Valneva Q1 revenue falls, net loss widens; FY guidance cut on weaker travel vaccine demand

Valneva SE

13/05/2026 06:09

Overview

France specialty vaccine maker's Q1 revenue fell sharply yr/yr amid wind-down of third-party sales

Company posted wider Q1 net loss, impacted by one-off costs and lower sales

2026 product sales guidance cut on weaker travel vaccine demand; restructuring to reduce workforce by 10-15%

Outlook

Valneva lowers 2026 product sales guidance to €135 mln-€150 mln from €145 mln-€160 mln

Company expects 2026 total revenue of €145 mln-€160 mln

Valneva expects 25-35% reduction in 2026 operating expenses versus 2025

Result Drivers

THIRD-PARTY SALES WIND-DOWN - Co said sharp drop in revenue was mainly due to intentional wind-down of third-party product sales

HIGHER MANUFACTURING COSTS - Gross margins declined due to higher manufacturing costs at new Almeida facility and batch write-offs

DISTRIBUTOR TRANSITION IMPACT - DUKORAL sales were adversely affected by distributor transition in Germany

Company press release: ID:nGNEbyv1k0

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
EUR 30.90 mln
EUR 44.37 mln (2 Analysts)
Q1 Net Income
-EUR 32.10 mln
Q1 Adjusted EBITDA
-EUR 18.20 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 €5.60, about 121.3% above its May 12 closing price of €2.53

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)