STOCK TITAN
  1. Home
  2. Sec-filings
  3. VALN
  4. [6-K] Valneva SE Current Report (Foreign Issuer)

Valneva (VALN) Q1 2026 revenue drops as guidance cut and restructuring begin

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Valneva reported first quarter 2026 revenues of €30.9 million, down from €49.2 million a year earlier, as third‑party product sales were intentionally wound down and travel‑related demand softened. Product sales were €30.5 million, with IXIARO®/JESPECT® at €20.2 million, DUKORAL® at €8.6 million and IXCHIQ® at €1.6 million.

The company posted a net loss of €32.1 million versus a €9.2 million loss in 2025, and an adjusted EBITDA loss of €18.2 million. Profitability was hit by one‑off manufacturing and inventory charges, idle capacity and lower volumes, leading to weaker gross margins, especially for IXIARO®, DUKORAL® and IXCHIQ®.

Despite the larger loss, operating cash burn improved sharply, with net cash used in operating activities of only €0.3 million. Cash and cash equivalents were €105.3 million at March 31, 2026, excluding €37.0 million of gross proceeds from an April equity financing.

Valneva cut its 2026 product sales guidance to €135–150 million from €145–160 million, citing emerging adverse trends in travel vaccine uptake, but maintained other revenue expectations, giving total revenue guidance of €145–160 million. It launched a restructuring program, targeting a 10–15% global workforce reduction and an estimated 25–35% cut in 2026 operating expenses versus 2025.

In its pipeline, Lyme disease vaccine candidate LB6V showed more than 70% efficacy in a Phase 3 trial, with Pfizer planning regulatory submissions. For chikungunya vaccine IXCHIQ®, a pilot vaccination campaign in Brazil has already vaccinated over 30,000 adults, and local manufacturing was authorized by ANVISA. Shigella candidate S4V2 holds FDA Fast Track designation, with first Phase 2 results expected mid‑2026 and an estimated global market opportunity above $500 million.

Positive

  • Phase 3 success for Lyme vaccine candidate LB6V: More than 70% efficacy and favorable safety in the VALOR trial, with Pfizer planning regulatory submissions, strengthens the late‑stage pipeline and potential future revenue sources.
  • Cost and cash discipline improving: Operating cash burn fell to €0.3 million and management targets a ~25–35% reduction in 2026 operating expenses versus 2025, supported by a recent €37.0 million equity financing.

Negative

  • Significant deterioration in profitability: Net loss widened to €32.1 million from €9.2 million, and adjusted EBITDA loss increased to €18.2 million, reflecting lower sales and one‑off cost impacts.
  • Cut to 2026 sales and revenue guidance: Product sales guidance was reduced to €135–150 million from €145–160 million due to emerging adverse trends in travel vaccine demand, signaling softer near‑term growth.
  • Restructuring and workforce reduction: A 10–15% global headcount cut and major cost‑cutting program underscore operational pressure as the company adapts to weaker travel‑vaccine markets.

Insights

Revenue fell and losses widened, but cash burn improved and late‑stage vaccines advanced.

Valneva saw Q1 2026 revenues drop to €30.9 million from €49.2 million, mainly due to the strategic exit from third‑party product sales and timing of government shipments. Net loss rose to €32.1 million, and adjusted EBITDA loss expanded to €18.2 million, driven by one‑off manufacturing and inventory charges plus weaker gross margins across IXIARO®, DUKORAL® and IXCHIQ®.

Despite weaker earnings, operating cash dynamics improved: net cash used in operations narrowed to just €0.3 million, and cash stood at €105.3 million on March 31, 2026, before an additional €37.0 million equity raise. Management responded to softer travel‑vaccine demand by cutting 2026 product sales guidance to €135–150 million and announcing a 10–15% workforce reduction, targeting a 25–35% decline in 2026 operating expenses versus 2025.

On the pipeline side, the Lyme disease candidate LB6V delivered more than 70% efficacy in the VALOR Phase 3 trial, with Pfizer preparing regulatory submissions, while chikungunya vaccine IXCHIQ® progressed through a Brazilian pilot campaign exceeding 30,000 vaccinations. Shigella candidate S4V2 remains a longer‑term asset, with Phase 2 data expected mid‑2026 and an estimated market opportunity above $500 million. Overall, near‑term financial pressure and guidance cuts are balanced by advancing late‑stage assets.

