Cash position of €105.3 million as of end March 2026, excluding proceeds from successful reserved offering completed in April 20261
Program launched in April to further reduce operating expenses
Pfizer expected to file regulatory submissions for Lyme disease vaccine candidate
Lyon (France), May 13, 2026, Valneva SE (NASDAQ:VALN, PARIS:VLA), a specialty vaccine company, today reported its financial results for the first quarter ended March 31, 2026, provided key corporate updates, and updated its 2026 financial guidance. The condensed consolidated interim financial results are available on the Company's website (Financial Reports, Valneva).
Valneva will provide a live webcast of its first quarter 2026 results conference call beginning at 3 p.m. CEST/9 a.m. EDT today. This webcast will also be available on the Company's website. Please refer to this link: https://edge.media-server.com/mmc/p/xbkzgkz7
First quarter 2026 Financial Update
Total revenues were €30.9 million, including €30.5 million in product sales, compared with €49.2 million and €48.6 million, respectively, in the first quarter of 2025, mainly reflecting the planned wind-down of third-party sales (-97.6% versus the first quarter of 2025) and a different shipment phasing to the U.S. Department of Defense
Operating cash burn continued to decline, improving to €0.3 million in the first quarter of 2026, compared to €8.1 million in the first quarter of 2025
Cash position of €105.3 million as of March 31, 2026, compared to €109.7 million as of December 31, 2025
Excludes €37.0 million in gross proceeds from recent successful reserved offering1
Net loss of €32.1 million, compared with a net loss of €9.2 million in the first quarter of 2025 mainly impacted by one-off effects in cost of goods (termination of contracts, standard cost adjustment, inventory write-offs), in addition to idle cost and lower sales.
Financial Outlook
Valneva is adjusting its 2026 sales and revenue guidance partially as a result of an emerging adverse trend in travel vaccine uptake across key markets, driven by geopolitical factors. The Company is therefore revising its product sales guidance to €135 million to €150 million from €145 million to €160 million previously
Other revenues are reconfirmed, resulting in a new total revenue guidance of €145 million to €160 million
As part of the Company's continued focus on diligent cash management, and following the recent consolidation in France2, Valneva has initiated a further restructuring plan designed to streamline its global business operations:
Focus resources on its base business and key strategic projects, including a reduction of its global workforce by 10-15%
Together these initiatives are expected to result in significant ~25-35% reduction in 2026 operating expenses compared to 2025
Product gross margins are expected to normalize following one-off effects in the first quarter of 2026
Peter Bühler, Valneva's Chief Financial Officer, commented, "Our first‑quarter sales reflect the sharp decline in third party products and our planned focus on proprietary products. We also see the first indications of the geopolitical situation adversely affecting travel. We continued to reduce our operating cash burn meaningfully and, combined with further cost saving measures and our strengthened balance sheet following the successful financing completed in April, we expect a solid cash position through the potential regulatory approvals of our Lyme disease vaccine."
Financial Information(Unaudited results, consolidated per IFRS)
€ in million
Three months ended March 31
2026
2025
Total Revenues
30.9
49.2
Product Sales
30.5
48.6
Net loss
(32.1)
(9.2)
Adjusted EBITDA
(18.2)
(0.6)
Cash
105.3
153.0
Commercial Portfolio
Valneva's commercial portfolio comprises three vaccines: IXIARO®/JESPECT®, DUKORAL® and IXCHIQ®. The Company's main third‑party product distribution contract concluded in 2025 and, as previously communicated, this activity is now intentionally winding down. As a result, third‑party product sales were reduced by 97.6% in the first quarter of 2026 to €0.1 million. This strategic initiative is expected to result in improved overall product gross margins.
JAPANESE ENCEPHALITIS VACCINE IXIARO®/JESPECT®
In the first quarter of 2026, IXIARO®/JESPECT® sales were €20.2 million, compared with €27.5 million in the first quarter of 2025. The year‑over‑year decline primarily reflects a difference in the phasing of deliveries to the U.S. Department of Defense (DoD). Deliveries have continued under the current contract signed in January 2025, and Valneva expects to deliver further IXIARO® doses to the DoD in 2026.
CHOLERA / ETEC3-DIARRHEA VACCINE DUKORAL®
In the first quarter of 2026, DUKORAL® sales reached €8.6 million versus €12.3 million in the first quarter of 2025, which included one-off sales related to the supply of doses to Mayotte following a cholera outbreak.
First quarter 2026 sales were adversely impacted by the distributor transition in Germany in January 2026, as residual supply transferred from the previous distributor was sufficient to satisfy the demand for this quarter. Product deliveries are expected to resume in the second quarter of 2026.
CHIKUNGUNYA VACCINE IXCHIQ®
In the first quarter of 2026, IXCHIQ® sales amounted to €1.6 million, compared with €3.0 million in the first quarter of 2025, which had benefited from sales in the United States and shipments of doses to the French island of La Réunion following a chikungunya outbreak.
Clinical Stage Programs
LYME DISEASE VACCINE CANDIDATE, LB6V (formerly VLA15) Regulatory submissions expected
In March 2026, Valneva and Pfizer announced topline results from the Phase 3 VALOR "Vaccine Against Lyme for Outdoor Recreationists" clinical trial (NCT05477524) of their investigational six valent OspA-based Lyme disease vaccine candidate LB6V4.LB6V demonstrated more than 70% efficacy in preventing Lyme disease in individuals aged five years and above. The investigational vaccine candidate was well tolerated with no safety concerns identified. Overall, results strengthen confidence in the vaccine candidate and Pfizer is planning submissions to regulatory authorities.VLA15 is the only Lyme disease program in late-stage clinical development today and has received Fast Track designation from the U.S. Food and Drug Administration (FDA).
CHIKUNGUNYA VACCINE - IXCHIQ® / VLA1553Pilot vaccination campaign ongoing in Brazil
In February 2026, Valneva and Instituto Butantan announced the initiation of a Pilot Vaccination Strategy (PVS) in Brazil using Valneva's single-shot chikungunya vaccine, IXCHIQ®. The vaccination campaign will serve as the basis for post-marketing commitments. To date, over 30,000 adults, aged 18 to 59 years, have already been vaccinated as part of this campaign which ...
