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What factors drove the changes in Valneva's revenue and profit?

What is the revenue and EPS growth rate for Valneva year over year?

What were the key takeaways from Valneva’s earnings call?

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What does Valneva do and what are its main business segments?

Did Valneva beat or miss consensus estimates last quarter?

- **Lyme Vaccine Milestone**: Phase 3 data expected mid-2026, targeting 500,000+ U.S. Lyme cases. Shigella vaccine trials underway, with potential 2026 data.
- **Financial Resilience**: 2025 proprietary sales +9%, cash burn down 20%. 2026 guidance: EUR 145-160M sales, focusing on Lyme vaccine approval and Shigella trials.
- **Strategic Shift**: Expanding into non-vector vaccines (e.g., EBV), with potential 2026 DoD contract renewal for IXIARO. Shigella trials in adults and children, with mid-2026 data.
- **Risk Management**: Geopolitical vaccine hesitancy, but Lyme vaccine's prophylactic cost优势. Pfizer's control over phase 3, with Valneva blinded until approval.


**【CEO Summary Section】**
- **2025 Financial Highlights**: Total revenues exceeded EUR 170 million, with proprietary product sales growing 9% YoY. Cash position stood at EUR 110 million, and operating cash burn reduced by 20%.
- **Lyme Disease Vaccine (VLA15)**: Phase 3 pivotal study (VALOR) completed vaccinations; data expected mid-2026. Vaccine targets 500,000+ annual U.S. cases, with no approved treatment.
- **Strategic Focus**: Expansion beyond vector-borne diseases (e.g., Shigella, EBV) and in-licensing opportunities. Shigella vaccine (S4V2) phase 2 trials ongoing in 2026.
- **Commercial Updates**: IXIARO sales stable, DoD contract renewal expected. Third-party product sales reduced to focus on proprietary vaccines.

**【CFO Financial Commentary】**
- **2025 Financials**: Product sales EUR 157.9M (-3.3% YoY), proprietary growth 9% YoY. IXIARO up 7.2% (constant currency). Operating loss EUR 82.1M due to R&D spend and one-time gains.
- **2026 Guidance**: Sales EUR 145-160M, focusing on proprietary vaccines. Lyme approval could enable self-sustainability; Shigella data mid-2026 to drive pipeline expansion.
- **Cost Management**: 20% cash burn reduction, debt refinancing, and strategic focus on R&D efficiency.

**【Q&A Highlights】**
- **Lyme Vaccine (VLA15) Phase 3**: Data expected mid-2026; Pfizer controls trial, Valneva blinded. Shigella trials (S4V2) with phase 2 results mid-2026. DoD contract renewal for IXIARO, and potential for 2026.
- **Strategic Moves**: Expansion into non-vector diseases (e.g., EBV), and in-licensing to balance pipeline. Shigella vaccine trials in adults and children, with potential for 2026 data.
- **Risks & Opportunities**: Lyme vaccine's ACIP recommendation potential, and geopolitical impacts on U.S. vaccine uptake. Shigella trials' efficacy in children vs. adults. DoD contract timing and Asian market strategy post-Serum Institute India deal.


Valneva SE ADR (VALN) Q4 2025 Earnings Call Transcript

- **Revenue resilience**: 9% YoY growth to EUR 127 million despite U.S. IXCHIQ suspension.
- **Lyme vaccine catalyst**: 2026 Phase III readout and 2027 launch targeting 0.5M U.S. Lyme cases annually.
- **Cash strength**: EUR 143.5M cash, supporting strategic R&D investments.
- **IXCHIQ recovery risks**: U.S. Travel segment uncertain, but LMIC expansion opportunities.

**【CEO Summary Section】**
- Total revenue reached EUR 127 million for the first 9 months of 2025, up 9% year-over-year despite geopolitical and IXCHIQ-related headwinds.
- Cash position strengthened to EUR 143.5 million, including EUR 26 million from ATM transactions, supporting debt refinancing with Pharmakon.
- Key business highlights:
  - IXCHIQ responded to outbreaks in La Réunion, Mayotte (cholera), and U.S. DoD contract wins.
  - Lyme disease vaccine (VALOR Phase III) on track for 2026 readout and 2027 launch, targeting 0.5 million U.S. cases annually.
  - Zika vaccine (VLA1601) showed positive Phase I data but faces uncertain regulatory pathway without external funding.

