Valneva SE disclosed its consolidated financial results for the first nine months of 2025, ending September 30 2025. Total revenue reached €127.0 million, an 8.9 % increase from €116.6 million in the same period of 2024, driven largely by a 6.2 % rise in product sales to €119.4 million from €112.5 million a year earlier.
Product‑sales growth was led by IXIARO, whose sales climbed 12.5 % to €74.3 million, reflecting a rebound from supply constraints that had limited demand in the previous year. IXCHIQ sales surged to €7.6 million, up from €1.8 million, as the vaccine was deployed in response to a chikungunya outbreak on La Réunion; however, U.S. sales were curtailed after the FDA revoked the vaccine’s marketing authorization. Third‑party sales fell to €16.1 million from €22.5 million, a decline that follows the company’s decision to phase out distribution of certain products.
Profitability slipped sharply: Valneva posted a net loss of €65.2 million for the nine‑month period, compared with a €24.7 million profit in 2024. Diluted loss per share was €0.39 versus earnings of €0.17 a year earlier. Operating cash burn fell to €28.4 million from €76.7 million, a result of disciplined cost management and the successful refinancing of debt in October 2025, which improved cash flexibility.
The company revised its 2025 guidance downward, now forecasting product sales of €155‑170 million (down from €170‑180 million) and total revenue of €165‑180 million (down from €180‑190 million). The adjustment reflects the impact of the FDA’s revocation of Ixchiq’s U.S. authorization, but management remains confident that the company’s commercial portfolio will remain cash‑flow positive.
Valneva’s Lyme disease vaccine candidate, VLA15, developed with Pfizer, is progressing toward a Phase III data readout expected in the first half of 2026. A positive outcome could lead to regulatory submissions in 2026, positioning the vaccine as a key long‑term growth driver.
Shares in Valneva rose 5‑6 % in Paris following the results. The market reaction was largely driven by the sharp reduction in operating cash burn and the debt refinancing, which bolstered investor confidence, while the revenue miss was offset by the company’s revised guidance and strong cash position.
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