Valneva Cuts Revenue Outlook as Travel Vaccine Sales Fall
Valneva reported first-quarter 2026 revenue of €30.9 million, nearly 40% below a year earlier, as its travel vaccine business shrank and the company prepared regulatory submissions for its Lyme disease vaccine LB6V. The company also reported a €32.1 million net loss for the period.
The quarter left Valneva with a sharper mismatch between current sales and its pipeline. It lowered full-year 2026 revenue guidance to €145 million to €160 million, while phase 3 data for LB6V showed efficacy above 70% in people aged five and older with no safety concerns flagged.
Valneva First-Quarter Sales
Revenue for the three months ended March 2026 fell to €30.9 million from €49.2 million in the same period a year earlier. Operating losses widened to €23.7 million from €6.0 million a year earlier, and the loss per share came in at $0.42, wider than analyst expectations for a $0.18 deficit.
IXIARO/JESPECT generated €20.2 million in revenue, DUKORAL brought in €8.6 million, and IXCHIQ added €1.6 million. Revenue from Valneva’s third-party vaccine distribution business fell to €0.1 million from €5.8 million a year earlier.
LB6V Regulatory Filing
Valneva and Pfizer are preparing regulatory submissions for the experimental Lyme disease vaccine LB6V. The phase 3 data showed efficacy above 70% in people aged five and older, and no safety concerns were flagged in the study readout.
The filing work gives the company a clearer near-term clinical milestone than its sales mix does. Valneva is also trying to reduce third-party product sales to less than 5% of total turnover by the end of 2026 or 2027, a shift that leaves its own vaccines and pipeline candidates carrying more of the load.
Cash After April Raise
Valneva ended March with €105.3 million in cash and added another €84 million through a capital raise in April. The company said its restructuring program targets a 25% to 35% reduction in operating costs relative to 2025 and a 10% to 15% reduction in workforce.
First results from phase 2 studies of the Shigella vaccine candidate S4V2 are expected by mid-2026, giving investors another readout after the Lyme filing work. Brazil’s health regulator also gave the green light for local production of the Chikungunya vaccine, adding another operational step to the company’s broader transition.