**【CFO Financial Commentary】**
- Product sales EUR 119.4 million (+6.2% YoY): IXIARO up 12.5% to EUR 74.3 million, DUKORAL down 3.3% to EUR 21.5 million (currency, distributor shift impacts).
- IXCHIQ sales EUR 7.6 million (+317% YoY), offset by U.S. suspension and Travel segment decline.
- Gross margin improvements: IXIARO 63.2% (vs 58.8%), DUKORAL 52.3% (vs 34.8%), driven by manufacturing efficiency.
- Operating loss EUR 53.9 million due to R&D spend (EUR 59.7 million, +23% YoY) on Shigella and IXCHIQ Phase IV studies.
- 2025 guidance: Sales EUR 155-170 million, R&D EUR 80-90 million, cash focus for 2027 Lyme launch.

**【Q&A Key Highlights】**
- **IXCHIQ FDA timeline**: No precedent, hope for dialogue pre-end-2025; U.S. Travel segment recovery uncertain.
- **DUKORAL Germany transition**: Q3 2024 strength caused 2025 delay, expect long-term growth post-distributor switch.
- **Lyme vaccine timing**: Pfizer controls 1H26 readout; Valneva expects 2027 launch for 2028 tick season.
- **Zika vaccine strategy**: Requires external funding; Valneva prioritizes returns amid uncertain regulatory path.

Valneva SE (VALN) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: H1 2025 revenue up 37.8% to EUR 97.6 million, driven by 33.3% product sales growth.
- **Lyme Vaccine Milestone**: Phase III study completed vaccination; Pfizer targets 2026 regulatory submissions.
- **IXCHIQ Regulatory Win**: Restrictions lifted, enabling broader use in U.S. and Europe.
- **Shigella Progress**: Phase II infant study underway, with efficacy data expected early 2026.
- **Cash Strength**: EUR 160 million cash, with >50% reduction in operating cash burn YoY.

**【CEO Summary Section】**
- Total revenue for H1 2025 reached nearly EUR 100 million, up significantly from prior year, with a cash position of EUR 160 million.
- **Lyme Disease Vaccine (VALOR Study):** Phase III study completed vaccination in Q2, with data readout expected by end-2025. Primary endpoint: prevention of Lyme disease after 3+1 doses. Pfizer aims for regulatory submissions in 2026 and launch in 2027.
- **IXCHIQ (Chikungunya Vaccine):** Regulatory restrictions lifted in U.S. and Europe, with 1-year immune response data showing long-term protection. Sold 40,000 doses to France for outbreak response.
- **Shigella Vaccine:** Phase II infant study underway, with efficacy data expected early 2026. Partnering with LimmaTech for development.

**【CFO Financial Commentary】**
- **Revenue Growth:** Product sales EUR 91 million (H1 2025), +33.3% YoY. IXIARO (+30.6%), DUKORAL (+16.4%), IXCHIQ (+650%) drove growth.
- **Gross Margins:** Improved to 59.2% (excl. IXCHIQ) vs. 47.7% prior year, driven by manufacturing efficiency.
- **R&D Expenses:** EUR 32.4 million (H1 2025), up 9% YoY, primarily for Shigella and IXCHIQ Phase IV.
- **2025 Guidance:** Product sales EUR 170-180 million, total revenue EUR 180-190 million. Target >50% reduction in operating cash burn YoY.

**【Q&A Key Highlights】**
- **Lyme Vaccine Data:** Top-line efficacy expected by end-2025, with detailed results following. No direct comparison to historical vaccines due to different formulations.
- **IXCHIQ Demand:** Potential for outbreak responses in India and China, but no immediate revenue impact. Traveler market growth depends on regulatory clarity.
- **CSL Partnership:** Distribution agreement in Germany similar to prior terms, no immediate financial impact but potential long-term upside.
- **Cash Management:** Focus on preserving runway for Lyme vaccine approval, with EUR 161 million cash at end-June 2025.

