Valbiotis: Revenue Up by 417%, but Losses Remain Significant
The French laboratory specializing in dietary supplements reported a revenue of €905K in 2025, a 417% increase year-over-year, while drastically reducing its operational expenses by 30%. This strategic gamble reveals a clear break in the business model: less research, much more marketing. Investors are now focused on the expected commercial takeoff in 2026, with international revenues finally on the horizon.
Impressive Growth, But Limited Product Portfolio
On paper, the numbers are dizzying. Valbiotis' revenue soared from €175K in 2024 to €905K in 2025, a fivefold increase. Even more remarkable, the last quarter alone generated €400K in sales, a 2.3 times acceleration compared to the third quarter. This growth trend is also evident in operational indicators: the pharmacy replenishment rate reached 65%, while the average B2B order basket exploded by 198% to €471. On the e-commerce channel, the number of customers increased by 325% to 4,030, generating an average basket of €85.8 with a recommendation rate of 70%. However, this dynamic masks a structural reality: for the full year 2025, the product portfolio was still limited. It was only in the fourth quarter that the number of references in pharmacies doubled, reaching ten marketed products. In other words, the first three quarters operated with an incomplete commercial lever.
Strategic Breakthrough in Operational Restructuring
The real signal of strategic rupture is evident in the restructuring of operational expenses. Valbiotis reduced its research and development expenses by 80%, bringing them down from €4,638K in 2024 to €921K in 2025. This decrease corresponds to the end of major clinical studies and the closure of the Riom research laboratory. At the same time, sales and marketing expenses increased by 18%, reaching €5,140K, and now represent 50% of operational expenses (excluding charges related to stock payments), up from 30% a year earlier. General expenses were also tightened by 32%, to €2,096K, through structural savings initiated since the second half of 2024. In total, operational expenses dropped by 30%, to €10,540K. This reallocation is deliberate and in line with the roadmap, explains the management. It reflects a shift in priorities: the company has closed its clinical validation cycle and is now heavily investing in commercialization. The logical consequence: a reduced but still substantial net loss, at €9,417K against €10,025K in 2024.
Financial Stability and International Expansion
Valbiotis had a cash reserve of €8,676K as of December 31, 2025, compared to €11,580K a year earlier. A cash consumption of €2,904K for the year, but offset by a fundraising of €5,699K conducted in June 2025. The cash flow generated by the activity improved to -€8,038K against -€11,537K in 2024, thanks to the savings made. This cash reserve provides a viability horizon until the end of 2026 without additional financing. On the commercial front, two major agreements were finalized post-closure: a partnership in Asia (China, Hong Kong, Vietnam, Indonesia, Japan, Taiwan, Singapore) through a 49% joint venture, signed in November 2025, and an exclusive distribution agreement in the Middle East in January 2026. These two contracts are expected to generate their first revenues in 2026. In France, the distribution network includes 474 direct pharmacies and 15 partnerships with pharmaceutical groups, giving access to 3,000 member pharmacies. For 2026, Valbiotis anticipates a continuation of commercial acceleration incorporating these international revenues. In the medium term, the company confirms its ambitions: a revenue exceeding €25M and a positive EBITDA in France by 2027; over €100M in revenue with an EBITDA margin between 25 and 30% by 2030.
