Valneva SE reported its third‑quarter 2025 financial results, posting revenue of $49.34 million and an earnings per share of $‑0.31. The company’s EPS beat the consensus estimate of $‑0.33 by $0.02, while revenue fell $2.30 million short of the $51.64 million forecast.
Revenue for the quarter was $49.34 million, a miss of $2.30 million relative to analysts’ expectations. The shortfall was largely driven by lower sales of the chikungunya vaccine IXCHIQ, which faced U.S. volume constraints after a license suspension. In contrast, sales of the Lyme disease vaccine candidate VLA15 and the DUKORAL meningitis vaccine remained steady, but the overall mix shift toward lower‑margin products weighed on top‑line growth.
The company’s diluted EPS of $‑0.31 surpassed the $‑0.33 consensus by $0.02, a modest but meaningful beat. The improvement was attributed to tighter cost control and a higher gross‑margin mix, with IXIARO and DUKORAL contributing 63.2% and 52.3% margins respectively. Operating cash burn was reduced, reflecting disciplined spending amid the revenue miss.
Gross margin for the quarter rose to 57.2% from 48.6% a year earlier, driven by a stronger mix of high‑margin products and improved manufacturing efficiency. The margin expansion helped offset the revenue decline and contributed to the EPS beat.
Valneva reaffirmed its full‑year 2025 guidance, maintaining product sales expectations of €155‑170 million and total revenue guidance of €165‑180 million. The guidance was unchanged from the revision issued on October 6, signaling management’s confidence that the company can recover the Q3 shortfall and meet its long‑term targets.
Segment analysis shows IXIARO’s growth slowed in Q3 as the earlier catch‑up effect faded, while IXCHIQ sales were constrained by regulatory headwinds. DUKORAL maintained a solid gross margin of 52.3%, supporting the company’s overall margin profile.
CEO Thomas Lingelbach emphasized that the company is focusing on cost discipline and strategic investments in its pipeline, particularly the Lyme disease vaccine partnership with Pfizer. CFO Peter Buhler highlighted the reduced operating cash burn and the company’s strengthened financial flexibility following a successful debt refinancing in October.
Shares of Valneva rose 6% in Paris after the earnings release, reflecting investor confidence in the company’s reaffirmed guidance and margin improvement. The market reaction was driven by the EPS beat, the maintenance of full‑year targets, and the positive outlook for the Lyme disease vaccine program, despite the revenue miss and the IXCHIQ license suspension headwind.
Headwinds for the company include the IXCHIQ license suspension and the normalization of travel‑vaccine demand, which have dampened sales in that segment. Opportunities remain in the advanced Lyme disease vaccine program with Pfizer and the Shigella vaccine candidate, both of which carry high strategic value for Valneva’s future growth.
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