Revenue has contracted sharply, with a -26.5% year-over-year decline in Q2 2026, while gross margins have collapsed from 53.2% to 4.6%, indicating a severe and accelerating operational downturn.
Valneva SE (VALN) annual income statement — 21-year revenue, gross profit & net income history
| 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 | 143.51M | 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 % | -26.9% | 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 | 120.05M | 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 | 23.47M | 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 % | 16.35% | 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 | 139.61M | 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 | 64.25M | 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 | 83.34M | 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 | -2.77M | -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 | -116.14M | -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 % | -80.93% | -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 | -95.32M | -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 % | -66.42% | -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 % | -160.37% | -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) | 20.82M | 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 | -115.12M | -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 | -38.78M | -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 | 1.91M | 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 | 40.69M | 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 | -41.96M | -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 | -158.1M | -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 % | -110.16% | -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 | 70.63K | 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 % | -0.04% | -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 | -158.17M | -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 % | -110.21% | -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 % | -135.93% | -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) | -158.17M | -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) | -1.67 | -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 % | -97.83% | -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 | 94.82M | 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 | 94.82M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Severe margin compression and revenue decline
Revenue Trajectory in Sharp Decline
Valneva's revenue has contracted significantly, with a -26.5% year-over-year decline in Q2 2026, following a -37.2% drop in Q1, indicating a severe and accelerating downturn in its commercial performance.
The company's top line has deteriorated from a peak of $52.9M in Q4 2024 to just $35.5M in Q2 2026, representing a sustained negative trend. This decline appears to be driven by a collapse in demand or pricing for its core products, as the company lacks the diversified revenue streams typical of larger biotech peers. The trajectory suggests the business is struggling to maintain its commercial footing, raising questions about the durability of its product portfolio.
Gross Margin Collapse Signals Crisis
Gross margins have plummeted from a healthy 53.2% in Q1 2025 to a critically low 4.6% in Q2 2026, a collapse that suggests severe pricing pressure, unfavorable product mix, or significant manufacturing cost inflation.
The erosion from over 50% to single-digit gross margins in just over a year is a dramatic deterioration that fundamentally alters the company's profit potential. This level of compression is unsustainable and indicates that the cost of goods sold is consuming nearly all revenue, leaving minimal contribution to cover R&D and SG&A. Compared to peers like Novavax (93.7% gross margin), Valneva's current margin structure appears structurally impaired and warrants immediate investigation into the underlying causes.
Negative Operating Leverage Amplifies Losses
Operating losses have widened dramatically despite revenue declines, with the operating margin deteriorating to -77.8% in Q2 2026, indicating a complete absence of positive operating leverage as fixed costs overwhelm shrinking gross profit.
The company's cost structure appears highly fixed, with R&D and SG&A expenses remaining substantial even as revenue falls. For instance, R&D spending was $15.3M in Q2 2026 on just $35.5M of revenue, representing 43% of sales. This creates severe negative operating leverage, where each dollar of lost revenue directly translates to a larger operating loss. The inability to scale down expenses in line with the revenue contraction suggests poor cost discipline or necessary long-term investments that are currently misaligned with commercial reality.
R&D Burden Overwhelms Shrinking Revenue
Research and development expenses have consistently consumed 30-50% of revenue over the past several quarters, a ratio that has become untenable as the top line contracts, indicating a potential misalignment between investment and commercial traction.
R&D spending has remained in the $15M-$27M quarterly range, while revenue has fallen from the $50M range to the $30M range. This high fixed-cost investment profile is typical for early-stage biotechs but is highly risky for a company with a commercialized product experiencing a sales decline. The sustained high R&D spend, coupled with significant SG&A, suggests management is still pursuing a growth-oriented strategy that the current financial performance does not support, potentially straining the company's cash position.
Q1 2025: The Last Quarter of Profitability
The operational inflection point occurred in Q1 2025, the last period with a positive operating margin of 2.1%, after which the company entered a sustained period of deepening losses and margin erosion.
Q1 2025 appears to have been the peak of Valneva's recent commercial cycle, with $49.2M in revenue and a 53.2% gross margin. The subsequent quarters show a clear and rapid deterioration in all profitability metrics. This inflection suggests that the favorable conditions of early 2025—likely driven by specific product demand or pricing—were not sustainable. The lasting impact is a business now generating significant operating losses, with the Q1 2025 result serving as a benchmark for the scale of the subsequent decline.
Sustainability of Current Cash Burn
The most significant analytical challenge is the sustainability of Valneva's cash burn, as the company is generating deep operating losses on a shrinking revenue base with a high fixed-cost structure, which may necessitate future financing.
With operating losses exceeding $27M per quarter and a gross margin that has collapsed to 4.6%, the company's ability to fund its operations from internal cash flow is highly questionable. The negative trend in both revenue and margins suggests the core business is not currently self-sustaining. Investors should monitor the balance sheet for signs of liquidity stress, as the current trajectory implies a potential need for additional capital to fund ongoing R&D and operations, which could be dilutive to existing shareholders.