Valneva SE
- Open
- 6.72
- Day high
- 6.95
- Day low
- 6.70
- Prev close
- 6.75
- Volume
- 12K
- Mkt cap
- $658M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 7.0
- P/S
- 3.9
- Yield
- —
- Per share
- —
Valneva SE (VALN) is a Healthcare company listed on NASDAQ. The stock is down 29% over the past year. Drillr has 1 published research article covering VALN.
Valneva SE (VALN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VALN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.28 | $-0.40 | -42.9% | $40M | -16.4% |
| May 13, 2026 | $-0.21 | $-0.42 | -100.0% | $36M | -33.8% |
| Mar 18, 2026 | $-0.17 | $-0.24 | -38.7% | $55M | -0.5% |
| Nov 20, 2025 | $-0.30 | $-0.61 | -103.3% | $34M | -29.5% |
| Aug 12, 2025 | $-0.27 | $-0.16 | +40.7% | $57M | +45.5% |
| Mar 20, 2025 | $-0.22 | $-0.54 | -145.5% | $55M | +49.4% |
| Nov 7, 2024 | $-0.30 | $-0.15 | +50.0% | $50M | -10.1% |
| Mar 20, 2024 | $0.20 | $-0.50 | -350.0% | $46M | -40.0% |
| Nov 9, 2023 | $-0.51 | $-0.54 | -5.9% | $40M | -10.9% |
| Sep 21, 2023 | $-0.36 | $-0.26 | +27.8% | $44M | +27.4% |
| May 4, 2023 | $-0.35 | $-0.28 | +20.0% | $36M | +10.0% |
| Mar 23, 2023 | $0.29 | $-0.65 | -324.1% | $120M | -24.2% |
Valneva SE company profile
Overview
Valneva SE (NASDAQ:VALN) is a French specialty vaccine company founded in 1998 and headquartered in Saint-Herblain, France. The company went public on NASDAQ in May 2021, having previously traded on European exchanges. Valneva focuses on developing and commercializing prophylactic vaccines for infectious diseases with significant unmet medical needs, particularly targeting travel-related and emerging infectious diseases. The company has evolved from a pure research and development organization into a commercial-stage biotechnology company with marketed products and a robust pipeline of vaccine candidates in various stages of clinical development.
Business
Valneva operates in the specialty vaccine industry, which is a niche segment of the broader pharmaceutical and biotechnology sector. Unlike large pharmaceutical companies that develop vaccines for mass immunization programs, specialty vaccine companies focus on specific populations or diseases with limited treatment options. The vaccine industry requires extensive regulatory approval processes, long development timelines, and significant capital investment, but successful products can generate substantial returns due to limited competition and essential medical needs. The company's business is divided into two main segments: commercial products and pipeline development. **Commercial products** generate approximately 90% of current revenues and include three key vaccines. IXIARO is an inactivated Japanese encephalitis vaccine derived from Vero cell culture technology, primarily used by travelers visiting endemic regions in Asia where Japanese encephalitis poses a health risk. DUKORAL is an oral cholera vaccine that prevents diarrhea caused by Vibrio cholerae bacteria and certain E. coli strains, commonly used by travelers to developing countries. IXCHIQ is the world's first and only approved chikungunya vaccine, recently launched in the United States and approved in several other markets for preventing chikungunya virus infection, which is transmitted by mosquitoes in tropical and subtropical regions. **Pipeline development** represents the company's future growth potential and includes several vaccine candidates in clinical trials. VLA15 is a Lyme disease vaccine developed in partnership with Pfizer, currently in Phase III clinical trials targeting the prevention of Lyme disease caused by Borrelia bacteria transmitted through tick bites. The company also acquired a Shigella vaccine program targeting bacterial infections that cause severe diarrhea, particularly in children in low- and middle-income countries. Additionally, Valneva is developing a Zika vaccine in Phase I trials to prevent Zika virus infection, which can cause severe birth defects when contracted during pregnancy.
Revenue model
Valneva generates revenue primarily through direct product sales of its commercial vaccines to healthcare providers, government agencies, and distributors worldwide. The company sells IXIARO and DUKORAL to travel medicine clinics, hospitals, and public health agencies that serve travelers going to endemic regions. IXCHIQ sales target similar channels plus potential military and outbreak preparedness stockpiling. The company also earns revenue from third-party product distribution agreements where it leverages its commercial infrastructure to sell other companies' vaccines. The business model benefits from several favorable factors that can increase margins and profitability. Travel recovery post-COVID has driven increased demand for travel vaccines as international tourism rebounds. Growing disease awareness, particularly for chikungunya and Lyme disease, expands the addressable market. The company's vaccines often face limited direct competition, allowing for premium pricing. Manufacturing scale efficiencies improve as production volumes increase, and the company is consolidating manufacturing operations in Scotland to reduce costs. However, several factors can negatively impact margins and profitability. Seasonal travel patterns create revenue volatility, with stronger sales typically in spring and summer months when travel increases. Regulatory challenges can delay product launches or require additional clinical studies, as seen with IXCHIQ's slower-than-expected market uptake. High research and development costs for pipeline programs, particularly the Phase III Lyme disease trial with Pfizer, consume significant cash resources. Manufacturing transfer costs and regulatory compliance expenses also pressure margins. Additionally, potential changes in government vaccine policies or travel recommendations could affect demand for travel vaccines. Partnership agreements provide additional revenue streams and risk mitigation. The Pfizer collaboration for the Lyme disease vaccine includes milestone payments and future royalty sharing, with Valneva eligible for a $143 million milestone payment upon first commercialization. The Instituto Butantan partnership for chikungunya vaccine distribution in endemic markets provides geographic expansion opportunities without direct commercial investment.
