Valneva Se · EURONEXT:VLA
Valneva — Shareholder Meeting (June 2025)
78 slides from Valneva's shareholder meeting presentation, Jun 25, 2025
Slide 1: Annual General Meeting
Annual General Meeting June 25, 2025 Lyon
Slide 2: Disclaimer
Disclaimer This presentation does not contain or constitute an offer of, or the solicitation of an Certain information and statements included in this presentation are not historical offer to buy or subscribe for, Valneva SE shares to any person in the USA or in any facts but are forward-looking sta
Slide 3: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 4: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 5: Preliminary Formalities
Preliminary Formalities Sign attendance sheet (All) Appoint AGM committee (Chair, Observers, Secretary) Validation of the Quorum (Secretary) Documents filed with the AGM committee (Secretary) Agenda (Chairperson) Valneva Combined General Meeting – June 25, 2025
Slide 6: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 7: Full Year 2024 Key Highlights
Full Year 2024 Key Highlights 13% YoY Sales Growth Solid Cash Position €163.3m €168.3m Aligned with 2024 guidance 67% lower operating cash burn Successful €57m financing FY 2024 Strong Regulatory Execution Pipeline Optimization 3 additional IXCHIQ® Leading Phase 2 Shigella approvals; Program upcomin
Slide 8: Execution in 2024 Sets the Stage for Multiple 2025 Milestones
Execution in 2024 Sets the Stage for Multiple 2025 Milestones Substantial Multiple Milestones Clinical & Regulatory Anticipated Progress ✓ Data Readouts ✓ Product Approvals Financial Strength ✓ Label Extensions ▪ Significantly expanded access to IXCHIQ® ▪ Transformative potential: VLA15 Phase 3 Stud
Slide 9: Valneva's Commercial and R&D Portfolio
Valneva’s Commercial and R&D Portfolio A unique, differentiated portfolio Program Vaccine Design Pre-Clinical Phase 1 Phase 2 Phase 3 Commercial IXIARO® Only U.S./ EU approved vaccine against Japanese encephalitis Commercial DUKORAL® Established Cholera (ETEC1) vaccine approved in >30 countries Prod
Slide 10: Our Strategy to Become a Globally Recognized Vaccine Company
Our Strategy to Become a Globally Recognized Vaccine Company Contribute to a world where no one dies or suffers from a vaccine preventable disease Drive Maximize Commercial Capture integrated Growth R&D Upside biotech model ▪ Unlock IXCHIQ® value by building ▪ Leverage proven R&D engine ▪ Build cont
Slide 11: R&D
R&D WMvalneva
Slide 12: VLA15: World's leading Vaccine Candidate Against Lyme Disease
VLA15: World’s leading Vaccine Candidate Against Lyme Disease The only Lyme disease program in advanced clinical development today Vaccine Highlights Market Opportunity Key Milestones • Exclusive, worldwide partnership2 • On track for first Phase 3 study results (end • Multivalent, recombinant prote
Slide 13: IXCHIQ: A Single-Shot Chikungunya Vaccine
IXCHIQ®: A Single-Shot Chikungunya Vaccine Approved in adults in U.S., EU, UK, Canada – label extensions expected in 2025 Vaccine Highlights Market Opportunity Key Milestones • Live-attenuated: offers strong and long-lasting • Travelers • Potential upcoming approval of VLA1555 protection with a sing
Slide 14: S4V2: Opportunity to Develop First-in-Class Vaccine
S4V2: Opportunity to Develop First-in-Class Vaccine for a Life-Threatening Disease Tetravalent bioconjugate vaccine with potential to cover up to ~85% of shigellosis infections1 Vaccine Highlights Market Opportunity Upcoming Milestones • World’s most clinically advanced tetravalent • Global market e
Slide 15: VLA1601: Optimized Vaccine Candidate Against Zika Virus
VLA1601: Optimized Vaccine Candidate Against Zika Virus Phase 1 results expected this year Vaccine Highlights Market Opportunity Upcoming Milestones • Novel adjuvanted inactivated whole- • Flaviviral disease transmitted by • Execute Phase 1 clinical trial with virus vaccine Aedes mosquitoes2 enhance
Slide 16: Valneva Commercial Business
Valneva Commercial Business
Slide 17: Continued Product Sales Growth Fuels Investments into R&D
