Valneva H1 rev up 38% to €97.6mln, FY23 outlook confirmed.

• Valneva reports H1 2025 revenues of €97.6 million, up from €70.8 million in H1 2024. • Cash and cash equivalents at €161.3 million at the end of June 2025. • Company confirms 2025 financial outlook. • Valneva makes progress in clinical and regulatory developments.

Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, has reported its condensed consolidated financial results for the first half of 2025, showing significant progress in both revenue and cash management. The company reported total revenues of €97.6 million, a 37.8% increase compared to €70.8 million in the first half of 2024 [1]. This growth was driven by a 33.3% increase in product sales, reaching €91.0 million, which included €11.4 million from third-party sales [1].

Despite the increase in revenues, Valneva reported a net loss of €20.8 million for the period, compared to a net profit of €34.0 million in the same period last year. This loss was primarily attributed to a reduction in one-time net proceeds from the sale of a Priority Review Voucher (PRV) [1]. However, the company's operating cash burn was significantly reduced to €10.9 million, down from €66.3 million in the first half of 2024 [1].

At the end of June 2025, Valneva had €161.3 million in cash and cash equivalents, compared to €168.3 million at the end of 2024. This cash position was bolstered by €20.1 million in net proceeds from two At The Market (ATM) transactions with leading U.S. institutional healthcare investors Novo Holdings A/S and Frazier Life Sciences in Q2 2025 [1].

The company has also made notable progress in its clinical and regulatory developments. Valneva secured a new $32.8 million contract with the U.S. Department of Defense (DoD) for its Japanese encephalitis vaccine IXIARO®/JESPECT® [1]. Additionally, it signed an exclusive agreement with CSL Seqirus to market and distribute its three proprietary vaccines in Germany [1]. The company's Lyme disease vaccine candidate, VLA15, completed Phase 3 vaccinations as part of the VALOR study [1].

Valneva has confirmed its 2025 financial outlook, expecting product sales to grow to €170-180 million, driving positive cash flow for the commercial business. Total revenues are expected to reach €180-190 million, with total R&D investments expected between €90-100 million [1].

References:
[1] https://www.globenewswire.com/news-release/2025/08/12/3131401/0/en/Valneva-Reports-Half-Year-2025-Financial-Results-and-Provides-Corporate-Updates.html