Total revenues Q1 2026 €30.9 million Three months ended March 31, 2026 vs €49.2 million in 2025
Net loss Q1 2026 €32.1 million Three months ended March 31, 2026 vs €9.2 million in 2025
Adjusted EBITDA loss Q1 2026 €18.2 million Three months ended March 31, 2026 vs €0.6 million loss in 2025
Cash and cash equivalents €105.3 million As of March 31, 2026, before €37.0 million April offering
2026 product sales guidance €135–150 million Revised from €145–160 million due to weaker travel demand
Planned operating expense reduction 25–35% Targeted decrease in 2026 operating expenses vs 2025
Workforce reduction 10–15% Planned reduction in global workforce under restructuring
LB6V Phase 3 efficacy More than 70% Efficacy in preventing Lyme disease in VALOR trial
Adjusted EBITDA financial
"Adjusted EBITDA loss (as defined below) was €18.2 million in the three months ended March 31, 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Fast Track designation regulatory
"In October 2024, the U.S. FDA granted Fast Track designation to S4V2"
A "fast track designation" is a process that speeds up the review and approval of a product or project, allowing it to reach the market or be completed more quickly than usual. For investors, it can signal that a product may become available sooner, potentially leading to earlier revenue or benefits, and indicating a priority status that might influence company performance and market opportunities.
Pilot Vaccination Strategy medical
"announced the initiation of a Pilot Vaccination Strategy (PVS) in Brazil using Valneva’s single-shot chikungunya vaccine"
constant exchange rates (CER) financial
"Product sales at constant exchange rates (CER) indicate that currency fluctuation effects have been removed"
A way of reporting financial results that removes the effect of currency swings by redoing past figures using the same exchange rates as the current period. For investors, it shows the company’s underlying performance — like comparing the sizes of apples using the same ruler — so growth or decline reflects real business activity rather than changes in foreign-currency values.
Phase 3 VALOR clinical trial medical
"topline results from the Phase 3 VALOR “Vaccine Against Lyme for Outdoor Recreationists” clinical trial"
idle capacity financial
"COGS included €5.0 million related to idle capacity and costs not allocated to products"
Idle capacity is the portion of a company’s production ability—machines, factory space, staff hours or service capacity—that is not being used. Like empty seats in a theater, it represents unused potential that can be filled before the company needs to spend on more facilities; investors watch it because high idle capacity can signal inefficiency and margin pressure, while low idle capacity may mean limited room to grow without new investment.
Form 6-K: How Foreign Companies Report to the SEC →



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report: May 13, 2026

Commission File Number: 001-40377

Valneva SE
(Translation of registrant's name into English)

Îlot Saint-Joseph, Bureaux Convergence
12ter Quai Perrache
69002 Lyon, France
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐


On May 13, 2026, the Registrant announced its results for the three months ended March 31, 2026 and issued a press release and unaudited interim condensed consolidated financial statements, copies of which are attached hereto as Exhibits 99.1, and 99.2, respectively. The information contained in this Form 6-K, but excluding the section entitled “Financial Outlook” in Exhibit 99.1, is hereby incorporated by reference into the registrant's Registration Statement on Form F-3 (File No. 333-268071).

Exhibit
Exhibit 99.1
Press release dated May 13, 2026
Exhibit 99.2
Unaudited Interim Condensed Consolidated Financial Statements as at March 31, 2026 and for the three months ended March 31, 2026










SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Valneva SE (Registrant)
Date: May 13, 2026
/s/ Thomas Lingelbach
Thomas Lingelbach
Chief Executive Officer and President



VALNEVA SE
Îlot Saint-Joseph, Bureaux Convergence, Bât. A,  
12 ter Quai Perrache 
69002 Lyon, France 


Valneva Reports First Quarter 2026 Financial Results and
Provides Corporate Updates

•Total product sales of €30.5 million
•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; Euronext 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
oExcludes €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
1 2026_04_30_Financing_PR_EN_Final.pdf
May 13, 2026 VALNEVA SE

Company is therefore revising its product sales guidance to €135 million to €150 million from €145 million to €160 million previously
oOther 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:
oFocus resources on its base business and key strategic projects, including a reduction of its global workforce by 10-15%
oTogether 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.

