France's Valneva H1 loss widens on expected drop in revenue

Valneva SE

13/08/2026 06:11

Overview
France specialty vaccine maker's H1 revenue fell yr/yr due to planned lower third-party and phased product sales
Net loss widened on lower gross margin and one-off manufacturing contract and inventory charges
Company reaffirmed full-year 2026 product sales and revenue guidance

Outlook
Valneva reaffirms 2026 product sales guidance of €135 mln to €150 mln
Company expects 2026 total revenues of €145 mln to €160 mln
Product gross margins expected to improve in H2 2026 after one-off effects in H1

Result Drivers
THIRD-PARTY SALES WIND-DOWN - Co said lower revenue reflected planned discontinuation of third-party sales and distributor transitions
ONE-OFF MANUFACTURING COSTS - Net loss widened due to contract termination fees and inventory write-offs related to IXCHIQ
RESTRUCTURING INITIATIVES - Co implemented restructuring program with workforce reduction and reprioritized R&D to reduce cash burn

Company press release: ID:nGNE2tdVFG

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
EUR 65.80 mln
 
H1 Net Loss
 
EUR 63.30 mln
 
H1 Adjusted EBITDA
 
-EUR 40.10 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy"
Wall Street's median 12-month price target for Valneva SE is €5.00, about 103.3% above its August 12 closing price of €2.46

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)