerate our path towards profitability.’’

Fourth Quarter 2023 Financial Results  

Year 2023 Financial Results

  • Record YTD Revenues of $53.9 million for the twelve months ended October 31, 2023, compared to $27.7 million for the twelve months ended October 31, 2022, representing a 94% increase;      

    • Adjusted gross profit was $16.9 million for the twelve months ended October 31, 2023, up 80% compared to $9.4 million for the twelve months ended October 31, 2022;
    • Net loss of $27.8 million for the twelve months ended October 31, 2023 compared to $25.7 million for the twelve months ended October 31, 2022. The 8 % increase in net loss is predominantly due to the increase in financial expenses ($3.3 million) and the increase in S&M expenses ($4.0 million) to support the new business unit, which were only partly offset by gained sales traction and gross profit ($6.8 million); and
    • Adjusted EBITDA loss of $10.9 million for the twelve months ended October 31, 2023 compared to an adjusted EBITDA loss of $14.5 million for the twelve months ended October 31, 2022, a 25% improvement.

Q4 2023 Highlights         

  • In October 2023, the Company was recognized by the Report on Business as one of Canada’s Top Growing Companies with a three-year revenue growth rate over 300%;

  • In September 2023, the Company entered into a credit facility agreement with Accord Financial Inc. The $5 million credit facility is secured by a first rank lien on the Corporation’s short-term assets, and bears interest at the Scotiabank’s prime rate plus an applicable margin. Borrowings under the credit facility are expected to be used for working capital and other general corporate purposes; and        

  • In August 2023, the Company closed a $4.5 million financing comprised of a non-brokered private placement offering of 13,999,997 units of the Company at a price of $0.28 per Unit for gross proceeds of $3.92 million. Each Unit consisted of one (1) class A share of the Company (each, a “Share”) and one-half (1/2) Share purchase warrant of the Company (a “Warrant”). Each full Warrant entitling the holder to purchase one (1) Share in the capital of the Company (a “Warrant Share”) at the price of $0.35 per Warrant Share for a period of 60 months from the closing date of the Offering (the “Closing Date”). The non-brokered private placement included the participation of Investissement Québec for $2.0 million and $1.421 million from Insiders. In addition, the Company secured a loan agreement with a related party for a principal amount of $580,000 bearing annual interest at a rate of 12%.               

Fourth Quarter 2023 Subsequent Events

Fourth Quarter and year-end 2023 Webcast and Conference Call

Valeo will host a conference call to discuss its fourth quarter and year-end 2023 results and highlights on Tuesday January 30, 2024, at 8.30 am (ET). The telephone numbers to access the conference call are 416-764-8659 and 1-888-664-6392. An audio replay of the call will be available. The numbers to access the audio replay are 416-764-8677 and 1-888-390-0541 using the following access code (959607 #).

A live audio webcast of the conference call will be available via:


Financial Statements and MD&A

Valeo Pharma’s financial statements and Management’s Discussion and Analysis for the three month and twelve-month periods ended October 31, 2023, are available on SEDAR at www.sedar.com.

About Valeo Pharma

Valeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory/Allergy, Ophthalmology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.

Forward Looking Statements

This press release contains forward-looking statements about Valeo’s objectives, strategies and businesses that involve risks and uncertainties. These statements are “forward-looking” because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.

For more information:

Steve Saviuk



[email protected]


Pascal Tougas

Chief Financial Officer


[email protected]


Frederic Dumais

Director, Communications and Investor Relations


[email protected]