2 Valneva to Further Consolidate its Operations in France - Valneva
2
    

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).
3 Indications differ by country - Please refer to Product / Prescribing Information (PI) / Medication Guide approved in your respective countries for complete information, incl. dosing, safety and age groups in which this vaccine is licensed, ETEC = Enterotoxigenic Escherichia coli (E. Coli) bacterium.
4 2026_03_23_Lyme-Phase-3-Data-Read-out_PR_EN_FINAL.pdf
3
    


CHIKUNGUNYA VACCINE - IXCHIQ® / VLA1553
Pilot 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 evaluates the effectiveness and safety of IXCHIQ® in a real-world setting.
In early May 2026, the Brazilian Health Regulatory Agency (ANVISA) authorized Instituto Butantan to locally manufacture a version of Valneva’s chikungunya vaccine5. With this authorization, the vaccine – developed in partnership with Valneva and supported by the Coalition for Epidemic Preparedness Innovations (CEPI) – is approved for use in Brazil in individuals aged 18 to 59 and can be incorporated into the Unified Health System.

SHIGELLA VACCINE CANDIDATE – S4V2
First Phase 2 results expected mid-2026
S4V2 is the world’s most clinically advanced tetravalent vaccine candidate against shigellosis, the second leading cause of fatal diarrhea worldwide.
Two clinical trials of S4V2, a Phase 2 infant safety and immunogenicity trial6, and a Phase 2b Human Challenge trial (CHIM)7, sponsored by LimmaTech Biologics AG, are ongoing. First Phase 2 results are expected mid-2026. Subject to positive results for both trials, Valneva will assume responsibility for all further development8.
No approved multivalent Shigella vaccine is currently available outside of Russia or China, and the development of Shigella vaccines has been identified as a priority by the World Health Organization (WHO)9. In October 2024, the U.S. FDA granted Fast Track designation to S4V2, recognizing its potential to address a serious condition and fill an unmet medical need10. The global market opportunity for a vaccine against Shigella is estimated to exceed $500 million annually11.

5 https://butantan.gov.br/noticias/anvisa-autoriza-producao-nacional-da-vacina-contra-a-chikungunya-pelo-instituto-butantan?utm_source=linkedin&utm_medium=social&utm_campaign=site-not%C3%83%C2%ADcia&utm_term=ead%20da%20esib&utm_content=ead%20da%20esib
6 Valneva and LimmaTech Announce First Vaccination in Phase 2 Infant Study of Tetravalent Shigella Vaccine Candidate S4V2 - Valneva
7 Valneva and LimmaTech Announce First Vaccination in Phase 2b Human Challenge Study of Tetravalent Shigella Vaccine Candidate S4V2
8 Valneva and LimmaTech Enter into a Strategic Partnership to Accelerate the Development of the World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate - Valneva
9 Immunization, Vaccines and Biologicals (who.int)
10 Valneva and LimmaTech Awarded FDA Fast Track Designation for Tetravalent Shigella Vaccine Candidate S4V - Valneva
11 LEK analysis
4
    

First Quarter 2026 Financial Review
(Unaudited, consolidated under IFRS)    

Revenues
Valneva’s total revenues were €30.9 million in the three months ended March 31, 2026 compared to €49.2 million for the same period in 2025. The decrease was primarily attributable to the discontinuation of third-party product distribution, differences in the schedule of shipments to the U.S. Department of Defense, the distributor transition in Germany, as well as one off outbreak-related sales of DUKORAL® and IXCHIQ® in 2025 that did not recur in 2026.
Other revenues, including revenues from collaborations, licensing and services remained largely unchanged and amounted to €0.4 million in the three months ended March 31, 2026 compared to €0.6 million for the same period in 2025.

