Valneva (VALN) expects total revenue of €155M–€170M in 2026, including product sales of €145M–€160M.
The lower product sales outlook versus 2025 reflects continued growth in core commercial brands, offset by the planned wind-down of third-party sales.
The vaccine maker said it will maintain disciplined cash management, with operating cash burn expected to decline further in 2026 while continuing to fund strategic R&D.
For 2025, Valneva reported preliminary unaudited revenue of €174.7M, up from €169.6M in 2024. Product sales totaled €157.9M, down from €163.3M a year earlier, mainly due to a 42.3% drop in third-party sales to €19.2M.
Cash and cash equivalents were €109.7M as of Dec. 31, 2025, compared with €168.3M at the end of 2024.
CFO Peter Bühler, commented, “2025 challenged our resilience while reaffirming the strength of our team’s disciplined execution. We remained committed to growing our commercial brands and made strong progress across our key R&D programs, despite headwinds around IXCHIQ and the broader geopolitical pressures. As we enter 2026, we look forward to the potentially transformative Phase 3 data readout for our Lyme disease vaccine candidate, while remaining focused on prudent capital allocation, to support shaping and growing our business in line with our strategic vision.”
Separately, Valneva (VALN) renewed Thomas Lingelbach’s mandate as CEO for a further three-year term and confirmed his continued role as a board member.