Valneva SE (VALN) Revenue History
Annual and quarterly revenue from 2005 to present
VALN Revenue Over Time (2005–2025)
VALN Revenue Growth History
14 of 20 years with positive growth- FY2005 revenue growth
- N/A
- FY2006 revenue growth
- -22.7%
- FY2007 revenue growth
- -62.8%
- FY2008 revenue growth
- +294.7%
- FY2009 revenue growth
- -9.4%
- FY2010 revenue growth
- +171.2%
- FY2011 revenue growth
- +22.3%
- FY2012 revenue growth
- -66.6%
- FY2013 revenue growth
- +787.4%
- FY2014 revenue growth
- +21.3%
- FY2015 revenue growth
- +112.2%
- FY2016 revenue growth
- +20.0%
- FY2017 revenue growth
- +11.9%
- FY2018 revenue growth
- +7.4%
- FY2019 revenue growth
- +11.6%
- FY2020 revenue growth
- -12.6%
- FY2021 revenue growth
- +215.5%
- FY2022 revenue growth
- +3.8%
- FY2023 revenue growth
- -57.5%
- FY2024 revenue growth
- +10.3%
- FY2025 revenue growth
- +3.0%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $30.9M | -37.2% |
| Q4 2025 | $47.7M | -9.9% |
| Q3 2025 | $29.4M | -35.8% |
| Q2 2025 | $48.3M | +27.0% |
| Q1 2025 | $49.2M | +50.3% |
| Q4 2024 | $52.9M | +26.4% |
| Q3 2024 | $45.8M | +20.4% |
| Q2 2024 | $38.1M | -5.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
VALN's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
VALN Revenue Analysis (2005–2025)
Current Revenue & Growth
As of June 21, 2026, Valneva SE (VALN) generated trailing twelve-month (TTM) revenue of $156.3 million, reflecting significant decline in growth of -37.2% year-over-year. The most recent quarter (Q1 2026) recorded $30.9 million in revenue, down 35.2% sequentially.
Historical Growth Trajectory
VALN's 5-year compound annual growth rate (CAGR) stands at +9.6%, indicating steady revenue expansion. The 3-year CAGR of -21.5% is below the 5-year average, signalling a growth deceleration in recent years. Valneva SE's highest annual revenue of $361.3 million was recorded in 2022.
Revenue by Segment
VALN's revenue is primarily driven by IXIARO (66%), DUKORAL (21%), and Third Party Products (13%). With over half of revenue concentrated in IXIARO, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including NVAX (-52.5% YoY), DYAI (-11.0% YoY), and IBRX (+351.5% YoY) — VALN has underperformed the peer group in revenue growth. Compare VALN vs NVAX →
VALN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VALNCurrent | $156M | -37.2% | +9.6% | -46.7% | |
 NVAX | $1.1B | -52.5% | +118.8% | 50.1% | |
 DYAI | $1M | -11.0% | -5.1% | -579.9% | |
 IBRX | $113M | +351.5% | +184.8% | -226.0% | |
 SIGA | $95M | -22.1% | -5.4% | 25.1% | |
 PFE | $62.6B | +1.4% | +8.5% | 24.7% |
VALN Historical Revenue Data (2005–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $174.7M | +3.0% | $67.5M | 38.7% | $-81,631,000 | -46.7% |
| 2024 | $169.6M | +10.3% | $71.0M | 41.9% | $13.3M | 7.9% |
| 2023 | $153.7M | -57.5% | $52.8M | 34.4% | $-82,087,000 | -53.4% |
| 2022 | $361.3M | +3.8% | $36.9M | 10.2% | $-113,443,000 | -31.4% |
| 2021 | $348.1M | +215.5% | $160.2M | 46.0% | $-61,391,000 | -17.6% |
| 2020 | $110.3M | -12.6% | $56.0M | 50.8% | $-55,110,000 | -50.0% |
| 2019 | $126.2M | +11.6% | $76.2M | 60.4% | $-811,000 | -0.6% |
| 2018 | $113.0M | +7.4% | $69.6M | 61.6% | $6.3M | 5.5% |
| 2017 | $105.3M | +11.9% | $59.3M | 56.3% | $-3,954,000 | -3.8% |
| 2016 | $94.1M | +20.0% | $51.0M | 54.2% | $-42,568,000 | -45.3% |
| 2015 | $78.4M | +112.2% | $31.4M | 40.1% | $-19,934,000 | -25.4% |
| 2014 | $36.9M | +21.3% | $19.8M | 53.6% | $-23,817,000 | -64.5% |
| 2013 | $30.4M | +787.4% | $13.9M | 45.8% | $-20,856,000 | -68.5% |
| 2012 | $3.4M | -66.6% | $-7,664,000 | -223.4% | $-12,833,000 | -374.0% |
| 2011 | $10.3M | +22.3% | $3.5M | 34.5% | $-4,451,000 | -43.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
21+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
VALN — Frequently Asked Questions
Quick answers to the most common questions about buying VALN stock.
Is VALN's revenue growth accelerating or slowing?
VALN revenue is declining -37.2% year-over-year. TTM revenue fell to $156M, contrasting with the 5-year CAGR of +9.6%. The reversal reflects either macro headwinds or company-specific challenges.
What is VALN's revenue history from 2005 to 2026?
Valneva SE (VALN) revenue history spans 2005 to 2026. TTM revenue as of 2026 is $156M, growing at -37.2% YoY. The 5-year CAGR is +9.6%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is VALN's long-term revenue growth rate (CAGR)?
Valneva SE's 5-year revenue CAGR of +9.6% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -37.2% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for VALN.
Why does VALN's quarterly revenue fluctuate?
VALN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Valneva SE's revenue data from 2005 to 2026 shows full historical quarterly detail on this page.
How is VALN's revenue distributed by segment?
VALN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does VALN's revenue compare to industry peers?
Valneva SE (VALN) with TTM revenue of $156M and -37.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.