Valneva: net loss deepened to €63.3M in H1, annual targets confirmed
Valneva published its first-half accounts on August 13, 2026, marked by a decline in product sales and a widening of net loss, while the group confirms its annual targets.
The Lyon-based laboratory highlights strengthened cash after a fundraising round and recalls that regulatory decisions on its Lyme disease vaccine candidate are expected within the next twelve months.
Product sales at €64M, net loss brought to €63.3M
For the six months ended June 30, 2026, total revenue fell to €65.8M, compared to €97.6M a year earlier. Product sales stood at €64.0M, against €91.0M in the first half of 2025.
The group attributes this decline to the planned cessation of the majority of third-party sales (down €10.5M to €1.0M), the expected delay in certain deliveries, including those of Ixiaro to the U.S. Department of Defense, and the distributor transition in Germany. Third-party sales are expected to represent less than 5% of product sales by year-end.
Net loss stood at €63.3M, compared to €20.8M in the first half of 2025. The group explains this by lower gross margin and non-recurring charges related to Ixchiq, including €9.7M in external manufacturing contract cancellation fees and stock depreciation of €4.5M.
Ixchiq accounts for approximately half of operating loss
Operating loss reached €49.9M in the first half of 2026, compared to €16.8M a year earlier. According to the group, approximately 50% of this loss was generated by Ixchiq, the chikungunya vaccine, which had a negative gross margin over the period.
Sales of the three marketed vaccines declined: Ixiaro/Jespect to €44.0M (versus €54.7M), Dukoral to €14.7M (versus €17.4M) and Ixchiq to €4.4M (versus €7.5M). Ixiaro's gross margin fell from 65.5% to 56.4%, Dukoral's from 52.9% to 24.7%.
The group also reduced its research and development expenses (€30.2M versus €32.4M), marketing and distribution (€13.5M versus €20.3M) and administrative (€15.4M versus €19.0M), as part of a restructuring program including workforce reduction. Cash stood at €121.5M on June 30, 2026, compared to €109.7M on December 31, 2025, following a fundraising round that generated €37M in gross proceeds in the second quarter.
2026 guidance reaffirmed and Lyme regulatory decisions expected within twelve months
Valneva reaffirmed its annual targets, with product sales expected between €135 and €150M and total revenue between €145 and €160M. Gross margins on products are expected to improve in the second half, following one-off effects in the first half.
As part of its restructuring, the group signed a preliminary agreement for the sale of its Nantes site to Nantes Métropole for €6.2M, with closing expected in September 2026.
For its Lyme disease vaccine candidate, LB6V (formerly VLA15), developed with Pfizer, regulatory decisions are expected within the next twelve months. According to Valneva, Pfizer expressed optimism regarding approval prospects. The program, the sole vaccine candidate against Lyme disease in advanced clinical development, benefits from the PRIME designation from the European Medicines Agency and Fast Track status from the U.S. FDA.
