EURONEXT-PAR$VALN
Valneva SE · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Valneva nine-month revenue up 9% to €127M; debt refinanced ahead of Lyme Phase 3 readout
Valneva SE reported unaudited nine-month 2025 results through September 30, 2025, with total revenues of €127.0 million (+8.9% YoY) and product sales of €119.4 million (+6.2%). The company posted a net loss of €65.2 million compared with net profit of €24.7 million in the prior-year period, which included €90.8 million of one-time proceeds from a Priority Review Voucher sale. Adjusted EBITDA was a loss of €37.7 million versus a €48.6 million profit last year. Operating cash burn improved materially to €28.4 million from €76.7 million. IXIARO/JESPECT sales rose 12.5% to €74.3 million, IXCHIQ contributed €7.6 million, and cash stood at €143.5 million after October debt refinancing with Pharmakon Advisors. Management confirmed 2025 product sales guidance of €155–170 million and total revenue of €165–180 million.
- Nine-month total revenues were €127.0 million (+8.9% YoY); product sales reached €119.4 million (+6.2%).
- Net loss was €65.2 million versus €24.7 million net profit in 9M 2024, which included a €90.8M PRV sale gain.
- Operating cash burn fell to €28.4 million from €76.7 million; cash was €143.5 million at September 30.
- IXIARO/JESPECT sales rose 12.5% to €74.3 million; IXCHIQ sales reached €7.6 million despite U.S. license suspension.
- Lyme vaccine Phase 3 VALOR trial on track for H1 2026 readout; 2025 product sales guidance confirmed at €155–170 million.
Headline financials
Revenue & EPS history
Valneva · Revenue · Quarterly
€127M
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 confirmed 2025 guidance for product sales of €155–170 million and total revenues of €165–180 million, with R&D investments of €80–90 million partially offset by grants and tax credits.
Tailwinds
- Commercial business expected to remain cash flow positive
- Operating cash burn reduced substantially versus prior year
- Lyme Phase 3 VALOR data expected in H1 2026 with Pfizer regulatory submissions targeted for 2026
Headwinds
- Nine-month net loss of €65.2 million absent prior-year PRV gain
- IXCHIQ U.S. license suspension and traveler segment restrictions weighed on chikungunya sales
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 Q3 2025
+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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