Revenue contraction and structural margin compression are evident, with gross margins plummeting from 53.2% in 2025Q1 to 15.3% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Sales/Revenue | 156.33M | 174.66M | 169.58M | 153.71M | 361.3M | 348.08M | 110.32M | 126.2M | 113.03M | 105.29M | 94.06M | 78.36M | 36.92M | 30.45M | 3.43M | 10.26M | 8.39M | 3.1M | 3.42M | 866K | 2.33M | 3.01M |
| Revenue Growth % | -15.98% | 3% | 10.32% | -57.46% | 3.8% | 215.52% | -12.58% | 11.64% | 7.35% | 11.94% | 20.04% | 112.22% | 21.28% | 787.35% | -66.57% | 22.25% | 171.16% | -9.42% | 294.69% | -62.82% | -22.65% | - |
| Cost of Goods Sold | 110.28M | 107.14M | 98.54M | 100.88M | 324.44M | 187.92M | 54.3M | 49.97M | 43.43M | 45.98M | 43.08M | 46.96M | 17.14M | 16.51M | 11.1M | 6.72M | 6.54M | 5.26M | 2.75M | 1.68M | 726K | 475K |
| COGS % of Revenue | - | 61.34% | 58.11% | 65.63% | 89.8% | 53.99% | 49.22% | 39.6% | 38.42% | 43.67% | 45.8% | 59.93% | 46.43% | 54.22% | 323.38% | 65.5% | 77.89% | 169.8% | 80.31% | 194.34% | 31.17% | 15.78% |
| Gross Profit | 46.05M | 67.52M | 71.04M | 52.84M | 36.86M | 160.16M | 56.02M | 76.23M | 69.6M | 59.31M | 50.99M | 31.4M | 19.78M | 13.94M | -7.66M | 3.54M | 1.86M | -2.16M | 673K | -817K | 1.6M | 2.54M |
| Gross Margin % | 29.46% | 38.66% | 41.89% | 34.37% | 10.2% | 46.01% | 50.78% | 60.4% | 61.58% | 56.33% | 54.2% | 40.07% | 53.57% | 45.78% | -223.38% | 34.5% | 22.11% | -69.8% | 19.69% | -94.34% | 68.83% | 84.22% |
| Gross Profit Growth % | - | -4.96% | 34.45% | 43.34% | -76.98% | 185.91% | -26.51% | 9.52% | 17.35% | 16.33% | 62.39% | 58.74% | 41.92% | 281.85% | -316.44% | 90.79% | 185.89% | -421.1% | 182.37% | -150.97% | -36.79% | - |
| Operating Expenses | 145.42M | 149.15M | 57.71M | 134.92M | 150.31M | 221.56M | 111.13M | 74.23M | 63.34M | 63.27M | 93.43M | 51.36M | 43.53M | 36.05M | 16.26M | 8.65M | 16.81M | 3.38M | 3.83M | 3.97M | 1.82M | 3.97M |
| OpEx % of Revenue | - | 85.4% | 34.03% | 87.78% | 41.6% | 63.65% | 100.73% | 58.82% | 56.03% | 60.09% | 99.33% | 65.55% | 117.9% | 118.42% | 474.03% | 84.25% | 200.26% | 109.24% | 111.97% | 458.2% | 78.32% | 131.72% |
| Selling, General & Admin | 70.46M | 74.68M | 95.11M | 96.55M | 57.58M | 71.25M | 45.52M | 42.54M | 48.04M | 33.42M | 31.05M | 23.52M | 14.14M | 14.72M | 4.18M | 262K | 3.69M | 3.06M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 42.76% | 56.08% | 62.81% | 15.94% | 20.47% | 41.26% | 33.71% | 42.5% | 31.74% | 33.01% | 30.01% | 38.3% | 48.35% | 121.74% | 2.55% | 43.91% | 98.93% | - | - | - | - |
| Research & Development | 85.56M | 85.3M | 74.14M | 59.89M | 104.92M | 173.28M | 84.45M | 37.88M | 12.19M | 23.36M | 24.59M | 25.37M | 22.24M | 21.42M | 12.88M | 12.16M | 13.13M | 9.87M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 48.84% | 43.72% | 38.97% | 29.04% | 49.78% | 76.55% | 30.02% | 10.79% | 22.18% | 26.14% | 32.37% | 60.24% | 70.37% | 375.55% | 118.53% | 156.35% | 318.8% | - | - | - | - |
| Other Operating Expenses | -4M | -10.83M | -111.54M | -21.52M | -12.2M | -22.98M | -18.85M | -3.07M | 19.83M | 6.49M | 37.79M | 2.48M | 7.15M | -91K | -798K | 8.38M | -636K | 3.38M | 3.83M | 3.97M | 1.82M | 3.97M |
