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VALN

Valneva SE

VALN

Valneva SE • NASDAQ
$9.36 ▼ -1.94% (-0.18)
Market Cap $785.75 M
52w High $12.25
52w Low $3.62
Dividend Yield 0%
P/E -6.2
Volume 20.19K
Outstanding Shares 83.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $126.971M ▲ $-58.1M ▼ $-65.173M ▼ -51.329% ▼ $-0.84 ▼ $0 ▲
Q2-2025 $48.33M ▼ $35.081M ▲ $-11.586M ▼ -23.973% ▼ $-0.15 ▼ $-6.203M ▼
Q1-2025 $49.232M ▼ $32.149M ▼ $-9.232M ▲ -18.752% ▲ $-0.12 ▲ $-1.779M ▲
Q4-2024 $52.941M ▲ $46.593M ▲ $-36.987M ▼ -69.865% ▼ $-0.52 ▼ $-25.772M ▼
Q3-2024 $45.824M $32.595M $-9.236M -20.155% $-0.13 $-7.225M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $161.307M ▲ $472.625M ▼ $286.193M ▼ $186.432M ▲
Q1-2025 $152.99M ▼ $482.242M ▼ $306.989M ▼ $175.253M ▼
Q4-2024 $168.27M ▲ $500.032M ▼ $318.779M ▲ $181.253M ▼
Q3-2024 $156.335M ▲ $516.614M ▲ $299.145M ▼ $217.469M ▲
Q2-2024 $131.413M $466.569M $300.291M $166.278M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-11.586M ▼ $-2.795M ▲ $-681K ▲ $14.881M ▲ $8.317M ▲ $-4.05M ▲
Q1-2025 $-9.232M ▲ $-8.148M ▼ $-961K ▼ $-5.582M ▼ $-15.281M ▼ $-9.621M ▼
Q4-2024 $-36.987M ▼ $9.526M ▲ $4.688M ▲ $-4.59M ▼ $11.936M ▼ $5.667M ▲
Q3-2024 $-9.236M ▲ $-10.483M ▲ $-15.38M ▼ $51.861M ▲ $24.922M ▲ $-26.385M ▲
Q2-2024 $-24.933M $-37.829M $895K $-9.132M $-45.227M $-37.48M

Five-Year Company Overview

Income Statement

Income Statement Valneva’s income statement shows a company moving from heavy losses toward financial break‑even, but not quite there yet. Sales have been uneven over the past few years, with a spike during the COVID period and then a reset, followed more recently by modest growth from the core travel and specialty vaccines. Profitability metrics have improved: gross profit is solidly positive, operating losses have narrowed and even turned slightly positive recently, and net losses are now much smaller than in prior years. That said, the business is still loss‑making overall, which means future results will depend heavily on how quickly new vaccines like the chikungunya product and future pipeline launches scale up in the market.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a mid‑size biotech, but clearly reflects years of investment. Total assets are lower than at the COVID peak, as cash raised and accumulated then has been drawn down to fund development and operations. Cash still represents a meaningful cushion, but it is notably below prior highs, so the company does not feel “overfunded.” Debt has crept up over time and now forms a significant portion of the capital structure, while equity has rebuilt from earlier lows but remains modest relative to total assets. Overall, Valneva has a workable funding base, but not a fortress one, making future partnerships, non‑dilutive funding, or careful cost control important if losses continue.

Cash Flow

Cash Flow Cash flow tells a clear story of a company still in investment mode. After generating positive operating cash flow earlier in the period, Valneva has posted several consecutive years of cash outflow from operations as it funds R&D, clinical trials, and commercialization. Free cash flow is negative, although the burn rate has improved somewhat more recently as capital spending has normalized and operational efficiency has increased. Capital expenditures are relatively small compared with overall cash use, so the main driver of cash burn is the core business, not large factory build‑outs. Sustained improvement in cash flow will depend on turning current and upcoming vaccines into reliable, scaled revenue streams rather than one‑off peaks.

Competitive Edge

Competitive Edge Valneva occupies a specialized but attractive niche in vaccines, focusing on infectious diseases that often lack good preventive options. Its strongest commercial foothold is in travel vaccines, where Japanese encephalitis and cholera products provide established brand positions and recurring demand from travelers and certain military and institutional customers. The company’s standout differentiator is being first to market with a chikungunya vaccine, giving it a unique offering in an area of real unmet need. Proprietary manufacturing platforms and know‑how, plus strategic partnerships with larger players such as Pfizer for the Lyme disease vaccine candidate, reinforce its competitive position and help share risk. On the other hand, Valneva is still much smaller than the major vaccine giants, and its portfolio is concentrated, so it is exposed to setbacks in a few key products or shifts in travel patterns and public‑health priorities.

Innovation and R&D

Innovation and R&D Innovation is clearly Valneva’s core strength. The company has built and validated two proprietary cell‑based platforms that can support a broad range of human and animal vaccines, which provides technical flexibility and a repeatable development engine. Its R&D pipeline is unusually focused on under‑served diseases: chikungunya (already approved), Lyme disease (in late‑stage trials with Pfizer), Shigella, Zika, and earlier‑stage projects such as an Epstein‑Barr virus vaccine. This focus on areas with few or no existing vaccines can translate into strong pricing power and durable market positions if the products are successful, but it also carries meaningful clinical, regulatory, and demand uncertainty. The recent move to consolidate operations and centralize R&D is a sign that management is trying to balance ambitious innovation goals with tighter cost control and operational discipline.

Summary

Valneva today looks like a transition‑stage vaccine company: moving from a period of heavy investment and uneven COVID‑era revenue toward a more stable, diversified commercial base, but not yet at steady, self‑funding profitability. Financially, losses are narrowing and operating performance is improving, yet the business still consumes cash and relies on a finite balance‑sheet cushion and external support. Strategically, its edge lies in first‑in‑class or only‑in‑class vaccines for neglected infectious diseases, a strong travel‑vaccine franchise, and valuable partnerships that partially de‑risk large late‑stage programs like the Lyme disease vaccine. The main risks center on execution: clinical trial outcomes, regulatory decisions, uptake of new vaccines such as chikungunya, competition from larger players, and the company’s ability to manage cash while pushing multiple programs forward. For anyone following Valneva, the next few years will likely hinge on how well it converts its promising pipeline into durable, broad‑based revenue without over‑stretching its financial resources.

NEWS

November 26, 2025 · 11:30 AM UTC

Valneva to Further Consolidate its Operations in France

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November 26, 2025 · 1:00 AM UTC

Valneva Announces Positive Final Phase 2 Results for Lyme Disease Vaccine Candidate

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November 20, 2025 · 1:00 AM UTC

Valneva Reports Nine-Month 2025 Financial Results and Provides Corporate Updates

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November 4, 2025 · 1:00 AM UTC

Valneva Reports Positive Results for Phase 1 Trial of Second-Generation Zika Vaccine Candidate

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October 27, 2025 · 12:45 PM UTC

Valneva to Present and Hold Investor Meetings at Upcoming U.S. and European Healthcare Conferences

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