Continued Product Sales Growth Fuels Investments into R&D +13% in 2024; Commercial business expected to be cash-flow positive in 2025 170-1801 163 IXCHIQ® 145 Strong Growth pre-COVID 130 (€ million) 115 COVID-19 104 Impact 93 VLA2001 80 3PP 66 63 DUKORAL® IXIARO® (travel) IXIARO® (DoD) 2016 2017 201
Slide 18: Valneva Remains Solidly Funded with Strong Financial Outlook
Valneva Remains Solidly Funded with Strong Financial Outlook 2025 Guidance Financial Outlook ▪ Product Sales: €170 - €180 million1; Commercial ▪ Continued revenue growth and cash flows from business expected to be cash-flow positive commercialized vaccines ▪ Total Revenues: €180 - €190 million ▪ Foc
Slide 19: ESG: Reaching Further, Where Most Needed
ESG: Reaching Further, Where Most Needed Our Vision: a world in which no one dies or suffers from a vaccine-preventable disease ESG Agenda 2024 in Figures Commercial vaccines; Two with access Protecting Lives 3 routes for people in LMICs1 We develop vaccines for unmet medical needs – focusing on uni
Slide 20: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 21: FY 2024 Financials: Product Sales of €163.3 million
FY 2024 Financials: Product Sales of €163.3 million Commercial business showing continued, significant growth €m (audited) FY FY % % 2024 2023 Change at CER* IXIARO®/JESPECT® 94.1 73.5 +28% +27% DUKORAL® 32.3 29.8 +8% +9% IXCHIQ® 3.7 -- -- -- Third party products 33.2 35.7 -7% -8% Total product sale
Slide 22: FY 2024 Financials: Income Statement
FY 2024 Financials: Income Statement €m (audited) FY 2024 FY 2023 Product sales 163.3 144.6 Other Revenues 6.3 9.1 Revenues 169.6 153.7 Cost of goods and services (98.5) (100.9) Research and development expenses (74.1) (59.9) Marketing and distribution expenses (52.4) (48.8) General and administrati
Slide 23: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 24: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 25: Summary of the Auditors' Reports
Summary of the Auditors’ Reports 2024 Financial statements + Audit performed in accordance with professional standards applicable in France, in compliance with independence requirements applicable under French law and the French Code of Ethics for Statutory Auditors. + Applicable accounting principl
Slide 26: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Related party agreements Agreements proposed for your approval, executed during the fiscal year 2024 ✓ Indemnity agreement entered into on September 26, 2024, between Ms. Danièle Guyot-Caparros and Valneva SE ✓ Settlement Agreement Concluded on April 30, 2024, betwee
Slide 27: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Authorizations for share capital operations Operations Resolutions • Share capital decrease through cancellation of treasury shares Resolution 24 • Issuance of shares and securities with and/or without preferential subscription rights Resolutions 25 to 30 and 32 to 3
Slide 28: Summary of the Auditors' Reports
Summary of the Auditors’ Reports Report on the certification of sustainability information Limited assurance report on sustainability information • We have not identified any material misstatements, omissions or inconsistencies regarding: ✓ the compliance with the ESRS of the process implemented to
Slide 29: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 30: Presentation of the resolutions
Presentation of the resolutions Purpose of the resolutions submitted for your approval Purpose Resolutions no. Approval of the parent entity financial statements and consolidated financial 1 to 3 statements as of December 31, 2024, Appropriation of earnings Approval of regulated agreements 4 to 6 Re
Slide 31: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 32: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 33: Important Note
IMPORTANT NOTE For the purposes of this presentation, the resolutions have been summarized. A complete version of the resolutions is available on the Company’s website www.valneva.com (Section “Investors” / “General Meetings” / “June 25, 2025 Combined General Meeting”) and was provided to the shareh
Slide 34: Resolution 1 - Approval of the parent entity financial statements