| Operating Income | -99.37M | -81.63M | 13.33M | -82.09M | -113.44M | -61.39M | -55.11M | -811K | 6.26M | -3.95M | -42.57M | -19.93M | -23.82M | -20.86M | -12.83M | -4.45M | -8.42M | -6.29M | -3.15M | -4.79M | -221K | -1.43M |
| Operating Margin % | -63.56% | -46.74% | 7.86% | -53.4% | -31.4% | -17.64% | -49.95% | -0.64% | 5.54% | -3.76% | -45.26% | -25.44% | -64.5% | -68.5% | -374.03% | -43.37% | -100.26% | -203.33% | -92.28% | -552.54% | -9.49% | -47.49% |
| Operating Income Growth % | - | -712.39% | 116.24% | 27.64% | -84.79% | -11.4% | -6695.31% | -112.95% | 258.35% | 90.71% | -113.54% | 16.3% | -14.2% | -62.52% | -188.32% | 47.12% | -33.71% | -99.59% | 34.09% | -2065.16% | 84.55% | - |
| EBITDA | -96.6M | -59.88M | 32.92M | -64.5M | -92.41M | -47.11M | -45.31M | 7.72M | 13.09M | 7.19M | -31.3M | -8.49M | -11.46M | -11.8M | -8.05M | -1.13M | -5.8M | -4.7M | -1.85M | -3.57M | 107K | 87K |
| EBITDA Margin % | -61.79% | -34.28% | 19.41% | -41.96% | -25.58% | -13.53% | -41.07% | 6.12% | 11.58% | 6.83% | -33.27% | -10.84% | -31.03% | -38.76% | -234.6% | -11.03% | -69.04% | -151.87% | -54.01% | -412.01% | 4.59% | 2.89% |
| EBITDA Growth % | -94.18% | -281.92% | 151.03% | 30.2% | -96.15% | -3.97% | -686.85% | -41.01% | 82.12% | 122.96% | -268.57% | 25.89% | 2.9% | -46.6% | -611.04% | 80.47% | -23.27% | -154.71% | 48.26% | -3434.58% | 22.99% | - |
| D&A (Non-Cash Add-back) | 0 | 21.75M | 19.59M | 17.58M | 21.04M | 14.28M | 9.8M | 8.53M | 6.83M | 11.14M | 11.27M | 11.44M | 12.36M | 9.06M | 4.78M | 3.32M | 2.62M | 1.59M | 1.31M | 1.22M | 328K | 1.52M |
| EBIT | -96.6M | -72.22M | 12.5M | -75.3M | -125.76M | -53.02M | -54.56M | 1.76M | 7.14M | -7.5M | -42.74M | -10.68M | -21.54M | -22.41M | -12.47M | -2.32M | -8.66M | -6.29M | -3.15M | -3.98M | -130K | -1.31M |
| Net Interest Income | -39.12M | -40.09M | -21.62M | -22.11M | -18.79M | -16.71M | -10.62M | -2.43M | -3.61M | -4.99M | -5.8M | -6.62M | -4.17M | -1.02M | 16K | 58K | -397K | 151K | 765K | 396K | -25K | 34K |
| Interest Income | 1.89M | 1.8M | 2.36M | 1.21M | 260K | 249K | 119K | 199K | 178K | 72K | 290K | 3.1M | 225K | 191K | 435K | 757K | 389K | 312K | 972K | 550K | 0 | 34K |
| Interest Expense | 41.01M | 41.9M | 23.98M | 23.32M | 19.05M | 16.96M | 10.74M | 2.63M | 3.79M | 5.06M | 6.09M | 9.72M | 4.39M | 1.21M | 533K | 699K | 786K | 161K | 207K | 154K | 25K | 0 |
| Other Income/Expense | -38.24M | -32.49M | -24.82M | -16.54M | -31.37M | -8.59M | -10.18M | -59K | -2.91M | -8.61M | -6.26M | -13.64M | -2.12M | -2.77M | -56K | 1.43M | -397K | 3.58M | 765K | 396K | -25K | 34K |
| Pretax Income | -137.61M | -114.12M | -11.49M | -98.63M | -144.81M | -69.98M | -65.3M | -870K | 3.35M | -12.56M | -48.83M | -20.39M | -25.94M | -23.63M | -12.89M | -4.39M | -9.45M | -6.14M | -2.39M | -4.39M | -246K | -1.4M |
| Pretax Margin % | -88.03% | -65.34% | -6.77% | -64.16% | -40.08% | -20.1% | -59.19% | -0.69% | 2.96% | -11.93% | -51.91% | -26.03% | -70.25% | -77.6% | -375.66% | -42.8% | -112.57% | -198.45% | -69.89% | -506.81% | -10.56% | -46.36% |
