Valneva (NASDAQ:VALN) posted nine-month revenues that came in below market forecasts, though the vaccine developer reaffirmed its full-year guidance, sending its shares up 6% in Paris following the announcement.
The company reported total nine-month revenue of €127 million and product sales of €119.4 million, missing the €132.3 million consensus estimate cited by Kepler Cheuvreux.
Ixiaro, Valneva’s Japanese encephalitis vaccine, generated €74.3 million in sales over the period—an increase of 12.5%—but momentum slowed sharply in the third quarter as the catch-up effect seen earlier in the year subsided and last year’s high comparison base came into play.
Dukoral sales were steady at €21.5 million, while Ixchiq delivered €7.6 million year-to-date, with U.S. uptake still limited by the ongoing license suspension.
Kepler Cheuvreux analyst Justine Telliez noted that “The quarter was held back by unusually tough comps after last year’s stockout recovery and a normalisation of travel-vaccine demand.”
Operational cash burn improved to €28.4 million thanks to a more favourable product mix and lower SG&A expenses.
Valneva ended September with €143.5 million in cash, excluding the October refinancing arrangement with Pharmakon, which the company says increases its financial flexibility ahead of major clinical readouts.
The biotech reaffirmed its 2025 targets, including product sales of €155–170 million, total revenue of €165–180 million, and R&D spending of €80–90 million. Management still expects its commercial portfolio to generate positive cash flow in 2025.
Telliez cautioned that Ixiaro’s performance “overstates underlying trends” due to the notably weaker third quarter relative to the first half, and added that ex-U.S. demand for Ixchiq will remain soft until regulatory clarity improves.
The analyst reiterated that the company’s Lyme disease vaccine remains the key strategic driver for Valneva.
Pfizer has now completed vaccinations in the pivotal VALOR Phase III study of VLA15—the only Lyme disease vaccine currently in clinical development—with top-line efficacy results anticipated in the first half of 2026.