Valneva Reports Preliminary Unaudited 2025 Revenue and Cash and Provides 2026 Outlook
Highlights
- Total Revenues of €174.7 million in line with guidance, including €157.9 million in product sales
- Strong year-end cash position of €109.7 million, with enhanced financial flexibility following successful debt refinancing
- 2026 to be a potentially transformational year with Phase 3 Lyme disease data expected in the first half of the year
- Chief Executive Officer’s contract renewed for a further three-year term, ensuring continuity in leadership
Full-Year 2025 Revenue and Cash Results (Unaudited)
- Total revenues: €174.7 million in 2025
(2024: €169.6 million), including recognition of variable consideration relating to the research collaboration and licensing agreement for the Lyme disease program - Product sales: €157.9 million
(2024: €163.3 million) - Third-party product sales: €19.2 million
(2024: €33.2 million; -42.3% year-over-year, as expected) - Product sales excluding third-party sales: €138.7 million
(2024: €130.1 million; +6.7%) - Product sales at constant exchange rates (CER): €141.8 million (+9.0%)
- Cash and cash equivalents: €109.7 million as of December 31, 2025
(December 31, 2024: €168.3 million)
2026 Outlook and Financial Guidance
- First Phase 3 data readout for Lyme disease vaccine candidate anticipated in the first half of 2026
- Regulatory submissions expected to follow as planned by Pfizer, subject to positive results
- If successful, VLA15 would be the fourth vaccine developed by Valneva
- First Phase 2 data for tetravalent Shigella vaccine candidate S4V2
- Decision on subsequent development steps expected in the second half of 2026
- Continued progress in enhancing the R&D pipeline with differentiated vaccine candidates targeting high unmet medical needs
- 2026 total revenues expected: €155–170 million
- Product sales expected between €145–160 million
- Lower guidance compared to 2025 reflects continued growth of established brands offset by wind-down of third-party sales
- Continued disciplined cash management
- Operating cash burn expected to decline further in 2026
- Strategic R&D investments to be sustained
Management Commentary
Peter Bühler, CFO, stated:
“2025 challenged our resilience while reaffirming the strength of our team’s disciplined execution. We remained committed to growing our commercial brands and made strong progress across our key R&D programs, despite headwinds around IXCHIQ® and the broader geopolitical pressures. As we enter 2026, we look forward to the potentially transformative Phase 3 data readout for our Lyme disease vaccine candidate, while remaining focused on prudent capital allocation.”
CEO Mandate Renewal
Valneva’s Board of Directors renewed Thomas Lingelbach’s mandate as Chief Executive Officer for another three-year term and confirmed his continued role as a Board member (subject to shareholder approval at the 2026 AGM).
Anne-Marie Graffin, Chairperson of the Board, commented:
“Thomas has been a driving force behind our growth, culture, and sustained success over the past 13 years. The Board firmly believes his continued leadership is critical as we enter the next era of the Company’s development.”
Non-IFRS Financial Measure (CER)
Changes in net sales at constant exchange rates (CER) remove the impact of currency fluctuations by recalculating sales using prior-period exchange rates.
Contact
Laetitia Bachelot-Fontaine
VP, Global Communications & European Investor Relations
M +33 (0)6 4516 7099
Laetitia.bachelot-fontaine@valneva.com
Joshua Drumm, Ph.D.
VP, Global Investor Relations
M +001 917 815 4520
joshua.drumm@valneva.com