| Income Tax | 423K | 1.07M | 761K | 2.8M | -1.54M | 3.45M | -909K | 874K | 88K | -1.08M | 356K | 224K | 334K | 348K | 96K | 26K | -1.49M | 0 | 24K | -1.03M | -3K | -176K |
| Effective Tax Rate % | -0.31% | -0.94% | -6.63% | -2.84% | 1.06% | -4.92% | 1.39% | -100.46% | 2.63% | 8.58% | -0.73% | -1.1% | -1.29% | -1.47% | -0.74% | -0.59% | 15.75% | 0% | -1% | 23.4% | 1.22% | 12.61% |
| Net Income | -138.03M | -115.19M | -12.25M | -101.43M | -143.28M | -73.42M | -64.39M | -1.74M | 3.26M | -11.48M | -49.18M | -20.62M | -26.27M | -24.11M | -14.84M | -4.42M | -7.96M | -6.14M | -2.39M | -3.36M | -243K | -1.22M |
| Net Margin % | -88.3% | -65.95% | -7.22% | -65.99% | -39.66% | -21.09% | -58.37% | -1.38% | 2.89% | -10.9% | -52.29% | -26.31% | -71.15% | -79.19% | -432.56% | -43.06% | -94.84% | -198.45% | -69.89% | -388.22% | -10.43% | -40.52% |
| Net Income Growth % | -71.71% | -840.57% | 87.93% | 29.21% | -95.14% | -14.03% | -3592.26% | -153.43% | 128.43% | 76.66% | -138.56% | 21.52% | -8.97% | -62.46% | -235.85% | 44.5% | -29.59% | -157.18% | 28.94% | -1283.54% | 80.08% | - |
| Net Income (Continuing) | -138.03M | -115.19M | -12.25M | -101.43M | -143.28M | -73.42M | -64.39M | -1.74M | 2.14M | -11.48M | -49.18M | -20.62M | -26.27M | -23.97M | -12.98M | -3.05M | -7.96M | -6.14M | -2.39M | -3.36M | -243K | -1.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.60 | -1.32 | -0.17 | -1.46 | -2.48 | -1.50 | -1.42 | -0.04 | 0.08 | -0.30 | -1.32 | -0.56 | -0.94 | -1.22 | -1.40 | -0.42 | -0.92 | -0.84 | -0.28 | -0.52 | -0.05 | -0.24 |
| EPS Growth % | -41.74% | -676.47% | 88.36% | 41.13% | -65.33% | -5.63% | -3636.84% | -147.5% | 126.67% | 77.27% | -135.71% | 40.43% | 22.95% | 12.86% | -233.33% | 54.35% | -9.52% | -200% | 46.15% | -992.44% | 80.17% | - |
| EPS (Basic) | - | -1.32 | -0.17 | -1.46 | -2.48 | -1.50 | -1.42 | -0.04 | 0.08 | -0.30 | -1.32 | -0.56 | -0.94 | -1.22 | -1.40 | -0.42 | -0.92 | -0.84 | -0.28 | -0.52 | -0.05 | -0.24 |
| Diluted Shares Outstanding | 86.04M | 84.09M | 70.26M | 69.31M | 57.74M | 48.81M | 45.38M | 45.87M | 40.8M | 38.72M | 37.33M | 36.37M | 27.75M | 19.67M | 10.63M | 10.54M | 8.75M | 7.31M | 8.42M | 6.53M | 5.1M | 5.1M |
| Basic Shares Outstanding | 86.04M | 84.09M | 70.26M | 69.47M | 57.74M | 48.81M | 45.38M | 45.87M | 40.26M | 38.27M | 37.33M | 36.37M | 27.75M | 19.67M | 10.63M | 10.5M | 8.75M | 7.31M | 8.42M | 6.53M | 5.1M | 5.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and commercial execution
As indicated by the most recent quarterly data, Valneva's revenue has experienced significant contraction, with a 37.2% year-over-year decline in 2026Q1, highlighting the inherent instability of a business model heavily reliant on lumpy milestone payments and seasonal travel vaccine demand cycles.
The revenue profile appears increasingly erratic, suggesting that the company struggles to maintain consistent organic growth outside of sporadic partnership-driven inflows. Investors should monitor whether the commercial rollout of IXCHIQ can provide a more predictable revenue base to offset the volatility inherent in its current licensing-heavy structure.
