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Valneva (VLA) investor relations material
Valneva Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Total revenues for the first nine months of 2025 reached €127.0 million, up 8.9% year-over-year, with product sales of €119.4 million and strong IXIAROⓇ/JESPECTⓇ and IXCHIQⓇ performance despite headwinds.
Operating cash burn was significantly reduced to €28.4 million from €76.7 million, supporting a cash position of €143.5 million at period end, including €26.2 million from ATM transactions.
Debt refinancing was completed, extending maturity to Q4 2030 and enhancing financial flexibility.
Net loss was €65.2 million, compared to a net profit of €24.7 million in 2024, which included a one-time gain from a Priority Review Voucher sale.
Key business highlights included responses to disease outbreaks, new contracts, and regulatory progress for multiple vaccines.
Financial highlights
Product sales were €119.4 million, up 6.2% year-over-year; IXIAROⓇ/JESPECTⓇ sales rose 12.5% to €74.3 million, and IXCHIQⓇ sales increased 330% to €7.6 million.
DUKORALⓇ sales decreased to €21.5 million, impacted by currency and distributor transition in Germany.
Gross margin on commercial products (excluding IXCHIQⓇ) improved to 57.2% from 48.6% year-over-year.
Operating loss was €53.9 million versus a €34.2 million profit last year, which included a €90.8 million one-time gain from a priority review voucher sale.
Adjusted EBITDA was negative €37.7 million, compared to positive €48.6 million last year.
Outlook and guidance
Full-year 2025 product sales guidance confirmed at €155–€170 million; total revenues expected at €165–€180 million.
R&D expenses projected at €80–€90 million, partially offset by grants and tax credits.
Commercial business expected to be cash-flow positive, with lower operational cash burn and focus on maintaining sufficient runway to key milestones.
Midterm expectations include continuous product sales growth, strategic R&D investment, and improved gross margin.
Sustainable profitability anticipated post-approval and commercialization of the Lyme disease vaccine, potentially from 2027.
VLA15 trial outcomes: regulatory submission
IXCHIQ® sales strategy given US license suspension
Operating cash burn reduction sustainability
What factors could delay Lyme Phase III readout?
FDA's IXCHIQ suspension: Any timeline for resolution?
Zika vaccine: What clarifies path for further dev?
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Q4 202519 Mar, 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.
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