According to Valneva's press release, the Phase 2 study (VLA15-221) of the Lyme disease vaccine candidate demonstrated a strong anamnestic immune response and a good safety profile. Six months after the administration of a third booster dose, antibody levels exceeded the initial levels across all age groups. The study indicated that a three-dose vaccination regimen, compared to two doses, maintained higher antibody levels. The results support a vaccination schedule of three doses with an annual booster dose.
Collaboration with Pfizer and Future Plans
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In April 2020, Valneva signed a collaboration agreement with Pfizer for the development and commercialization of VLA15. Currently, two Phase 3 trials are underway for this vaccine, which is the most advanced against Lyme disease. According to Valneva, approximately 476,000 people are diagnosed and treated annually in the United States, while 132,000 cases are reported each year in Europe. Subject to positive Phase 3 results, Pfizer plans to submit marketing authorization applications in the United States and Europe in 2026.
The Urgency of a Lyme Disease Vaccine
Lyme disease is a systemic infection transmitted by infected Ixodes ticks, caused by the bacterium Borrelia burgdorferi. It is recognized as the most common vector-borne disease in the northern hemisphere. Without adequate treatment, the infection can lead to severe complications, including joint, cardiac, or central nervous system issues. The medical need for a vaccine is therefore pressing. Valneva's VLA15 is an experimental vaccine targeting the six OspA serotypes present in North America and Europe.
Au troisième trimestre, nous avons continué à nous concentrer sur le renforcement de notre trésorerie, ce qui nous a permis de refinancer notre dette à des conditions financières plus avantageuses.
Chiffre d’affaires de 127,0 millions d’euros sur neuf mois (+8,9 %), ventes de 119,4 millions d’euros, trésorerie de 143,5 millions d’euros au 30/09/2025, perte nette 65,2 millions d’euros, EBITDA ajusté (37,7) millions d’euros. Guidance 2025 confirmée : chiffre d’affaires attendu entre 165 et 180 millions d’euros; ventes attendues entre 155 et 170 millions d'euros. Renforcement de la position financière via refinancement et ATMs; Phase 3 VALOR pour le vaccin Lyme en cours selon calendrier.
Risks mentioned
Suspension de la licence IXCHIQ ® aux États-Unis par la FDA (impact sur ventes segment voyageurs)
Risque de résultats cliniques défavorables pour les candidats (phase 3 VALOR pour Lyme, essais S4V2, VLA1601 incertitudes réglementaires)
Exposition aux fluctuations de change (impact négatif mentionné de 1,3 millions d’euros sur ventes, effets de change volontaires)
Dépendance à des partenaires de distribution et diminution des produits de tiers (arrêt de distribution de Rabipur/RabAvert et Encepur)
Opportunities identified
Résultats positifs potentiels de la Phase 3 VALOR (VLA15) pouvant mener à des demandes d'autorisation en 2026
Accord commercial avec CSL Seqirus en Allemagne pour stimuler la commercialisation des vaccins
Croissance des ventes d'IXCHIQ ® sur les marchés hors États-Unis et dans les PRFI (livraisons de substance active)
Potentiel du candidat S4V2 contre la shigellose (marché estimé > 500 millions de dollars/an)
Données positives de Phase 1 pour VLA1601 (Zika) et forte persistance d'anticorps pour IXCHIQ ® (95 % à 4 ans) comme avantage concurrentiel
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