Operating Result and adjusted EBITDA
Costs of goods and services sold (COGS) were €26.2 million for the three months ended March 31, 2026. The gross margin on commercial product sales, excluding IXCHIQ®, was 45.1% compared to 62.7% for the three months ended March 31, 2025. The positive impact of lower third-party product sales was offset by higher manufacturing expenses following the transfer of manufacturing to the new Almeida facility in Scotland, and by additional one-time effects.
Gross margin for IXIARO® was 50.8% compared to an exceptionally high 72.6% achieved in the first quarter of 2025 (full-year 2025 IXIARO® gross margin of 59.6%). The decline was primarily driven by higher manufacturing costs at the Almeida facility, increased batch write-offs, and lower sales volumes.
Gross margin for DUKORAL® reached 33.6% compared to 52.2% in the first quarter of 2025, with the decline primarily attributable to batch write-offs. Gross margin for IXCHIQ® was negative, mostly impacted by cancellation fees related to external manufacturing commitments following lower than anticipated sales.
Additionally, COGS included €0.2 million attributable to the third-party distribution business, €5.0 million related to idle capacity and costs not allocated to products, and €0.3 million related to services. By comparison, total COGS in the first quarter of 2025 were €23.0 million, comprising €21.3 million of cost of goods and €1.8 million of cost of services.
Research and development expenses remained stable at €15.2 million for the three months ended March 31, 2026.
Marketing and distribution expenses totaled €7.0 million in the first three months of 2026, down from €10.4 million in the first three months of 2025. The decrease primarily reflects lower advertising and promotional spending related to IXCHIQ® as well as overall lower personnel costs and reduced warehousing and distribution expenses.
General and administrative expenses decreased to €8.2 million in the three months ended March 31, 2026, from €9.0 million in the same period of 2025. The reduction was primarily driven by lower personnel costs and savings in advisory and professional services.
5
    

Other income, net of other expenses, decreased to €1.9 million in the three months ended March 31, 2026, from €2.2 million in the three months ended March 31, 2025. Lower R&D tax credits were partially offset by higher grant income.
Valneva recorded an operating loss of €23.7 million for the three months ended March 31, 2026 compared with an operating loss of €6.0 million in the same period in 2025. The increase in operating loss was mainly driven by lower product sales in the first three months of 2026, compared to the prior-year period.
Adjusted EBITDA loss (as defined below) was €18.2 million in the three months ended March 31, 2026, compared with an adjusted EBITDA loss of €0.6 million in the corresponding period of 2025.

Net Result
In the three months ended March 31, 2026, Valneva generated a net loss of €32.1 million, compared to a net loss of €9.2 million in the first three months of 2025. The increase in net loss was primarily driven by lower sales in the first three months of 2026.
Finance expense and currency effects resulted in a net finance expense of €7.6 million in the first three months of 2026, compared with a net finance expense of €1.8 million in the first three months of 2025. The increase was mainly attributable to unfavorable movements in the USD/EUR exchange rate, which led to a foreign currency loss of €3.0 million in the first quarter of 2026, compared with a foreign currency gain of €3.7 million in the first quarter of 2025.

Cash Flow and Liquidity
Net cash used in operating activities amounted to €0.3 million in the three months ended March 31, 2026 compared to €8.1 million in the same period of 2025. The reduction in the first quarter of 2026 was primarily driven by lower net working capital requirements.
Cash inflows from investing activities amounted to €0.3 million in the three months ended March 31, 2026 compared to cash outflows of €1.0 million in the three months ended March 31, 2025. Cash inflows in the first quarter of 2026 were largely attributable to proceeds from the investment of liquidity into money market funds. Cash outflows in the first quarter of 2025 were mainly related to the purchase of equipment, partially offset by interest proceeds.
Net cash used in financing activities amounted to €4.7 million in the three months ended March 31, 2026 compared to a net cash outflow of €5.6 million in the same period in 2025. Cash outflows in both periods primarily reflected interest and lease payments.
Cash and cash equivalents were €105.3 million as at March 31, 2026, compared to €109.7 million at December 31, 2025.

Non-IFRS Financial Measures
Management uses and presents IFRS results alongside the non-IFRS measure of Adjusted EBITDA to evaluate and communicate its performance. While non-IFRS measures should not be construed as alternatives to IFRS measures, management believes they provide useful additional insight into Valneva’s current performance, performance trends, and financial condition.
6
    

Adjusted EBITDA is a common supplemental performance measure among investors and financial analysts. Management believes this measure provides additional analytical tools. Adjusted EBITDA is defined as earnings / (loss) for the period before income tax, finance (income)/expense, foreign exchange (gain)/loss, amortization, depreciation, and impairment.

