Valneva SE

Product sales were EUR 64 million in the first half of 2026 versus EUR 91 million in H1 2025. Total revenues were EUR 65.8 million versus EUR 97.6 million a year earlier. Operating loss was EUR 49.9 million versus EUR 16.8 million, and adjusted EBITDA loss was EUR 40.1 million versus EUR 6 million. Cash at June 30, 2026 was EUR 121.5 million versus EUR 109.6 million at year-end 2025, and cash used in operations was EUR 13.7 million versus EUR 10.9 million. Full-year 2026 guidance was confirmed at EUR 135 million to EUR 150 million for product sales and EUR 145 million to EUR 160 million for total revenues. Management also said product-related gross margin should improve in H2 after non-recurring H1 effects, and that a new U.S. Department of Defense IXIARO contract is expected in coming months.

Thomas Lingelbach framed the first half as a period focused on strengthening Valneva’s financial position after the initial Lyme Phase III readout. He emphasized more than EUR 120 million in cash, the restructuring program, and a shift toward maximizing cash from the commercial business while prioritizing core R&D. On Lyme, he remained upbeat, citing Pfizer’s progress with regulators, the European filing, and his view that the vaccine’s totality of evidence and unmet need support a positive outlook.

Peter Buhler detailed the financial drag from lower product sales and several non-recurring items, including a EUR 9.7 million provision for IXCHIQ manufacturing cancellation fees and a EUR 4.5 million non-cash inventory impairment. He said IXIARO sales were EUR 44 million, DUKORAL sales EUR 14.7 million, and IXCHIQ sales EUR 4.4 million, while third-party product sales dropped to EUR 1 million after agreements ended in December 2025. He also noted R&D fell to EUR 30.2 million, marketing and distribution to EUR 13.5 million, G&A to EUR 15.4 million, and restructuring costs of EUR 3.2 million were booked in H1, with savings expected in H2 and beyond.

Analysts pressed for more detail on the Lyme regulatory path, including why Europe was filed before the FDA and whether Europe and the U.S. review vaccine data differently. Management said Pfizer is making good progress with regulators, Europe and the U.S. are separate processes, and Valneva does not see material differences in how the agencies assess the data, beyond normal procedural nuances. On Shigella, management said delays are mostly cleanup and data-validation steps after the program’s transfer, and that it expects to disclose results and next steps soon, with no immediate new regulatory ask planned. On IXCHIQ, they said Brazil launch timing is still too early to quantify, while the pilot vaccination campaign has reached more than 50,000 people and aims for at least 100,000.