Valneva SE (FR:VLA)
:VLA
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Valneva
(VLA)
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Rating:44Neutral
Price Target:
€2.50
▼(-9.42% Downside)
Action:ReiteratedDate:03/24/26
Overall score is held back primarily by weak financial performance (losses, leverage pressure, and ongoing cash burn) and a bearish price trend below major moving averages. The earnings call provides partial offset via reaffirmed guidance, revenue growth, improved cash management, and refinancing, but is tempered by the IXCHIQ U.S. suspension and widened operating losses; valuation support is limited due to negative earnings.
Positive Factors
Recurring commercial vaccine sales
Consistent, growing sales of IXIARO and product sales concentration provide a durable revenue base tied to government and travel-market demand. Stable product revenues support gross margins and manufacturing scale, reducing reliance on one-off milestones over the medium term.
Negative Factors
Meaningful leverage and weakened equity
A debt-heavy capital structure reduces financial flexibility and raises refinancing and interest-rate exposure. With equity erosion, the company is more reliant on external funding; sustained operating underperformance could force dilutive financings or constrain strategic investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring commercial vaccine sales
Consistent, growing sales of IXIARO and product sales concentration provide a durable revenue base tied to government and travel-market demand. Stable product revenues support gross margins and manufacturing scale, reducing reliance on one-off milestones over the medium term.
Read all positive factors
Valneva (VLA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€475.31M
Dividend YieldN/A
Average Volume (3M)1.29M
Price to Earnings (P/E)―
Beta (1Y)1.71
Revenue Growth13.48%
EPS Growth-1299.09%
CountryFR
Employees713
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.30
Shares Outstanding172,213,490
10 Day Avg. Volume925,642
30 Day Avg. Volume1,288,661
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)5.89
Price to Sales (P/S)3.58
P/FCF Ratio-10.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€5.60Price Target Upside102.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.41
Revenue Forecast (FY)€165.46M
Valneva Business Overview & Revenue Model
Company Description
Valneva SE, a specialty vaccine company, focuses on the development and commercialization of prophylactic vaccines for infectious diseases with unmet needs. Its commercial vaccines for travelers include IXIARO, an inactivated Vero cell culture-der...
How the Company Makes Money
Valneva generates revenue primarily through (1) product sales of its commercial vaccines and (2) collaboration-related income tied to partnerships and licensing.
1) Commercial vaccine sales: The core recurring revenue stream comes from selling ma...
Valneva Earnings Call Summary
Earnings Call Date:Nov 20, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
Valneva reported overall revenue growth and made significant strides in regulatory achievements and strategic partnerships. However, the company faced challenges with an operating loss, the suspension of IXCHIQ in the U.S., and decreased sales for some products. The uncertainty around the Zika vaccine candidate also adds to future concerns.Positive Updates
Revenue Growth and Financial Management
Total revenues reached EUR 127 million at the 9-month time point, a substantial growth of almost 9%. Operating cash burn significantly reduced, resulting in a cash position of more than EUR 140 million. Successfully completed debt refinancing, enhancing financial flexibility.
Negative Updates
Operating Loss and EBITDA
Valneva reported an operating loss of EUR 53.9 million compared to an operating profit of EUR 34.2 million in the prior year. Adjusted EBITDA reached a negative EUR 37.7 million compared to a positive EUR 48.6 million due to the previous sale of a Priority Review Voucher.
Read all updates
Q3-2025 Updates
Positive
Negative
Revenue Growth and Financial Management
Total revenues reached EUR 127 million at the 9-month time point, a substantial growth of almost 9%. Operating cash burn significantly reduced, resulting in a cash position of more than EUR 140 million. Successfully completed debt refinancing, enhancing financial flexibility.
Read all positive updates
Company Guidance
During the Valneva 9 Months 2025 Financial Results Conference Call, several key metrics were highlighted. Total revenues reached EUR 127 million, marking a 9% growth compared to the previous year, despite geopolitical and IXCHIQ challenges. Product sales were EUR 119.4 million, with IXIARO contributing EUR 74.3 million, an increase of 12.5% year-over-year, driven by sales to the U.S. Department of Defense and European markets. DUKORAL sales slightly decreased to EUR 21.5 million. The cash position was over EUR 140 million, partly due to EUR 26 million from ATM transactions. Operating loss stood at EUR 53.9 million, with an adjusted EBITDA of negative EUR 37.7 million. Valneva confirmed its 2025 guidance of EUR 155-170 million in product sales and EUR 165-180 million in total revenues.Valneva Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
42
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 174.66M | 169.58M | 153.71M | 361.30M | 348.08M |
| Gross Profit | 67.52M | 71.04M | 52.84M | 36.86M | 160.16M |
| EBITDA | -50.47M | 32.08M | -57.72M | -104.72M | -38.73M |
| Net Income | -115.19M | -12.25M | -101.43M | -143.28M | -73.42M |
Balance Sheet | |||||
| Total Assets | 398.84M | 500.03M | 460.06M | 621.34M | 817.35M |
| Cash, Cash Equivalents and Short-Term Investments | 109.65M | 168.27M | 126.08M | 289.43M | 346.64M |
| Total Debt | 207.25M | 216.31M | 208.82M | 152.38M | 114.66M |
| Total Liabilities | 292.67M | 318.78M | 331.81M | 401.55M | 646.77M |
| Stockholders Equity | 106.17M | 181.25M | 128.25M | 219.80M | 170.58M |
Cash Flow | |||||
| Free Cash Flow | -57.38M | -83.66M | -217.06M | -274.67M | -16.27M |
| Operating Cash Flow | -52.89M | -67.22M | -202.74M | -245.34M | 76.90M |
| Investing Cash Flow | -1.71M | 76.92M | -20.59M | -29.05M | -93.12M |
| Financing Cash Flow | -621.00K | 30.68M | 63.08M | 215.12M | 154.50M |
Valneva Technical Analysis
Negative
2.76
Price Trends
4.26
Negative
4.06
Negative
3.88
Negative
Market Momentum
-0.41
Positive
25.62
Positive
10.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:VLA, the sentiment is Negative. The current price of 2.76 is below the 20-day moving average (MA) of 4.18, below the 50-day MA of 4.26, and below the 200-day MA of 3.88, indicating a bearish trend. The MACD of -0.41 indicates Positive momentum. The RSI at 25.62 is Positive, neither overbought nor oversold. The STOCH value of 10.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:VLA.
Valneva Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | €414.69M | -4.08 | -63.70% | ― | -45.41% | -273.69% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | €797.00M | -12.22 | ― | ― | 166.31% | 43.80% | |
47 Neutral | €1.04B | -0.41 | ― | ― | -12.84% | -81.94% | |
46 Neutral | €7.06B | -24.91 | ― | ― | ― | 18.52% | |
45 Neutral | €985.15M | -3.62 | -241.12% | ― | ― | 3.09% | |
44 Neutral | €475.31M | -5.43 | -58.93% | ― | 13.48% | -1299.09% |
* Healthcare Sector Average
FR:VLA
Valneva
2.76
-0.33
-10.56%
FR:GNFT
Genfit
8.32
5.01
151.59%
FR:ABVX
Abivax SA
89.20
83.45
1451.30%
FR:DBV
DBV Technologies
3.54
2.41
214.39%
FR:IVA
Inventiva
5.00
2.28
83.49%
FR:MEDCL
MedinCell SA
22.20
7.80
54.17%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.