Valneva said Wednesday that it posted a net loss of EUR 115.20 million for the full year 2025, a notable deterioration compared with the prior year. Management attributed the wider loss in part to the absence of a one-off gain that had supported 2024 results.
Revenue for 2025 was slightly higher year-on-year. The company said the increase was mainly supported by stronger sales of its own vaccine portfolio, with Japanese encephalitis and chikungunya product sales rising during the period. Those gains were offset by a decline in sales of third-party products, leaving overall revenue growth modest.
Valneva recorded adjusted EBITDA of negative EUR 59.40 million for 2025. The company reported that gross margins came under pressure across the year, citing higher manufacturing costs, batch failures and inventory write-offs as factors that eroded profitability.
Research and development spending rose during 2025. Valneva said the increase was driven by activity on its Shigella vaccine program and by post-marketing obligations connected to its chikungunya vaccine.
Looking ahead to 2026, Valneva reaffirmed its revenue outlook. The company expects total revenues in the range of EUR 155 million to EUR 170 million, and anticipates product sales between EUR 145 million and EUR 160 million.
Valneva also said it expects operating cash burn to decline further in 2026. The company flagged that key clinical trial readouts are expected during the year.
Context and implications
While top-line sales grew slightly, Valneva’s profitability metrics were weakened by one-off and operational issues noted by management. The combination of higher manufacturing costs, batch problems and inventory write-downs weighed on gross margin and contributed to the negative adjusted EBITDA result.
Company guidance for 2026 was left unchanged, with management highlighting an expectation of lower operating cash burn and the potential for important clinical milestones to be reported during the year.