Valneva SE disclosed preliminary unaudited full‑year 2025 results, reporting total revenue of €174.7 million, up 3.1% from €169.6 million in 2024. Product sales fell to €157.9 million, a decline of 3.4% versus €163.3 million in 2024, but excluding third‑party sales, product sales grew 9% at constant exchange rates, reflecting strength in the company’s core travel‑vaccine portfolio.
Cash and cash equivalents at year‑end 2025 were €109.7 million, down from €168.3 million in 2024, a result of the company’s debt‑refinancing program that reduced interest expense and extended maturities. The liquidity position remains solid, supporting ongoing R&D and capital allocation plans.
Management guided 2026 total revenue to €155 million–€170 million, with product sales projected at €145 million–€160 million. The lower upper bound reflects the planned wind‑down of third‑party product sales, while the guidance range still signals confidence in the company’s proprietary vaccine pipeline and commercial brands.
A key focus for the coming year is the Phase 3 readout of the Lyme disease vaccine candidate VLA15, expected in the first half of 2026. Positive data could trigger regulatory submissions and a commercial launch in 2027, potentially generating peak annual sales above $1 billion and transforming Valneva’s revenue mix.
CFO Peter Bühler noted that 2025 “challenged our resilience while reaffirming the strength of our team’s disciplined execution.” He highlighted the company’s progress across R&D programs, the impact of headwinds around the IXCHIQ vaccine, and the importance of prudent capital allocation to support strategic growth.
Market reaction to the announcement was muted, with the stock trading within a narrow range, reflecting investors’ focus on the VLA15 data rather than the modest revenue beat. Analysts remain cautious about the company’s ability to offset the wind‑down of third‑party sales, but view the VLA15 milestone as a potential catalyst for long‑term upside.
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