Strong year-end cash position of €109.7 million, with enhanced financial flexibility following successful debt refinancing and a 21% reduction in operating cash burn
2026 to be a potentially transformational year with Phase 3 Lyme disease data expected in the first half of the year
Lyon (France), March 18, 2026, Valneva SE (NASDAQ:VALN, PARIS:VLA), a specialty vaccine company, today reported its audited consolidated financial results for the year ended December 31, 2025, provided corporate updates and confirmed its financial guidance for 20261. The Company also announced the filing of its annual report on Form 20-F and Universal registration document (URD) for the financial year ended December 31, 2025 with the U.S. Securities and Exchange Commission (SEC) and the French financial market authority (Autorité des marchés financiers or AMF), respectively. The full-year 2025 consolidated financial results are available on the Company's website (Financial Reports, Valneva) 2.
Valneva will provide a live webcast of its full-year 2025 results conference call beginning at 3 p.m. CET/10 a.m. EDT today. This webcast will also be available on the Company's website. Please refer to this link: https://edge.media-server.com/mmc/p/qj2g7e52
2025 Financial Performance
Total revenues of €174.7 million, up from €169.6 million in 2024, including the recognition of variable consideration relating to the Company's research collaboration and licensing agreement for the Lyme disease program
Product sales of €157.9 million, compared to €163.3 million in 2024, reflecting the planned wind-down of third-party sales (-42.3% versus 2024). Proprietary product sales increased by 9% at constant exchange rate (CER)3
Net loss amounted to €115.2 million compared to a net loss of €12.2 million in 2024, while the prior year amount benefited from a €90.8 million net gain related to the sale of the Priority Review Voucher (PRV) received for IXCHIQ®
Operating cash burn continued to decline, improving to €52.9 million in 2025 compared to €67.2 million in 2024 and €202.7 million in 2023
Reiterated 2026 Outlook and Financial Guidance
First Phase 3 data readout for Lyme disease vaccine candidate (VLA15) anticipated in the first half of 2026, with regulatory submissions expected to follow as planned by Pfizer, subject to positive results
If approved, VLA15 will be the fourth vaccine successfully developed by Valneva and subsequent commercialization by Pfizer would enable Valneva to further expand and accelerate its pipeline of innovative vaccines in line with the Company's strategic vision
First Phase 2 data for tetravalent Shigella vaccine candidate S4V2 are expected mid-2026, with a decision on subsequent development steps in the second half of 2026
Further enhancement of the Company's R&D pipeline with differentiated vaccine candidates addressing areas of high unmet medical need
Total revenues for full-year 2026 are expected to range between €155 million and 170 million, including product sales between €145-160 million
The lower product sales guidance in 2026 versus the prior year reflects continued growth of established commercial brands, offset by the planned wind-down of third-party sales, as previously guided.
Disciplined cash management will remain a priority, with operating cash burn expected to decline further in 2026, while continuing to support strategic R&D investments
Peter Bühler, Valneva's Chief Financial Officer, commented, "We are approaching the potentially transformative Phase 3 data readout for our Lyme disease vaccine candidate, an inflection point that could significantly shape our Company's future and strengthen our long‑term strategy. While 2025 tested our resilience, it also underscored the strength of our team's disciplined execution. In 2026, we remain firmly committed to prudent capital allocation to support sustainable growth and advance our strategic vision."
Financial Information
€ in million
12 months ended December 31,
2025
2024
Total revenues
174.7
169.6
Product sales
157.9
163.3
Net profit/(loss)
(115.2)
(12.2)
Adjusted EBITDA4
(59.4)
32.9
Cash
109.7
168.3
Commercial Portfolio
Valneva's commercial portfolio comprises three vaccines, IXIARO®/JESPECT®, DUKORAL® and IXCHIQ®. The Company's main third‑party product distribution contract concluded in 2025 and this activity is now expected to naturally wind down, as previously communicated.Valneva's total product sales in 2025 were €157.9 million compared to €163.3 million in 2024, reflecting a 42.3% planned reduction in third party product sales (€19.2 million in 2025 versus €33.2 million in 2024). Excluding third-party sales, total product sales increased by 9% at CER.
