Valneva (VLA) Investor presentation summary

Strategic vision and business model

• Focuses on developing, manufacturing, and commercializing prophylactic vaccines for infectious diseases with unmet medical needs.

• Generates cash from proprietary travel vaccines (IXIARO®, DUKORAL®, IXCHIQ®) and invests in innovative R&D.

• Aims to maximize R&D value, deliver clinical milestones, and leverage integrated biotech operations for scale.

• Plans to reduce third-party product sales to less than 5% of total by 2026, improving revenue quality and margins.

• Strategic restructuring targets a 25-35% reduction in R&D expenses versus 2025.

Commercial portfolio and market position

• IXIARO® is the only Japanese encephalitis vaccine approved in the US/Europe, required for US military in Asia.

• DUKORAL® is the only cholera and LT-ETEC vaccine approved in over 30 countries.

• IXCHIQ® offers strong, long-lasting immunity against chikungunya; approved in Europe, Canada, UK, and Brazil.

• Commercial footprint extends through direct markets and partners, with a lean infrastructure.

• 2026 product sales guidance is €135–€150 million, with total revenues of €145–€160 million.

R&D pipeline and innovation

• LB6V (VLA15) is the world’s most advanced Lyme disease vaccine, partnered with Pfizer, showing strong Phase 3 efficacy.

• S4V2 is the most clinically advanced tetravalent Shigella vaccine candidate, targeting up to 85% of infections.

• VLA1553 (IXCHIQ®) is a single-shot chikungunya vaccine, with ongoing post-marketing studies and expanded access in Brazil.

• Pipeline includes EBV and enteric disease candidates, with a focus on reducing antimicrobial resistance.

• Strategic in-licensing and M&A planned to augment the clinical-stage pipeline and diversify assets.