Valneva's Q2 2025: Unpacking Contradictions in IXCHIQ Sales, COVID-19 Manufacturing, and Trial Data Insights

IXCHIQ sales dynamics and market uptake, COVID-19 manufacturing capacity and timeline, VALOR trial data readout and efficacy bar, Lyceum COVID-19 deal structure, IXCHIQ demand and sales forecast are the key contradictions discussed in Valneva's latest 2025Q2 earnings call.



Strong Financial Performance:
- Valneva SE reported total revenues close to EUR 100 million for the first half of 2025, indicating a significant year-over-year growth.
- The increase was driven by high sales of IXIARO, DUKORAL, and IXCHIQ, as well as a strong cash influx through ATM transactions and a reduction in operating cash burn.

Lyme Disease Vaccine Progress:
- The VALOR study for the Lyme disease vaccine is progressing to plan, with vaccination completed in the current Phase III study.
- The primary endpoint, prevention of the disease after 2 consecutive tick seasons, is anticipated to be met, with regulatory submissions planned for 2026.

IXCHIQ Regulatory and Market Access Developments:
- IXCHIQ, the chikungunya vaccine, has secured additional marketing authorizations and label extensions in several regions.
- The lifting of temporary age-related restrictions and updated safety information reaffirm the vaccine's long-term antibody persistence and protection.

Pipeline and Regulatory Advancements:
- Valneva has made progress with its Shigella vaccine candidate, initiating Phase II infant and controlled human infection model studies.
- The company expects positive efficacy data from the controlled human infection model study in early 2026.

Financial Guidance and Cash Management:
- Valneva expects product sales of EUR 170 million to EUR 180 million and total revenues of EUR 180 million to EUR 190 million for fiscal year 2025.
- The company is focusing on cash management to ensure sufficient runway to achieve key inflection points, prioritizing strategic investments in R&D and maintaining sustainable profitability post-Lyme vaccine approval.