Resolution 1 - Approval of the parent entity financial statements for the fiscal year ended December 31, 2024 − Loss of twelve million seven hundred thirteen thousand nine hundred nine euros and eighty-six cents (- €12,713,909.86). − Non-tax-deductible excess rental payments on passenger vehicles am
Slide 35: Resolution 2 - Approval of the consolidated financial statements
Resolution 2 - Approval of the consolidated financial statements for the fiscal year ended December 31, 2024 − Loss of twelve million two hundred forty-six thousand five hundred two euros and forty-seven cents (- €12,246,502.47). Valneva Combined General Meeting - June 25, 2025
Slide 36: Resolution 3 - Appropriation of earnings
Resolution 3 - Appropriation of earnings for the fiscal year ended December 31, 2024 − Allocation of the total loss of (- €12,713,909.86) for the fiscal year ended December 31, 2024, to retained earnings (accumulated deficit) that will be accordingly increased from - €236,809,631.79 to - €249,523,54
Slide 37: Resolution 4 - Indemnification agreement
Resolution 4 - Approval of the indemnification agreement entered into in favor of Ms. Danièle Guyot-Caparros in the year ended December 31, 2024, pursuant to Articles L. 225-38 et seq. of the French Commercial Code − Approval of the indemnification agreement entered into between the Company and Ms.
Slide 38: Resolution 5 - Settlement Agreement
Resolution 5 - Approval of the Settlement Agreement entered into between the Company and Mr. Frédéric Jacotot in the year ended December 31, 2024, pursuant to Articles L. 225-38 et seq. f the French Commercial Code − Approval of the Settlement Agreement entered into between the Company and Mr. Frédé
Slide 39: Resolution 6 - Service agreement with Bpifrance Participations
Resolution 6 - Approval of the service agreement (contrat de prestation de service d’accompagnement) entered into between the Company and Bpifrance Participations SA for the year ended December 31, 2024, pursuant to articles L. 225-38 et seq. of the French Commercial Code − Approval of the service a
Slide 40: Resolution 7 - Reappointment of Mr. James Sulat as Director
Resolution 7 - Reappointment of Mr. James Sulat as Director − Reappointment for a one-year (1) term expiring at the end of the General Meeting called in 2026 to approve the financial statements of the fiscal year ending on December 31, 2025. Valneva Combined General Meeting - June 25, 2025
Slide 41: Resolution 8 - Appointment of Mr. Gerd Zettlmeissl as Director
Resolution 8 - Appointment of Mr. Gerd Zettlmeissl as Director − Appointment for a three-year (3) term expiring at the end of the General Meeting called in 2028 to approve the financial statements of the fiscal year ending on December 31, 2027. − Mr. Zettlmeissl has already accepted this directorshi
Slide 42: Resolution 9 - Reappointment of a Statutory Auditor
Resolution 9 - Reappointment of a Statutory Auditor (Deloitte & Associés) − Reappointment for a period of six (6) financial years, expiring at the end of the General Meeting called in 2031, to approve the financial statements of the fiscal year ending on December 31, 2030. Valneva Combined General M
Slide 43: Resolution 10 - Compensation policy, CEO
Resolution 10 - Approval of the compensation policy applicable to Mr. Thomas Lingelbach, CEO, for the fiscal year 2025 − Approval the compensation policy applicable to Mr. Thomas Lingelbach, CEO, for the fiscal year 2025, as provided in Section 2.7.1.1. of the Company’s 2024 Universal Registration D
Slide 44: Resolution 11 - Compensation policy, Franck Grimaud
Resolution 11 - Approval of the compensation policy applicable to Mr. Franck Grimaud, Associate Managing Officer, for the fiscal year 2025 − Approval of the compensation policy applicable to Mr. Franck Grimaud, Associate Managing Officer, for the fiscal year 2025, as provided in Section 2.7.1.1. of
Slide 45: Resolution 12 - Compensation policy, Juan Carlos Jaramillo
Resolution 12 - Approval of the compensation policy applicable to Mr. Juan Carlos Jaramillo, Associate Managing Officer, for the fiscal year 2025 − Approval of the compensation policy applicable to Mr. Juan Carlos Jaramillo, Associate Managing Officer, for the fiscal year 2025, as provided in Sectio
