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Valneva SE (FR:VLA)
:VLA
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Valneva
(VLA)
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Rating:45Neutral
Price Target:
€4.00
▼(-3.15% Downside)
Valneva's overall stock score is primarily influenced by its financial performance challenges, including negative profitability and high leverage. Technical analysis provides some positive signals, but valuation concerns due to a negative P/E ratio weigh on the score. The earnings call highlighted both strengths and challenges, but its weight was redistributed due to the absence of corporate events.
Valneva (VLA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€746.79M
Dividend YieldN/A
Average Volume (3M)1.29M
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue Growth30.21%
EPS Growth-76.83%
CountryFR
Employees713
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.07
Shares Outstanding171,958,280
10 Day Avg. Volume925,642
30 Day Avg. Volume1,288,661
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€8.60Price Target Upside108.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Valneva Business Overview & Revenue Model
Company DescriptionValneva SE is a specialty vaccine company focused on developing and commercializing innovative vaccines for infectious diseases. Headquartered in France, Valneva operates primarily in the biopharmaceutical sector, with a strong emphasis on areas such as travel medicine and infectious diseases. The company's core products include its Lyme disease vaccine candidate, VLA15, and a COVID-19 vaccine candidate, as well as other vaccines targeting diseases like chikungunya and Japanese encephalitis.
How the Company Makes MoneyValneva generates revenue primarily through the sale of its vaccine products, both commercialized and in development. The company also earns income through partnerships and collaborations with other pharmaceutical companies and government entities, which may include upfront payments, milestone payments, and royalties based on sales. Significant partnerships, such as those with the European Union for its COVID-19 vaccine and collaborations with major pharmaceutical firms, contribute to Valneva's earnings by providing funding for research and development, as well as access to larger distribution networks.
Valneva Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 13, 2025
Earnings Call Sentiment Neutral
Valneva's earnings call highlighted significant revenue growth, strong cash position, and positive progress in vaccine development. However, the company also faced challenges including operating losses and safety concerns for IXCHIQ. The highlights and lowlights were relatively balanced.Q2-2025 Updates
Positive Updates
Significant Revenue Growth
Valneva achieved total revenues close to EUR 100 million, marking a very significant year-over-year growth. Product sales increased by 33.3% to EUR 91 million compared to EUR 68.3 million in the first half of 2024.
Strong Cash Position
The company reported a cash position of more than EUR 160 million, indicating a strong additional cash influx through ATM transactions and a significant reduction in operating cash burn.
Regulatory and Commercial Achievements
Valneva secured additional marketing authorizations for IXCHIQ in the UK, Brazil, and Europe, and announced an exclusive vaccine marketing and distribution agreement for Germany with CSL Seqirus.
Positive Progress in Vaccine Development
Valneva completed the vaccination in the current VALOR Phase III study for Lyme disease, observed a high sustained 1-year immune response in adolescents for IXCHIQ, and achieved positive Phase III pediatric safety and immunogenicity results for IXCHIQ.
Improved Gross Margin
The gross margin on commercial products, excluding IXCHIQ, increased to 59.2% in the first half of 2025 compared to 47.7% in the prior year.
Negative Updates
Operating Loss
Valneva reported an operating loss of EUR 16.8 million compared to an operating profit of EUR 46.7 million last year, which was due to the sale of a priority review voucher.
Decreased EBITDA
Adjusted EBITDA in the first half of 2025 was minus EUR 6 million compared to a positive EBITDA of EUR 56.2 million last year, excluding the one-off PRV sale.
Safety Concerns for IXCHIQ
The safety assessment by FDA and EMA showed safety signals during the vaccination campaign in La Réunion, leading to temporary age-related restrictions.
