Valneva Reports Half Year 2026 Financial Results and Provides Corporate Updates
Valneva SE reported total product sales of €64.0 million for the first half of 2026 and reaffirmed its full-year guidance of €135 million to €150 million in product sales. The specialty vaccine company ended June with a cash position of €121.5 million and expects regulatory decisions for its Lyme disease vaccine candidate LB6V within the next twelve months.
Valneva reported total revenues of €65.8 million for the six months ended June 30, 2026, compared with €97.6 million in the first half of 2025. Product sales amounted to €64.0 million, compared with €91.0 million in the prior-year period. The decrease primarily reflects the planned wind-down of third-party sales, the timing of product shipments, the transition to a new distributor in Germany and the timing of IXIARO® deliveries to the U.S. Department of Defense.
The company reported a cash position of €121.5 million as of June 30, 2026, compared with €109.7 million at the end of 2025. The position reflects disciplined cash management, restructuring measures and €37 million in gross proceeds from the reserved offering completed during the second quarter. Valneva reported a net loss of €63.3 million for the first half of 2026, compared with a net loss of €20.8 million in the same period of 2025.
Financial outlook
Despite continued pressure on travel markets from the geopolitical environment, Valneva reaffirmed its 2026 guidance. Product sales are expected to reach €135 million to €150 million, while total revenues are forecast at €145 million to €160 million. Product gross margins are expected to improve during the second half of the year following one-off effects recorded in the first six months.
Valneva has also implemented a global restructuring programme aimed at reducing cash burn through workforce reductions, reprioritisation and rescheduling of R&D activities and streamlined global operations. As part of the restructuring, the company agreed to sell its Nantes site in France for €6.2 million, with completion expected in September 2026.
Lyme disease vaccine candidate LB6V
Valneva and Pfizer continue to advance LB6V, formerly known as VLA15, their investigational six-valent OspA-based Lyme disease vaccine candidate. Following the Phase 3 VALOR trial, Pfizer has been engaging with regulatory authorities on potential pathways toward licensure and has expressed optimism regarding the candidate's regulatory prospects. Regulatory decisions are expected within the next twelve months.
LB6V is currently the only Lyme disease vaccine candidate in late-stage clinical development. It has received PRIME designation from the European Medicines Agency and Fast Track designation from the U.S. Food and Drug Administration. If approved, the vaccine could address a significant unmet medical need in regions where Lyme disease is endemic.
IXCHIQ® and chikungunya
Post-marketing activities for Valneva's chikungunya vaccine IXCHIQ® are continuing, including the Pilot Vaccination Strategy in Brazil. Around 50,000 adults aged 18 to 59 years have been vaccinated as part of the programme, which is being conducted by the Brazilian Ministry of Health with support from Valneva and Instituto Butantan.
The programme, together with additional studies, is intended to generate real-world evidence on the effectiveness and safety of IXCHIQ® in larger and more specialised populations. Valneva is also evaluating the future commercial strategy for the vaccine, including a potential stronger focus on endemic markets.
Shigella vaccine candidate S4V2
Valneva also provided an update on S4V2, described as the world's most clinically advanced tetravalent vaccine candidate against shigellosis. A Phase 2 infant safety and immunogenicity trial and a Phase 2b Human Challenge trial sponsored by LimmaTech Biologics are ongoing, with results expected in the third quarter of 2026.
Based on the outcome of these studies and its future R&D strategy, Valneva will determine the next development steps, including whether to assume responsibility for late-stage clinical development of S4V2.
Commercial vaccine portfolio
Sales of the Japanese encephalitis vaccine IXIARO®/JESPECT® amounted to €44.0 million in the first half of 2026, compared with €54.7 million in the same period of 2025. DUKORAL® sales reached €14.7 million, compared with €17.4 million, while IXCHIQ® sales amounted to €4.4 million versus €7.5 million in the prior-year period.
Research and development expenses declined to €30.2 million from €32.4 million, while marketing and distribution expenses decreased to €13.5 million from €20.3 million. General and administrative expenses declined to €15.4 million from €19.0 million as the company implemented restructuring and cost-saving measures.
Kontakt
Valneva Investor and Media Contacts
Laetitia Bachelot-Fontaine
VP, Global Communications and European Investor Relations
Telefon: +33 (0)6 4516 7099
E-Mail: laetitia.bachelotfontaine@valneva.com
Joshua Drumm, Ph.D.
VP, Global Investor Relations
Telefon: +1 917 815 4520
E-Mail: joshua.drumm@valneva.com