Valneva Reports Revenue of €174.7 Million in 2025 and Prepares Crucial Data on Its Lyme Disease Vaccine

Financial Performance in 2025

Valneva achieved a revenue of €174.7 million in 2025, up from €169.6 million in 2024. Product sales reached €157.9 million compared to €163.3 million the previous year, reflecting a 42.3 percent decline in third-party product sales to €19.2 million. However, non-third-party product sales grew by 9 percent at constant exchange rates. The vaccination group consolidated its financial position with cash reserves of €109.7 million as of December 31, 2025, compared to €168.3 million a year earlier. This cash position was bolstered by a successful refinancing of current debt. The release also mentions a variable consideration related to the research and license agreement for the Lyme disease program.

Outlook for 2026

For the fiscal year 2026, Valneva expects revenue between €155 and €170 million, with product sales projected at €145 to €160 million. The lower sales forecast for 2026 reflects continued growth of established commercial brands, offset by the gradual reduction of third-party product sales. The year is expected to be formative with the anticipated disclosure in the first half of the first Phase 3 results for the Lyme disease vaccine candidate, followed by regulatory submissions by Pfizer, subject to positive data. The group also anticipates initial Phase 2 data for its tetravalent shigellosis vaccine candidate, with a decision on next steps expected in the second half of the year. Valneva is committed to rigorous cash management with further reduction in operational consumption, while maintaining investments in research and development.

Leadership and Governance

The Board of Directors has renewed the mandate of CEO Thomas Lingelbach for a new three-year period, subject to shareholder approval at the 2026 general meeting. This reappointment ensures continuity as the group enters a new phase of development.