Valbiotis Abandons Revenue Targets Despite Reduced Loss in First Half
Valbiotis published half-yearly accounts on October 12, 2026, showing a net loss reduced to €3.4 million and cash reserves increased to €11.7 million following the June capital increase. However, the company indicated that its commercial momentum continued in the third quarter "at a pace lower than the Company's expectations".
It has therefore abandoned its ambition of €3 million in revenue for the 2026 financial year, a level that corresponded to the analyst consensus noted on October 6. It also withdrew its targets for the 2027 and 2030 horizons. Investors now have a cash runway and activity indicators, but no longer have a defined numerical trajectory at fixed deadlines.
Revenue of €765,000 and Net Loss Reduced to €3.4 Million
First-half 2026 revenue stands at €765,000, compared to €332,000 a year earlier, representing an increase of 130%. The company considers this level consistent with its trajectory to achieve its announced target for the entire 2026 financial year. According to Valbiotis, growth stems from both the number of customers and average basket sizes, in pharmacies as well as online sales.
As of June 30, the network comprises 599 pharmacy customers (+26% over six months), with an average basket of €555, compared to €471 in the fourth quarter of 2025. Online, the number of customers reaches 6,022 (+49% compared to end of 2025), for an average basket of €91.50, compared to €88.90.
Operating result stands at -€3.2 million, compared to -€4.7 million, and net result at -€3.4 million, compared to -€4.6 million. This improvement includes €1.5 million in other operating income, arising almost entirely from a non-cash gain related to the contribution of patent licenses and trademarks to the Chinese joint venture Hangzhou Valbiotis Life Health Technology. The result also includes a share of €0.2 million loss from this joint venture.
Expenses Up and Cash Consumption of €4.7 Million
Operating expenses increase by 8%, to €5.5 million. Sales and marketing expenses rise by 16%, to €3.0 million, with the strengthening of the sales force. General expenses increase by 70%, to €1.4 million, which the company attributes to non-recurring expenses (legal and regulatory proceedings in Asia, recruitment).
Conversely, R&D falls by 67%, to €137,000 (approximately €0.14 million), following the completion of clinical programs. It now represents only 3% of expenses, compared to 44% two years earlier, while commercial and marketing expenses account for 55%, compared to 24% in the first half of 2024.
Cash flow related to operations stands at -€4.7 million, compared to -€3.9 million a year earlier. This was offset by the June capital increase with the maintenance of preferential subscription rights, which generated net proceeds of €8.7 million. Cash reserves reach €11.7 million as of June 30, up by €3.0 million over six months, ensuring according to the company a financing horizon until the end of 2027, excluding any potential additional financing.
2027 and 2030 Targets Removed
In addition to the €3 million target for 2026, Valbiotis has withdrawn its ambitions for 2027 (revenue above €25 million and positive EBITDA) and for 2030 (over €100 million in revenue with an EBITDA margin between 25 and 30%). The company explains that it does not have sufficient visibility on its trajectory beyond 2026. It will now prioritize communicating its activity figures and operational progress.
Management indicates it expects an acceleration in growth from the second half of 2026. It relies on a team of 19 medical promotion attachés (compared to 16 in mid-2026), partnerships with 25 groups representing nearly 4,800 pharmacies, and the launch on September 23, 2026, of Valbiotis PRO Liver, the fourth product in the range, resulting from the recently completed Cardio-Liver clinical trial.
Internationally, the Chinese joint venture is expected to achieve its first sales by year-end, and the first product registrations in the Middle East are planned for the first half of 2027. The main numerical benchmark now retained by the company is its cash runway until the end of 2027, supported by €11.7 million in liquidity as of June 30, 2026.