Valneva SE (VALN) Q2 2025 Earnings Call Transcript

- **Revenue surge**: Q1 2025 revenue €49.2M (+50% YoY), driven by 65.5% jump in IXIARO sales and 14x growth in IXCHIQ.
- **Lyme vaccine milestone**: Phase 3 data expected late 2025, targeting 2027 approval with $143M milestone from Pfizer.
- **Cash management**: €153M cash (excluding ATM) with 50% reduction in operational burn, aiming for 2027 profitability.
- **Regulatory progress**: IXCHIQ first approved in Brazil, Shigella Phase 2 infant study launched, Zika Phase 1 results pending.
- **Public health impact**: Supplied 40,000 IXCHIQ doses to France, DUKORAL to Mayotte for cholera outbreak.


**【CEO Overview】**
- Q1 2025 total revenue reached €49.2 million, up 50% YoY, driven by strong sales of IXIARO (+65.5%), DUKORAL (+9.4%), and IXCHIQ (+14x YoY). Cash position improved to €153 million, excluding €14.2 million from ATM issuance.
- Regulatory milestones: IXCHIQ approved in UK for adults, label extension for 12+ in Europe, and first chikungunya vaccine approval in Brazil. Lyme vaccine (VLA15) Phase 3 study progressing with 9,000 participants, targeting 2027 approval.
- Public health response: Supplied 40,000 IXCHIQ doses to France for outbreaks, and DUKORAL to Mayotte for cholera.

**【CFO Financial Breakdown】**
- Product sales: IXIARO €27.5M (65.5% YoY), DUKORAL €12.3M (9.4% YoY), IXCHIQ €3M (14x YoY). Third-party sales €5.8M (+41% YoY), but expect long-term decline to boost gross margin.
- Margins: IXIARO gross margin 72.6% (vs 62% 2024), DUKORAL 52.2% (vs <40% 2024). R&D expenses €15M (+€2M YoY) due to Shigella program. Op loss €6M vs €68M YoY (due to one-time PRV sale in 2024).
- Guidance: 2025 product sales €170-180M, total revenue €180-190M. Target 50% reduction in operational cash burn, aiming for 2027 profitability with Lyme vaccine.

**【Q&A Highlights】**
- IXCHIQ label: Adolescent extension under review; safety precautions for frail elderly maintained. Phase 4 effectiveness study planned in Brazil.
- Lyme vaccine: 2025 data readout for primary endpoint (Lyme disease prevention). No p-value disclosed, but powered for statistical significance.
- Tariffs: Manufacturing in Europe (Scotland, Germany, Sweden); monitoring U.S. policy developments without current impact.
- Growth drivers: Commercial business (IXIARO, DUKORAL) + pipeline (Shigella, Zika) alongside Lyme vaccine commercialization.


Actual	-0.7067	-1.414	1.2693	-0.4893	-2.5324	1.2421	-0.407	-0.286	-0.191	-0.5372	-0.5087	0.8838	-0.3835	-0.4865	-0.1404	-0.1624	-0.5605	-0.24
Forecast		-1.0367	2.1079	-0.3947	-1.0882	0.6148	0.2414	-0.3876	-0.2756	-0.4484	0.0939	1.1203	-0.341	-0.2151	-0.3433	-0.324	-0.3572	-0.2674
Surprise	0.00%	-36.39%	-39.78%	-23.97%	-132.71%	+102.03%	-268.60%	+26.21%	+30.70%	-19.80%	-641.75%	-21.11%	-12.46%	-126.17%	+59.10%	+49.88%	-56.91%	+10.25%

VALN

VALN fundamentals

VALN Q4 2025 Earnings

Earnings Call

You can ask Aime

VALN

VALN fundamentals

VALN Q4 2025 Earnings

Earnings Call

VALN Earnings Call Summary for Q4/202510:00 AM on Mar 18, 2026

VALN Earnings Call Summary for Q3/20259:00 AM on Nov 20, 2025

VALN Earnings Call Summary for Q2/20259:00 AM on Aug 12, 2025

VALN Earnings Call Summary for Q1/20259:00 AM on May 7, 2025

VALN Earnings Call Summary for Q4/2024 Mar 25, 2026

You can ask Aime