A reconciliation of Adjusted EBITDA to net loss for the period, which is the most directly comparable IFRS measure, is set forth below:

€ in million
Three months ending March 31
(consolidated per IFRS)
2026
2025
Profit/(Loss) for the period
               (32.1)
                (9.2)
Add:


Income tax expense
                0.8
                 1.5
Total Finance income
               (0.5)
                   (0.5)
Total Finance expense
                5.1
                  6.0
Foreign currency (gain)/loss – net
                3.0
                  (3.7)
Amortization
                  1.2
                  1.2
Depreciation
                4.2
                  4.2
Adjusted EBITDA
 (18.2)
                  (0.6)


Product sales at constant exchange rates:
References to changes in net sales at constant exchange rates (CER) indicate that currency fluctuation effects have been removed. Net sales for the period in question are recalculated using the exchange rates applied in the prior period, as detailed below:

€ in million
Three months ended March 31
(unaudited results, consolidated per IFRS)20262025
Product sales30.548.6
Third-party product sales0.15.8
Product sales excluding third-party sales30.442.8
Effect of exchange rates (excluding third-party sales)1.3
Product sales (excluding third-party sales) at constant exchange rates (CER)31.7






7
    




About Valneva SE
We are a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs. We take a highly specialized and targeted approach, applying our deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions.
We have a strong track record, having advanced multiple vaccines from early R&D to approvals, and currently market three proprietary travel vaccines.
Revenues from our growing commercial business help fuel the continued advancement of our vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s most clinically advanced Shigella vaccine candidate, as well as vaccine candidates against other global public health threats. More information is available at www.valneva.com.

Valneva Investor and Media Contacts
Laetitia Bachelot-Fontaine
VP, Global Communications and European Investor Relations
M +33 (0)6 4516 7099
laetitia.bachelotfontaine@valneva.com

Joshua Drumm, Ph.D.
VP, Global Investor Relations
M +001 917 815 4520
joshua.drumm@valneva.com

    
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and securities laws in France. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. All statements other than statements of historical facts contained in this press release are forward-looking statements, including, but not limited to, statements with respect to: future financial performance and financial guidance including projected product sales, total revenue and total R&D investments; Valneva’s plans for investment in future growth; the timing of orders for commercial products; plans and expectations regarding the development, commercialization and commercial prospects of Valneva’s product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions; the expected benefits and availability of Valneva’s commercial products and product candidates; and potential growth opportunities and trends, including the assumptions and expectations regarding total market opportunity targeted by Valneva’s product candidates and commercial products. These
8
    

forward-looking statements are based on Valneva’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Valneva’s business, strategy, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including: Valneva’s success in the commercialization of its commercial products; uncertainties and delays involved in the development and manufacture of vaccines; the potential that success in preclinical testing and earlier clinical trials does not ensure that later clinical trials will generate the same results or otherwise provide adequate data to demonstrate the efficacy and safety of a product candidate; the impacts of macroeconomic conditions, including tariffs and other trade policies, the conflict in Ukraine and the conflict in the Middle East, fluctuations in inflation and uncertain credit and financial markets, on Valneva’s business, clinical trials and financial position; unexpected safety or efficacy data observed during preclinical studies or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; Valneva’s ability to realize the benefits of its collaboration and license agreements; changes in expected or existing competition; changes in the regulatory environment; the uncertainties and timing of the regulatory approval process; the impact of the global and European credit crisis; the ability to obtain or maintain patent or other proprietary intellectual property protection and unexpected litigation or other disputes. Other factors that may cause the Company’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified in the section titled “Risk Factors” in Valneva’s Annual Report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) and the Autorité des marchés financiers (“AMF”) on March 18, 2026, and in other filings made with the SEC and AMF from time to time. Valneva is providing this information as of the date of this press release and expressly disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

9
    
6-KVALNEVA SE6-KVALNEVA SE0001836564FALSE2026Q112/313/31/2026iso4217:EURiso4217:EURxbrli:shares00018365642026-01-012026-03-3100018365642025-01-012025-03-3100018365642026-03-3100018365642025-12-3100018365642024-12-3100018365642025-03-310001836564ifrs-full:IssuedCapitalMember2025-12-310001836564ifrs-full:SharePremiumMember2025-12-310001836564ifrs-full:OtherReservesMember2025-12-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2025-12-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2025-12-310001836564ifrs-full:OtherReservesMember2026-01-012026-03-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2026-01-012026-03-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2026-01-012026-03-310001836564ifrs-full:IssuedCapitalMember2026-01-012026-03-310001836564ifrs-full:SharePremiumMember2026-01-012026-03-310001836564ifrs-full:IssuedCapitalMember2026-03-310001836564ifrs-full:SharePremiumMember2026-03-310001836564ifrs-full:OtherReservesMember2026-03-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2026-03-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2026-03-310001836564ifrs-full:IssuedCapitalMember2024-12-310001836564ifrs-full:SharePremiumMember2024-12-310001836564ifrs-full:OtherReservesMember2024-12-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2024-12-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2024-12-310001836564ifrs-full:OtherReservesMember2025-01-012025-03-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2025-01-012025-03-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2025-01-012025-03-310001836564ifrs-full:IssuedCapitalMember2025-03-310001836564ifrs-full:SharePremiumMember2025-03-310001836564ifrs-full:OtherReservesMember2025-03-310001836564ifrs-full:RetainedEarningsExcludingProfitLossForReportingPeriodMember2025-03-310001836564ifrs-full:RetainedEarningsProfitLossForReportingPeriodMember2025-03-31


