EURONEXT-PAR$VALN
Valneva SE · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
Valneva Q1 2026: €30.9M revenue as travel-vaccine softness prompts guidance cut
Valneva SE reported first-quarter 2026 results on May 13, 2026, with total revenues of €30.9 million, including €30.5 million in product sales, down from €49.2 million and €48.6 million in Q1 2025. The decline reflected the planned wind-down of third-party distribution (-97.6% YoY), different U.S. DoD shipment phasing for IXIARO, and softer travel-vaccine demand linked to geopolitical headwinds. The company posted a net loss of €32.1 million versus €9.2 million a year ago, driven by lower sales plus one-off COGS effects including contract terminations, standard cost adjustments, and inventory write-offs. Adjusted EBITDA loss was €18.2 million; operating cash burn improved to €0.3 million. Cash was €105.3 million at March 31, 2026. Management cut 2026 product sales guidance to €135–150 million from €145–160 million while reconfirming total revenue guidance of €145–160 million, and launched a restructuring targeting 10–15% workforce reduction and 25–35% lower 2026 opex versus 2025.
- Total revenues were €30.9 million (product sales €30.5 million) versus €49.2 million in Q1 2025; net loss widened to €32.1 million from €9.2 million.
- IXIARO/JESPECT sales were €20.2 million; DUKORAL €8.6 million; IXCHIQ €1.6 million; third-party sales fell to €0.1 million.
- Cash position was €105.3 million at quarter end; operating cash used was only €0.3 million versus €8.1 million in Q1 2025.
- 2026 product sales guidance lowered to €135–150 million on travel-vaccine softness; restructuring aims for 25–35% opex reduction vs 2025.
- Pfizer expected to file regulatory submissions for Lyme vaccine candidate LB6V after Phase 3 VALOR trial showed >70% efficacy.
Headline financials
Revenue & EPS history
Valneva · Revenue · Quarterly
€30.9M
Revenue by segment
Valneva · €120M total across 4 segments · Q3 2025
- IXIARO/JESPECT (Japanese encephalitis)€74.3M—62.2%
- DUKORAL€21.5M—18.0%
- Third-party distribution€16.1M—13.5%
- IXCHIQ€7.6M—6.4%
Forward guidance
Valneva revised 2026 product sales guidance to €135–150 million (from €145–160 million) while keeping total revenue guidance at €145–160 million; expects product gross margins to normalize after Q1 one-offs and plans 25–35% lower operating expenses versus 2025 through restructuring.
Tailwinds
- Operating cash burn nearly breakeven at €0.3 million
- April reserved offering added €37 million gross proceeds excluded from quarter-end cash
- Lyme vaccine partner Pfizer preparing regulatory filings after positive Phase 3 data
Headwinds
- Geopolitical factors hurting travel vaccine uptake across key markets
- Q1 net loss €32.1 million on COGS one-offs and idle capacity
- IXCHIQ gross margin negative on manufacturing commitment cancellations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q1 2026
+1.5%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+0.5%
Avg return
30 days after
44%
7 / 16 earnings
Positive
+40.7%
Q1 2023
Best reaction
-16.1%
Q2 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -5.2% | -3.3% | -10.0% | |
| Q3 2025 | +0.4% | +0.5% | -7.2% | |
| H1 2025 | +29.2% | +35.6% | +8.0% | |
| Q1 2025 | +4.0% | -0.4% | -4.9% | |
| Q1 2024 | -5.0% | -1.1% | +11.7% | |
| Q4 2023 | -10.6% | -1.5% | -4.3% | |
| Q3 2023 | +5.3% | +2.6% | -13.5% | |
| Q2 2023 | -4.8% | -8.0% | -19.1% | |
| Q1 2023 | +40.7% | +28.9% | +33.6% | |
| Q4 2022 | -4.5% | -10.3% | -3.1% | |
| Q3 2022 | +5.4% | +9.4% | +5.7% | |
| Q2 2022 | -0.5% | -2.3% | -19.5% | |
| Q1 2022 | +2.1% | -3.0% | -7.9% | |
| Q4 2021 | -8.7% | -7.6% | -13.6% | |
| Q2 2021 | -16.1% | -11.2% | +63.3% | |
| Q1 2021 | -7.1% | -15.7% | -10.8% |
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