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Investor Relations14 Oct 2025
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Valneva (VLA) investor relations material
Valneva Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Total revenues rose 37.8% year-over-year to €97.6 million for H1 2025, with product sales up 33.3% to €91.0 million, driven by recovery from supply constraints, new contracts, and expanded vaccine access.
Net loss of €20.8 million versus a net profit of €34.0 million in H1 2024, which included a one-time €90.8 million gain from a PRV sale.
Operating cash burn reduced to €10.9 million from €66.3 million year-over-year, reflecting improved sales and cost management.
Cash and cash equivalents stood at €161.3 million at June 30, 2025, bolstered by €20.1 million from two ATM transactions with major healthcare investors.
Continued clinical and regulatory progress, including key vaccine label extensions, new market authorizations, and exclusive German distribution agreement.
Financial highlights
Product sales reached €91.0 million, including €11.4 million from third-party products; third-party sales expected to decline to under 5% of total by 2026/2027.
Adjusted EBITDA loss of €6.0 million, down from a €56.2 million profit in H1 2024 (which included the PRV sale).
Gross margin on commercial product sales (excluding IXCHIQⓇ) improved to 59.2% from 47.7% year-over-year, driven by better manufacturing performance.
Operating loss of €16.8 million compared to an operating profit of €46.7 million in H1 2024, mainly due to the absence of the PRV sale.
Net finance expense reduced to €2.7 million from €12.8 million, aided by favorable currency effects.
Outlook and guidance
Product sales for 2025 expected at €170–180 million, with total revenues of €180–190 million.
R&D investments projected at €90–100 million, partially offset by grants and tax credits.
Targeting over 50% reduction in operating cash burn versus prior year, maintaining sufficient cash runway for key milestones.
Commercial business expected to be cash-flow positive; sustainable profitability anticipated post-Lyme vaccine approval.
Explain the impact of the CSL Seqirus agreement.
Assess IXCHIQ's future sales performance.
When is the Lyme disease vaccine data expected?
What are the expected Lyme disease vaccine milestones?
Why were IXCHIQ restrictions temporarily imposed?
What efficacy is expected for Lyme vaccine?
How to accelerate IXCHIQ traveler market uptake?
What drives H2 2025 R&D expense acceleration?
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Q3 202520 Nov, 2025
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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.
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