1
Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
I.
Unaudited Interim Consolidated Statement of Profit or Loss and Comprehensive Income

Unaudited Interim Condensed Consolidated Statement of Profit or Loss
Three months ended March 31,
in € thousand20262025
Product sales30,517 48,598 
Other revenues386 634 
REVENUES30,904 49,232 
Cost of goods and services(26,180)(23,043)
Research and development expenses(15,215)(14,953)
Marketing and distribution expenses(6,969)(10,393)
General and administrative expenses(8,169)(8,964)
Other income and expenses, net1,934 2,160 
OPERATING PROFIT/(LOSS)(23,696)(5,960)
Finance income526 511 
Finance expenses(5,092)(5,979)
Foreign exchange gain/(loss), net(2,988)3,670 
PROFIT/(LOSS) BEFORE INCOME TAX(31,249)(7,758)
Income tax benefit/(expense)(824)(1,474)
PROFIT/(LOSS) FOR THE PERIOD(32,073)(9,232)
EARNINGS/(LOSSES) PER SHARE
for profit/(loss) for the period attributable to the equity holders of the Company (expressed in € per share)
Basic(0.18)(0.06)
Diluted(0.18)(0.06)


Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

Three months ended March 31,
in € thousand20262025
PROFIT/(LOSS) FOR THE PERIOD(32,073)(9,232)
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified to profit or loss
Currency translation differences(207)983 
Other comprehensive income/(loss) for the period, net of tax(207)983 
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD(32,280)(8,249)
2
VAL_Logo_4c.jpg
Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
II.
Unaudited Interim Condensed Consolidated Statement of Financial Position

in € thousandMarch 31, 2026December 31, 2025
ASSETS
Non-current assets170,574 176,296 
Intangible assets21,631 22,349 
Right of use assets17,954 18,558 
Property, plant and equipment115,654 119,474 
Deferred tax assets7,759 8,326 
Other non-current assets7,577 7,590 
Current assets201,439 222,540 
Inventories50,584 50,232 
Trade receivables10,132 27,813 
Other current assets35,458 34,846 
Cash and cash equivalents105,265 109,650 
TOTAL ASSETS372,013 398,836 
EQUITY
Share capital26,082 26,031 
Share premium676,820 675,940 
Other reserves84,991 83,318 
Retained earnings/(Accumulated deficit)(679,121)(563,928)
Profit/(Loss) for the period(32,073)(115,192)
TOTAL EQUITY76,699 106,168 
LIABILITIES
Non-current liabilities201,095 199,334 
Borrowings164,062 161,261 
Lease liabilities24,432 25,343 
Refund liabilities6,734 6,684 
Provisions1,198 1,392 
Deferred tax liabilities4,430 4,409 
Other non-current liabilities239 246 
Current liabilities94,219 93,334 
Borrowings18,271 17,905 
Trade payables and accruals21,806 24,540 
Income tax liability65 1 
Tax and Employee-related liabilities22,295 19,555 
Lease liabilities2,740 2,739 
Contract liabilities427 432 
Refund liabilities10,869 10,814 
Provisions12,334 11,659 
Other current liabilities5,411 5,689 
TOTAL LIABILITIES295,314 292,668 
TOTAL EQUITY AND LIABILITIES372,013 398,836 

VAL_Logo_4c.jpg
3
Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
III.
Unaudited Interim Condensed Consolidated Statement of Cash Flows