Company Guidance
During the recent call, Valneva provided guidance for 2025, projecting product sales between EUR 170 million and EUR 180 million, with total revenues expected to reach EUR 180 million to EUR 190 million. The company highlighted significant year-over-year growth, noting total revenues nearing EUR 100 million in the first half of 2025, along with a robust cash position of over EUR 160 million. Valneva emphasized its focus on strategic R&D investments, with expected R&D expenses between EUR 90 million and EUR 100 million, partially offset by grants and anticipated tax credits. The company also aims for a reduced operational cash usage by more than 50% year-over-year. Valneva remains optimistic about the future, expecting sustainable profitability following the successful approval and commercialization of its Lyme disease vaccine.Valneva Financial Statement Overview
Summary
Valneva's financial performance is challenged by negative profitability and cash flow issues, despite some revenue growth. High leverage and negative returns on equity further emphasize the need for strategic improvements.Income Statement
Valneva's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) revenue growth rate of 5.52% indicates a positive trajectory compared to the previous year. However, the company struggles with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin has improved over time, but the consistent net losses highlight ongoing challenges in achieving profitability.45
Neutral
Balance Sheet
The balance sheet reveals a high debt-to-equity ratio of 1.20 in the TTM, indicating significant leverage. This could pose a risk if not managed properly. Return on equity remains negative, reflecting the company's struggle to generate returns for shareholders. The equity ratio suggests a moderate level of equity financing, but the high leverage remains a concern.40
Negative
Cash Flow
Valneva's cash flow statement highlights challenges in cash generation, with negative operating and free cash flows in the TTM. The free cash flow growth rate is negative, indicating a decline in cash generation capabilities. The operating cash flow to net income ratio is also negative, underscoring the difficulty in converting earnings into cash flow.35
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 196.33M | 169.58M | 153.71M | 361.30M | 348.08M | 110.32M |
| Gross Profit | 96.25M | 71.04M | 52.84M | 36.86M | 160.16M | 56.02M |
| EBITDA | -41.28M | 32.08M | -57.72M | -99.39M | -46.87M | -46.11M |
| Net Income | -67.04M | -12.25M | -101.43M | -143.28M | -73.42M | -64.39M |
Balance Sheet | ||||||
| Total Assets | 472.63M | 500.03M | 460.06M | 621.34M | 817.35M | 449.16M |
| Cash, Cash Equivalents and Short-Term Investments | 161.31M | 168.27M | 126.08M | 289.43M | 346.64M | 204.39M |
| Total Debt | 196.92M | 216.31M | 208.82M | 152.38M | 114.66M | 105.45M |
| Total Liabilities | 286.19M | 318.78M | 331.81M | 401.55M | 646.77M | 371.74M |
| Stockholders Equity | 186.43M | 181.25M | 128.25M | 219.80M | 170.58M | 77.42M |
Cash Flow | ||||||
| Free Cash Flow | -34.39M | -83.66M | -217.06M | -274.67M | -16.27M | 118.27M |
| Operating Cash Flow | -11.90M | -67.22M | -202.74M | -245.34M | 76.90M | 137.74M |
| Investing Cash Flow | -12.33M | 76.92M | -20.59M | -29.05M | -93.12M | -19.34M |
| Financing Cash Flow | 56.57M | 30.68M | 63.08M | 215.12M | 154.50M | 21.74M |
Valneva Technical Analysis
Neutral
4.13
Price Trends
4.31
Negative
3.59
Positive
3.30
Positive
Market Momentum
-0.02
Positive
41.57
Neutral
12.38
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:VLA, the sentiment is Neutral. The current price of 4.13 is below the 20-day moving average (MA) of 4.56, below the 50-day MA of 4.31, and above the 200-day MA of 3.30, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 41.57 is Neutral, neither overbought nor oversold. The STOCH value of 12.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $181.13M | ― | -51.06% | ― | -45.41% | -273.69% | |
54 Neutral | €6.11B | ― | ― | ― | ― | 18.52% | |
52 Neutral | €1.12B | ― | ― | ― | 181.43% | 28.76% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | €406.23M | ― | -152.03% | ― | ― | -20.97% | |
45 Neutral | €746.79M | ― | -38.01% | ― | 30.21% | -76.83% | |
39 Underperform | €477.38M | ― | ― | ― | -12.84% | -81.94% |
* Healthcare Sector Average
FR:VLA
Valneva
4.13
1.43
52.96%
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-27.28%
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Valneva Corporate Events
Valneva’s Earnings Call: Growth Amid Challenges
Sep 1, 2025
Valneva’s recent earnings call painted a picture of both optimism and caution. The company celebrated significant revenue growth and a robust cash position, while also acknowledging challenges such as operating losses and safety concerns related to its IXCHIQ vaccine. The overall sentiment was balanced, with a mix of positive achievements and areas needing attention.
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.