Based on reported financial statements, Valneva's gross margin has fluctuated significantly, dropping to 15.3% in 2026Q1 from a peak of 53.2% in 2025Q1, which suggests that the company's high fixed-cost manufacturing base is struggling to achieve the necessary scale for sustainable profitability.
The sensitivity of gross margins to capacity utilization indicates that the company's specialized production facilities in Scotland and Sweden may be under-leveraged. This margin volatility appears to be a structural hurdle that could continue to weigh on the bottom line until product volumes reach a critical mass.
According to the income statement analysis, Valneva's operating margin has remained deeply negative, reaching -76.7% in 2026Q1, which demonstrates a failure to achieve operating leverage as R&D and SG&A expenses continue to outpace the company's ability to generate gross profit.
The persistent gap between gross profit and operating expenses suggests that the company is currently in a high-burn phase that may not be sustainable without further capital injections. The lack of scalability in the current cost structure warrants further investigation into management's ability to control overhead during this commercial transition.
As reported in recent filings, the company's R&D expenditure remains a primary driver of its negative net income, with quarterly R&D costs frequently exceeding gross profit, thereby exacerbating the firm's cash burn and limiting its financial flexibility in a challenging macroeconomic environment.
The heavy reliance on R&D spending to drive future pipeline assets appears to be the primary factor preventing the company from reaching break-even status. Investors should monitor whether the company can successfully shift its cost focus toward commercialization as the pipeline matures, or if R&D requirements will continue to necessitate dilutive financing.
While the company has successfully navigated regulatory hurdles, the market's focus on the potential of the Chikungunya vaccine may be premature, as evidenced by the 2026Q1 net loss of $32.1M, which underscores the significant execution risk inherent in scaling a niche vaccine portfolio.
Short-term performance suggests that the transition from a clinical-stage developer to a commercial entity is fraught with challenges, particularly regarding reimbursement and market penetration. The current financial trajectory may indicate that the company is overestimating the speed at which it can convert its technical successes into meaningful, recurring cash flow.
Quick answers to the most common questions about buying VALN stock.
For fiscal year 2025, Valneva SE (VALN) reported total revenue of $174.7M. This represents a 5700.7% increase compared to $3.0M in 2005.
Valneva SE (VALN) reported a net loss of $115.2M for the fiscal year ending 2025.
Valneva SE (VALN) reported an operating income of $-81.6M, resulting in an operating profit margin of -46.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Valneva SE (VALN) generated $67.5M in gross profit for the year, representing a gross profit margin of 38.7%. This demonstrates the company's core pricing power and production efficiency.