Cash and cash equivalents of €143.5 million at end of September 2025
Financial flexibility enhanced with successful debt refinancing in October 20251
Lyme disease Phase 3 study VALOR on track
Updated 2025 financial outlook confirmed1
Saint-Herblain (France), November 20, 2025, Valneva SE (NASDAQ:VALN, PARIS:VLA), a specialty vaccine company, today reported consolidated financial results for the first nine months of the year, ended September 30, 2025. The condensed consolidated interim financial results are available on the Company's website (Financial Reports, Valneva).
Valneva will provide a live webcast of its nine-month 2025 results conference call beginning at 3 p.m. CET / 9 a.m. ET today. This webcast will also be available on the Company's website. Please refer to this link: https://edge.media-server.com/mmc/p/okg8hcar
Nine-Month Financial Update
Total revenues were €127.0 million compared to €116.6 million in the first nine months of 2024, an increase of 8.9%
Product sales reached €119.4 million compared to €112.5 million in the first nine months of 2024, an increase of 6.2%
Significant reduction in operating cash burn (€28.4 million in the first nine months of 2025 compared to €76.7 million in the first nine months of 2024)
Net loss of €65.2 million compared to a net profit of €24.7 million in the first nine months of 2024, which included one-time net proceeds of €90.8 million from the sale of a Priority Review Voucher (PRV)2
Full-year 2025 Financial Guidance
At the beginning of October, Valneva announced a revision of its 2025 guidance1, which it reiterates as follows:
Product sales expected between €155-170 million, depending on the timing of shipments of chikungunya vaccine drug substance to commercial partners in low- and middle-income countries (LMICs); the commercial business is still expected to be cash flow positive
Total revenues expected to reach €165-180 million
Total R&D investments expected between €80-90 million, partially offset by grant funding and anticipated R&D tax credits
Financial Information(Unaudited results, consolidated per IFRS)
€ in million
Nine months ended September 30,
2025
2024
Total Revenues
127.0
116.6
Product Sales
119.4
112.5
Net profit/(loss)
(65.2)
24.7
Adjusted EBITDA3
(37.7)
48.6
Cash
143.5
156.3
Peter Bühler, Valneva's Chief Financial Officer, commented, "In the third quarter, we continued to focus on strengthening our financial position, which led to the successful refinancing of our debt with improved financial terms. Combined with the substantial reduction in operating cash burn and proceeds from our ATM transactions, we have further enhanced Valneva's financial flexibility as we approach the potentially transformative Phase 3 data readout for our Lyme disease vaccine candidate."
Commercial Portfolio
Valneva's commercial portfolio is composed of three travel vaccines, IXIARO®/JESPECT®, DUKORAL® and recently launched IXCHIQ®. The Company also distributes certain third-party products in countries where it operates its own marketing and sales infrastructure.
Valneva's sales in the first nine months of 2025 were €119.4 million compared to €112.5 million in the first nine months of 2024. The first nine months of 2025 included €16.1 million of third-party sales compared to €22.5 million in the first nine months of 2024 due to the discontinuation of the distribution of Rabipur®/RabAvert® and Encepur® in the UK and Canada as of January 2025. Valneva expects that third-party sales will gradually wind down to less than 5% of its total sales by 2026/2027, allowing the Company to improve gross margins.
In June 2025, Valneva announced an exclusive agreement with CSL Seqirus, one of the world's largest influenza vaccine companies, for the marketing and distribution of Valneva's three proprietary vaccines in Germany. Under the agreed terms, CSL Seqirus has launched Valneva's single-dose chikungunya vaccine IXCHIQ® and will begin commercializing Valneva's Japanese encephalitis vaccine IXIARO® and cholera/ETEC vaccine DUKORAL® from January 2026.
JAPANESE ENCEPHALITIS VACCINE IXIARO®/JESPECT®
In the first nine months of 2025, IXIARO®/JESPECT® sales increased by 12.5% to €74.3 million compared to €66.0 million in the first nine months of 2024. Sales to both travelers and the U.S. military showed double digit growth compared to the first nine months of 2024, when sales were impacted by IXIARO® supply constraints. Foreign currency fluctuations of €0.8 million adversely impacted sales of IXIARO®/JESPECT® during the first nine months of 2025.
CHOLERA / ETEC4-DIARRHEA VACCINE DUKORAL®
In the first nine months of 2025, DUKORAL® sales were €21.5 million compared to €22.3 million in the first nine months of 2024. Sales were notably affected by €0.4 million of adverse currency fluctuations mainly resulting from a weakening Canadian dollar and lower sales in Germany as the distribution of the vaccine is gradually transitioning from the current distributor to CSL Seqirus. CHIKUNGUNYA VACCINE IXCHIQ®
In the first nine months of 2025, Valneva reported IXCHIQ® sales of €7.6 million compared to sales of €1.8 million in the first nine months of 2024. While IXCHIQ® sales included the supply of vaccine doses to combat a major chikungunya outbreak on the French island of La Réunion, the temporary restrictions and U.S. license suspension5 significantly impacted sales in the travelers' segment, leading to an adjustment of guidance.
Valneva responded to the FDA ...