JAPANESE ENCEPHALITIS VACCINE IXIARO®/JESPECT®
In 2025, IXIARO®/JESPECT® sales increased by 4.6% to €98.4 million, resulting from growth in the traveler's market. This compares with 2024, when IXIARO® sales were impacted by supply constraints. Sales at CER grew by 7.2% compared to 2025. In January 2025, Valneva secured a new $32.8 million contract with the United States Department of Defense (DoD)5.
CHOLERA / ETEC6-DIARRHEA VACCINE DUKORAL®
In 2025, DUKORAL® sales were €31.9 million as compared to €32.3 million in 2024. Sales in 2025 were notably affected by €1.0 million of adverse currency effects, as well as lower sales in Germany due to the gradual transition of distribution to CSL Seqirus. Sales at CER grew by 1.8%.
CHIKUNGUNYA VACCINE IXCHIQ®
In 2025, Valneva reported IXCHIQ® sales of €8.4 million, compared to €3.7 million in 2024. Sales in 2025 benefited from the vaccine's launch in several European countries, including the supply of doses to help contain a major chikungunya outbreak on the French island of La Réunion. This growth was partly offset by the previously communicated label and user‑restriction constraints7. In January 2026, Valneva voluntarily withdrew the Biologics License Application (BLA) and Investigational New Drug (IND) application for IXCHIQ® in the United States. The Company remains focused on expanding IXCHIQ® access and sales in other territories, including Low- and Middle-Income Countries (LMICs), where medical need remains high.
Clinical Vaccine Programs
LYME DISEASE VACCINE CANDIDATE, VLA15 VALOR Phase 3 Results expected in the first half of 2026
Valneva and Pfizer are developing VLA15, a vaccine candidate targeting Borrelia, the bacterium that causes Lyme disease. VLA15 is the most advanced Lyme disease vaccine candidate currently in clinical development, with two Phase 3 trials underway. It leverages an established mechanism of action, inducing antibodies to Borrelia outer surface protein A (OspA) to prevent the transmission of Lyme borreliosis from infected ticks. The vaccine antigens are designed to target the six most prevalent Borrelia serotypes.Pfizer is conducting a randomized, placebo-controlled Phase 3 field efficacy trial, VALOR (Vaccine Against Lyme for Outdoor Recreationists). Phase 3 vaccinations were completed in 2025 and VALOR trial results are expected to be reported in the first half of 2026.Subject to positive Phase 3 results, Pfizer intends to submit a Biologics License Application (BLA) to the U.S. FDA and Marketing Authorization Application (MAA) to the European Medicines Agency in 2026. Upon approval and successful commercialization of VLA15, Valneva would be eligible to receive $143 million in initial milestone payments from Pfizer, plus sales royalties ranging from 14% to 22% and up to $100 million in cumulative sales milestones.
CHIKUNGUNYA VACCINE - IXCHIQ® / VLA1553Pilot vaccination campaign ongoing in Brazil
In February 2026, Valneva and Instituto Butantan announced the initiation of a Pilot Vaccination Strategy (PVS) in Brazil using Valneva's single-shot chikungunya vaccine, IXCHIQ®. The vaccination campaign will serve as the basis for post-marketing commitment studies evaluating the effectiveness and safety of IXCHIQ® in a real-world setting and generating real-world evidence in a large population. The PVS, agreed to between the Brazilian Ministry of Health (MoH) and Instituto Butantan, will be implemented in ten Brazilian municipalities strategically selected based on epidemiological and operational criteria in support of the PVS. In line with the current IXCHIQ® label in Brazil, adults aged 18 to 59 years will be invited to participate, with the objective ...
