Valneva Sees 3.3% Sales Drop to €157.9m, VLA15 Readout Pending
Valneva’s 2025 product sales fell 3.3% to €157.9m, driven by a 42.3% slump in third-party sales to €19.2m, though total revenue rose 2.9% to €174.7m. The US FDA and UK MHRA have suspended Ixchiq licenses, and Valneva awaits its Pfizer-partnered Lyme vaccine VLA15 Phase III readout in H1 2026.
1. 2025 Financial Results
Valneva’s 2025 product sales totaled €157.9m, down 3.3% from €163.3m in 2024, led by a 42.3% drop in third-party sales to €19.2m. Overall revenue rose to €174.7m, up 2.9%, bolstered by research collaboration and licensing income.
2. Ixchiq Regulatory Setbacks
The US FDA suspended Ixchiq’s license in August 2025 over serious safety concerns, followed by the UK MHRA in February 2026. Ixchiq had also been restricted for those over 65 in the UK, contributing to the product sales decline.
3. Pipeline Outlook and 2026 Guidance
Valneva and Pfizer expect Phase III readout for Lyme vaccine VLA15 in the first half of 2026, which could drive future growth. The company also plans Phase II data for shigella candidate S4V2 this year and forecasts 2026 revenue of €155–170m.