Competitive moat
Valneva's competitive moat is moderate but faces several challenges that limit its strength. The company's primary moat comes from regulatory barriers and specialized expertise in vaccine development, particularly for neglected tropical diseases and travel-related infections. Developing vaccines requires extensive clinical trials, regulatory approvals, and manufacturing capabilities that create high barriers to entry. The company has established relationships with regulatory agencies and deep expertise in specific vaccine platforms like Vero cell culture technology. However, this moat has notable weaknesses. The travel vaccine market, while specialized, is relatively small and can be disrupted by changes in travel patterns, disease epidemiology, or competing prevention methods. Large pharmaceutical companies with greater resources could enter these markets if they become sufficiently attractive. The company's dependence on a few key products creates concentration risk, and generic competition could emerge as patents expire. The pipeline programs offer potential moat expansion, particularly the Lyme disease vaccine which could address a large unmet medical need with limited competition. If successful, this program could establish Valneva as the dominant player in Lyme disease prevention. The chikungunya vaccine's first-mover advantage provides temporary competitive protection, but other companies are developing competing vaccines. Competitive threats come from several directions. Large pharmaceutical companies like GSK, Sanofi, and Merck have greater resources and could develop competing vaccines. Biotechnology companies with novel vaccine platforms or adjuvant technologies could leapfrog Valneva's current products. Additionally, changes in disease patterns due to climate change or public health interventions could reduce demand for certain vaccines. The company's relatively small size and limited financial resources compared to major pharmaceutical companies constrain its ability to compete in multiple therapeutic areas simultaneously.
Risks & safety
Valneva presents a moderate margin of safety with mixed financial indicators that require careful consideration. **Cash Position and Liquidity:** - Strong cash position of €153 million as of Q1 2025 - Current ratio of 2.70 indicating good short-term liquidity - Quick ratio of 2.12 showing ability to meet immediate obligations - Operational cash burn decreasing but still negative at €8.8 million in Q1 2025 **Debt and Solvency:** - Debt-to-equity ratio of 1.20 indicating moderate leverage - Total liabilities of €332 million against €522 million in total assets - No immediate solvency concerns given cash reserves and asset base **Valuation Metrics:** - Trading at 2.72x book value, indicating premium valuation - Negative earnings make P/E ratios unreliable - EV/EBITDA ratios volatile due to inconsistent profitability - Market cap of approximately $524 million appears reasonable for revenue run-rate **Other Considerations:** - Revenue growth trajectory positive with commercial products showing momentum - Significant milestone payments from Pfizer partnership provide potential cash influx - R&D expenses remain high at €90-100 million annually - Path to sustained profitability targeted for 2027 based on pipeline success
Recent development
Over the past few years, Valneva has executed several strategic pivots that have transformed the company from a COVID-19 vaccine developer into a focused specialty vaccine company with commercial products and a promising pipeline. The most significant development has been the successful launch of IXCHIQ, the world's first chikungunya vaccine, which received FDA approval in 2023 and has since gained approvals in Europe, the UK, Canada, and Brazil. While initial sales have been slower than expected due to market development needs, the company is expanding into endemic markets through partnerships. The company made a strategic decision to exit COVID-19 vaccine development after regulatory setbacks and shifting market dynamics, instead focusing resources on its core specialty vaccine portfolio. This pivot included workforce reductions and operational restructuring to align with the new strategic direction. Valneva also acquired a leading Shigella vaccine program from LimmaTech Biologics, adding a potentially significant asset targeting childhood diarrheal diseases in developing countries. The Lyme disease vaccine program with Pfizer represents the company's most valuable pipeline asset, with Phase III trials ongoing and first efficacy data expected by end of 2025. This program has the potential to address a market exceeding $1 billion annually if successful. The partnership structure provides Valneva with significant milestone payments and shared commercialization responsibilities. Manufacturing consolidation has been another key strategic initiative, with the company transferring production operations to Scotland to achieve cost efficiencies and operational improvements. This multi-year process is expected to reduce manufacturing costs and improve margins as the company scales production of its commercial products. Recent developments include expanding IXCHIQ's label to include adolescents in Europe and investigating safety concerns in elderly patients in collaboration with regulatory authorities. The company has also initiated a Zika vaccine development program, responding to renewed public health interest in arboviral diseases.
VALN company profile · for informational purposes only — not investment advice.
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