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

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VALN

VALN fundamentals

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