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VALN · NASDAQ · Biotechnology

Valneva (ADR)

Develops, manufactures, and sells travel vaccines alongside infectious-disease vaccine programs.

$6.43

After-hours close−0.02 (−0.31%)

At close$6.45(−1.61%)

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Profile

Valneva SEVALNHealth Care

Commercial products include IXIARO, DUKORAL, and IXCHIQ, alongside vaccine programs for infectious diseases. Formed from the Intercell–Vivalis merger, it combines a travel-vaccine commercial base with vaccine development and manufacturing capabilities.

Develops, manufactures, and commercializes vaccines for infectious diseases. Its commercial portfolio includes IXIARO/JESPECT for Japanese encephalitis, DUKORAL for cholera and, in some markets, ETEC-related diarrhoea, and IXCHIQ; vaccine programs extend beyond travel vaccines.

Formed through the merger of Intercell and Vivalis, the business combines vaccine development and commercialization capabilities with an earlier antibody-discovery heritage. Operations span Austria, Sweden, the UK, France, Canada, and the United States.

Nasdaq ADSs trade alongside Euronext Paris ordinary shares. In the United States, the FDA suspended IXCHIQ's licence, after which the company withdrew its BLA and IND applications and the IND was placed on clinical hold pending an investigation.

Company facts

CEOThomas Lingelbach

ListedMay 6, 2021

ExchangeNASDAQ

HeadquartersSaint-Herblain, France

CountryFrance

Employees694

CIK0001836564

ISINUS92025Y1038

Key statistics

Market cap$609.7M

EPS (ttm)−$2.11

P/E (ttm)−3.05

ROE-152.1%

P/B6.54

P/S3.71

Dividend yield—

Beta0.63vs XLV 0.46

Year to date −28.0% · Average volume (30d) 128.0K

Analysts

Price target, next 12 months$11.00+71.1%Median of 3 analysts · vs the Aug 28 close

ConsensusBuy2 of 3 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $6.43

High$11.00+71.1%

Median$11.00+71.1%

Low$11.00+71.1%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 11, 2026	Cowen & Co.	Initiate		Buy
Apr 22, 2026	Goldman Sachs	Downgrade	Neutral	Sell
Apr 16, 2026	Guggenheim	Target			$15	$11

Earnings

EPS

Estimate−$0.17

ReportedDue Nov 19, 2026

Revenue

Estimate$43.8M

ReportedDue Nov 19, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 13, 2026Q2 FY26	−$0.28	−$0.40	−42.9%	$48.2M	$40.3M	−16.4%	+1.80%
May 13, 2026Q1 FY26	−$0.21	−$0.42	−100.0%	$54.7M	$36.2M	−33.8%	+1.19%
Mar 16, 2026Q4 FY25	−$0.17	−$0.68	−293.1%	$52.5M	$55.9M	+6.5%	+4.76%
Nov 20, 2025Q3 FY25	−$0.30	−$0.61	−103.3%	$48.9M	$34.4M	−29.5%	+1.06%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$57.0M	$56.0M	$34.1M	$55.3M	$35.8M	$41.2M
Gross profit	$30.3M	$28.1M	$6.4M	$13.5M	$5.5M	$1.9M
Operating income	−$6.9M	−$12.6M	−$43.0M	−$32.1M	−$27.5M	−$32.0M
Net income	−$10.7M	−$13.4M	−$51.4M	−$58.0M	−$37.2M	−$36.8M
Diluted EPS	−$0.14	−$0.17	−$0.60	−$0.67	−$0.44	−$0.39
Gross margin	53.2%	50.1%	18.7%	24.4%	15.3%	4.6%
Operating margin	-12.1%	-22.5%	-126.2%	-58.1%	-76.7%	-77.8%

Fiscal years (4-quarter sums)FY21 $403.3M · FY22 $418.6M · FY23 $178.1M · FY24 $196.5M · FY25 $202.4M

Revenue by product · FY25

Ixiaro$114.0M · 66%

Dukoral$37.0M · 21%

Third Party Products$22.2M · 13%

Other Services$100.8K · 0%

Revenue by geography · FY25

United States$62.1M · 33%

Canada$34.9M · 19%

Germany$20.2M · 11%

France$17.0M · 9%

Nordics$16.1M · 9%

Other Europe$16.1M · 9%

Austria$11.0M · 6%

Rest Of World$10.3M · 5%

Balance sheet, Jun 30, 2026Cash & short-term investments $140.8M · Total debt $243.5M · Total assets $449.7M · Shareholders' equity $94.0M

Dividends

No dividends on record.

Ownership

Institutions 4.12%Insiders —

Shares outstanding 94.82M · Float 90.33M · 95.3% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Caisse des depots et consignations	19.07M	9.30%	13D	May 12, 2026
Frazier Life Sciences Management, L.P.	2.29M	2.42%	13F	May 15, 2026
Novo Holdings A/S	1.06M	1.12%	13F	May 15, 2026
General American Investors Co Inc	354.4K	0.37%	13F	May 1, 2026
Wells Fargo & Company/MN	78.0K	0.08%	13F	Jul 8, 2026

Insider tradesForm 4

Nothing filed in the last 12 months.