Valneva (VLA) Q2 2025 earnings summary

Executive summary

• Total revenues for H1 2025 rose 37.8% year-over-year to €97.6 million, with product sales up 33.3% to €91.0 million and a strong cash position of €161.3 million as of June 30, 2025.

• Net loss of €20.8 million, compared to a net profit of €34.0 million in H1 2024, which included a one-time €90.8 million gain from a PRV sale.

• Significant reduction in operating cash burn to €10.9 million from €66.3 million year-over-year, supported by €20.1 million raised through ATM transactions.

• Advanced pipeline and regulatory progress for Lyme, IXCHIQ, and Shigella vaccines, with key clinical milestones achieved and label extensions for IXCHIQ.

• Responded to public health needs with supply agreements for IXIARO and DUKORAL to address outbreaks in La Réunion and Mayotte.

Financial highlights

• Product sales reached €91.0 million, up 33.3% year-over-year; IXIARO sales grew 30.6% to €54.7 million, DUKORAL sales rose 16.4% to €17.4 million, and IXCHIQ sales surged to €7.5 million.

• Gross margin on commercial product sales (excluding IXCHIQ) improved to 59.2% from 47.7% year-over-year; IXIARO gross margin: 65.5%, DUKORAL: 52.9%.

• Adjusted EBITDA loss was €6.0 million, compared to a €56.2 million profit in H1 2024 (prior period benefited from PRV sale).

• Operating loss of €16.8 million, compared to a €46.7 million profit in H1 2024.

• R&D expenses increased to €32.4 million, mainly due to Shigella program.

Outlook and guidance

• 2025 guidance confirmed: product sales of €170–180 million, total revenues of €180–190 million, and R&D expenses of €90–100 million, partially offset by grants and tax credits.

• Targeting over 50% lower operating cash burn versus prior year, with sufficient cash runway to key milestones.

• Expects sustainable profitability post-approval and commercialization of the Lyme disease vaccine, with potential for sustained profitability from 2027.