Valneva SE
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About the company
Valneva SE operates as a specialized biopharmaceutical entity, primarily focused on the creation and commercialization of preventative vaccines for infectious diseases where effective treatments are currently lacking. Its existing range of vaccines for international travelers includes IXIARO, an inactivated, Vero cell culture-based immunization designed to actively protect against Japanese encephalitis. Another key product is DUKORAL, an oral vaccine intended to prevent diarrhea caused by Vibrio cholera and/or the heat-labile toxin-producing Enterotoxigenic Escherichia coli.
- CEO
- Thomas Lingelbach
- IPO
- 2010
- Employees
- 674
- HQ
- Saint-Herblain, GE, FR
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- Market Cap
- $654.28M
- P/E
- -3.25
- Fwd P/E
- 13.20
- PEG
- 0.05
- P/S
- 3.88
- P/B
- 6.84
- EV/EBITDA
- -6.25
- Div Yield
- 0.00%
- Gross Margin
- 16.40%
- Op Margin
- -86.68%
- Net Margin
- -110.29%
- ROE
- -152.15%
- ROIC
- -40.48%
Latest fiscal year · YoY change
- Revenue
- $174.66M+3.0%
- Gross Profit
- $67.52M-5.0%
- Op Income
- $-81,631,000
- Net Income
- $-115,192,000-840.6%
- EPS
- $-0.68-630.4%
- OCF Growth
- +21.3%
- FCF Growth
- +31.4%
- 52W High
- $5.90
- 52W Low
- $2.43
- 50D MA
- $2.65
- 200D MA
- $3.67
- Beta
- 1.35
- RSI (14)
- 91
- Avg Volume
- 32
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Valneva reported lower first-half sales and a wider loss, but said cash improved, restructuring is underway, and Lyme vaccine progress with Pfizer remains the key upside catalyst.· August 13, 2026
- Product sales fell to EUR 64 million from EUR 91 million in H1 2025, mainly due to IXIARO, DUKORAL, and IXCHIQ phasing and distributor changes.
- Total revenues were EUR 65.8 million versus EUR 97.6 million last year; operating loss widened to EUR 49.9 million and adjusted EBITDA loss to EUR 40.1 million.
- Cash rose to EUR 121.5 million at June 30, 2026, helped by disciplined cash management and a recent offering.
- Management said restructuring should improve P&L and cash flow in H2 2026 and beyond, with one-time H1 costs already taken.
- Pfizer has filed the Lyme vaccine in Europe, and Valneva said regulatory decisions could come within the next 12 months.
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.
The main bullish point from the call is that Valneva ended the period with over EUR 120 million in cash and expects restructuring savings and better gross margin in the second half. Management also sounded more confident on Lyme, citing Pfizer’s European filing, progress with regulators, and the possibility of decisions within 12 months. Beyond Lyme, Brazil could become a meaningful opportunity for IXCHIQ, and Shigella data could open another development path.
The quarter showed clear pressure in the base business: sales fell, gross margins were hit by one-time manufacturing and inventory issues, and operating losses widened sharply. IXCHIQ travel uptake was described as slow, prompting a review of future commercial strategy, and third-party product revenue fell after non-renewed agreements. The Lyme program still depends on regulatory outcomes and licensing, and management said any further investment beyond licensure is not yet decided.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 89.7%
- Shares Outstanding
- 189.65M
- Float Shares
- 170.11M
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Generate INRLF report →Valneva SE (VALN) Q1 2026 Earnings Call Transcript
seekingalpha.com · May 13
VALNEVA: Declaration of shares and voting rights - Status as of April 30, 2026 taking into account interim information as at May 5, 2026
globenewswire.com · May 5
Declaration of shares and voting rights of Valneva SE – March 2026
globenewswire.com · Apr 3
An experimental Lyme disease vaccine from Pfizer and Valneva was effective at preventing the tick-borne disease in a new clinical trial but the findings aren't conclusive
wsj.com · Mar 23
Valneva-Pfizer Lyme Shot Stumbles Yet Keeps Regulatory Path Alive
benzinga.com · Mar 23
Pfizer, Valneva Report Strong Efficacy Data From Lyme Vaccine Trial
wsj.com · Mar 23
Pfizer-Valneva Lyme disease shot shows more than 70% efficacy in late-stage trial
reuters.com · Mar 23
Pfizer and Valneva Announce Lyme Disease Vaccine Candidate Demonstrates Strong Efficacy in Phase 3 VALOR Trial
businesswire.com · Mar 23
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.