Three months ended March 31,
in € thousand20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) for the period(32,073)(9,232)
Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations14,533 10,262 
Changes in non-current operating assets and liabilities3 409 
Changes in working capital17,224 (9,175)
Cash used in operations(312)(7,736)
Income tax paid(1)(411)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES(313)(8,148)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(247)(1,402)
Purchases of intangible assets(5)(71)
Proceeds from sale and purchase of MMF investments437 — 
Interest received89 511 
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES275 (961)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/(payments) from issuance of common stock, net of costs of equity transactions920 — 
Proceeds from borrowings, net of transaction costs(516)— 
Payment of lease liabilities(685)(685)
Interest paid (1)(4,409)(4,896)
NET CASH GENERATED FROM FROM/(USED IN) FINANCING ACTIVITIES(4,689)(5,582)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(4,727)
(14,690)
Cash and cash equivalents at beginning of the year 109,650 168,271 
Exchange gains/(losses) on cash342 (590)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 105,265 152,990 
(1) Cash flows relating to the interest on the lease liabilities amounted to €0.2 million as at March 31, 2026 (2025: €0.2 million)
4
VAL_Logo_4c.jpg
Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
IV.
Unaudited Interim Condensed Consolidated Statement of Changes in Equity

in € thousandShare capitalShare premiumOther reservesRetained earnings/
(Accumulated deficit)		Profit/(loss)
for the period		Total
equity
BALANCE AS AT JANUARY 1, 202626,031 675,940 83,318 (563,928)(115,192)106,168 
 Total comprehensive income/(loss) — — (207)— (32,073)(32,280)
 Income appropriation — — — (115,192)115,192 — 
 Share-based compensation expense:
Value of services — — 1,880 — — 1,880 
Exercises 51 881 — — — 931 
BALANCE AS AT MARCH 31, 202626,082 676,820 84,991 (679,121)(32,073)76,699 
in € thousandShare capitalShare premiumOther reservesRetained earnings/
(Accumulated deficit)		Profit/(loss)
for the period		Total
equity
BALANCE AS AT JANUARY 1, 202524,378 647,600 73,203 (551,682)(12,247)181,253 
 Total comprehensive income/(loss) — — 983 — (9,232)(8,249)
 Income appropriation — — — (12,247)12,247 — 
 Share-based compensation expense:
Value of services— — 2,249 — — 2,249 
BALANCE AS AT MARCH 31, 202524,378 647,600 76,434 (563,928)(9,232)175,253 


VAL_Logo_4c.jpg
5

Source: View Original Filing on SEC EDGAR

FAQ

How did Valneva (VALN) perform financially in Q1 2026?

Valneva generated €30.9 million in total revenues and €30.5 million in product sales in Q1 2026. The company reported a net loss of €32.1 million and an adjusted EBITDA loss of €18.2 million, reflecting lower sales and one‑off manufacturing and inventory charges.

What is Valneva (VALN) guiding for 2026 revenues and product sales?

Valneva now expects 2026 product sales of €135–150 million, reduced from €145–160 million previously. Other revenues are reconfirmed, resulting in total revenue guidance of €145–160 million, partly reflecting emerging adverse trends in travel vaccine uptake across key markets.

What cost reduction measures is Valneva (VALN) implementing for 2026?

Valneva launched a restructuring program focused on its base business and strategic projects. It plans to cut its global workforce by 10–15%, aiming for an estimated 25–35% reduction in 2026 operating expenses compared to 2025, emphasizing tighter cash and cost management.

What were Valneva’s (VALN) cash and liquidity levels at March 31, 2026?

Valneva ended March 31, 2026 with €105.3 million in cash and cash equivalents, down slightly from €109.7 million at year‑end 2025. This cash balance excludes €37.0 million of gross proceeds from a successful reserved equity offering completed in April 2026.

How is Valneva’s Lyme disease vaccine candidate progressing?

Lyme disease vaccine candidate LB6V showed more than 70% efficacy and a favorable safety profile in the Phase 3 VALOR trial. Pfizer plans regulatory submissions based on these results, and LB6V is currently the only Lyme disease program in late‑stage clinical development.

What progress has Valneva (VALN) made with its chikungunya vaccine IXCHIQ?

In Brazil, a Pilot Vaccination Strategy using IXCHIQ has vaccinated over 30,000 adults, supporting post‑marketing commitments. ANVISA authorized Instituto Butantan to manufacture a local version, approved for adults aged 18–59 for potential use within Brazil’s Unified Health System.

What is the status and potential of Valneva’s Shigella vaccine candidate S4V2?

Shigella candidate S4V2 is in Phase 2 infant and human challenge studies, with first results expected mid‑2026. It has FDA Fast Track designation and targets a global market opportunity estimated to exceed $500 million annually, addressing a leading cause of fatal diarrhea.

Filing Exhibits & Attachments

7 documents

Press Releases

Other Documents