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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Valneva
Valneva (VLA) investor relations material
Valneva Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Aug, 2026
Executive summary
Product sales reached €64.0 million in H1 2026, down from €91.0 million in H1 2025, in line with expectations and reflecting planned third-party sales wind-down, distributor transitions, and lower outbreak-driven demand.
Cash position improved to €121.5 million as of June 30, 2026, supported by disciplined management and proceeds from a recent €84 million reserved offering.
Major restructuring program implemented, including workforce reduction, R&D reprioritization, and sale of the Nantes site, expected to positively impact P&L and cash flow in H2 2026 and beyond.
Regulatory decisions for the Lyme disease vaccine candidate (LB6V) are anticipated within 12 months, with Pfizer optimistic about approval following strong Phase 3 results.
Significant events include IXCHIQ withdrawal in the U.S., pilot vaccination campaign in Brazil, and appointment of Dr. Gerd Zettlmeissl as Chair of the Board.
Financial highlights
Total revenues for H1 2026 were €65.8 million, down from €97.6 million in H1 2025, mainly due to the planned wind-down of third-party sales and phasing of product shipments.
Net loss widened to €63.3 million from €20.8 million year-over-year, driven by lower sales, higher COGS, and one-off IXCHIQ-related charges.
Adjusted EBITDA loss was €40.1 million, compared to €6.0 million in H1 2025.
Operating loss increased to €49.9 million from €16.8 million, with about half attributable to IXCHIQ.
Gross margin on total revenues was 9.6% (down from 51.7%), with gross profit falling to €6.3 million from €50.4 million.
Outlook and guidance
Full-year 2026 product sales guidance reaffirmed at €135–150 million; total revenues expected at €145–160 million.
Product gross margins are expected to improve in H2 2026 as one-off effects subside.
Targeting financial self-sustainability in 2027, contingent on successful Lyme vaccine approval and commercialization.
Continued investment in clinical and pre-clinical pipeline and stringent cost management.
Regulatory decisions for the Lyme disease vaccine candidate anticipated within 12 months.
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Latest events from Valneva
- Sales grew as IXCHIQ launched and the Lyme vaccine advanced through Phase 3.VLA
Q4 2023 - Late-stage Lyme vaccine, strong pipeline, and €135–€150m 2026 sales guide strategic growth.VLACompany presentation
- Registers 31.8M shares for resale; warrant exercises could yield up to €47M for growth.VLARegistration filing
- Lyme vaccine filing expected this autumn, with major catalysts ahead in 2024 and 2025.VLAJefferies Global Healthcare Conference 2026
- 2025 revenues hit €174.7m, proprietary sales rose 9%, and key vaccine milestones are ahead.VLAQ4 2025
- Revenue up 8.9% to €127M; net loss widens, but financial flexibility and guidance reaffirmed.VLAQ3 2025
- Revenue up 37.8% to €97.6M; strong vaccine sales, reduced cash burn, and key milestones achieved.VLAQ2 2025
- Net profit of €24.7M, strong vaccine sales, and pipeline progress support positive outlook.VLAQ3 2024
- Q1 2025 revenue up 50% with strong vaccine sales, margin gains, and pipeline progress.VLAQ1 2025
Next Valneva earnings date
Q3 202612 Nov, 2026
Valneva
Next Valneva earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
Valneva SE is a specialty vaccine company focused on developing and commercializing vaccines for infectious diseases. It targets diseases with significant unmet medical needs through proprietary and partnered programs. The company is headquartered in Saint-Herblain, France, and its shares are listed on the Euronext Paris.