Slide 46: Resolution 13 - Compensation policy, Peter Bühler
Resolution 13 - Approval of the compensation policy applicable to Mr. Peter Bühler, Associate Managing Officer, for the fiscal year 2025 − Approval of the compensation policy applicable to Mr. Peter Bühler, Associate Managing Officer, for the fiscal year 2025, as provided in Section 2.7.1.1. of the
Slide 47: Resolution 14 - Compensation policy, Dipal Patel
Resolution 14 - Approval of the compensation policy applicable to Ms. Dipal Patel, Associate Managing Officer, for the fiscal year 2025 − Approval of the compensation policy applicable to Ms. Dipal Patel, Associate Managing Officer, for the fiscal year 2025, as provided in Section 2.7.1.1. of the Co
Slide 48: Resolution 15 - Compensation policy, Board of Directors
Resolution 15 - Approval of the compensation policy applicable to the members of the Board of Directors for the fiscal year 2025 − Approval of the compensation policy applicable to the members of the Board of Directors (including its Chair), for the fiscal year 2025, as provided in Section 2.7.1.2.
Slide 49: Resolution 16 - Information referred to in Article L. 22-10-9, I
Resolution 16 - Approval of the information referred to in Article L. 22-10-9, I of the French Commercial Code, pursuant to Article L. 22-10-34, I of the French Commercial Code − Approval of the information referred to in Article L. 22-10-9, I of the French Commercial Code as provided in Section 2.7
Slide 50: Resolution 17 - Compensation of the Chair of the Board
Resolution 17 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2024, to Ms. Anne-Marie Graffin, Chair of the Board of Directors − Approval of the variable and
Slide 51: Resolution 18 - Compensation of the CEO
Resolution 18 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2024, to Mr. Thomas Lingelbach, CEO − Approval of the fixed, variable and exceptional component
Slide 52: Resolution 19 - Compensation of Franck Grimaud
Resolution 19 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2024, to Mr. Franck Grimaud, Associate Managing Officer − Approval of the fixed, variable and e
Slide 53: Resolution 20 - Compensation of Juan Carlos Jaramillo
Resolution 20 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2024, to Mr. Juan Carlos Jaramillo, Associate Managing Officer − Approval of the fixed, variabl
Slide 54: Resolution 21 - Compensation of Peter Bühler
Resolution 21 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2024, to Mr. Peter Bühler, Associate Managing Officer − Approval of the fixed, variable and exc
Slide 55: Resolution 22 - Compensation of Dipal Patel
Resolution 22 - Approval of the fixed, variable and exceptional components making up the total compensation and benefits of any kind paid during or granted in respect of the fiscal year ended December 31, 2024, to Ms. Dipal Patel, Associate Managing Officer − Approval of the fixed, variable and exce
Slide 56: Resolution 23 - Authorization for transactions on own shares
Resolution 23 - Authorization and powers to be given to the Board of Directors for the purpose of allowing the Company to make transactions on its own shares − Authorization for the Company to trade in its own shares, in particular with a view to: ▪ ensure liquidity or maintain an orderly market in
Slide 57: Resolution 24 - Cancel treasury shares
Resolution 24 - Authorization granted to the Board of Directors to cancel treasury shares − Duration of the authorization: 18 months − Reduction of the share capital within the limit of ten percent (10%) of the share capital per twenty-four (24) month period. This authorization supersedes and cancel
Slide 58: Resolution 25 - Capital increase with preferential subscription rights
Resolution 25 - Grant of authority to the Board of Directors to increase the share capital by issuing ordinary shares or any securities giving access to the capital, while maintaining the preferential subscription right of the shareholders − Duration of the delegation: 26 months − Nominal amount of
Slide 59: Resolution 26 - Capital increase by public offering
Resolution 26 - Grant of authority to the Board of Directors to increase the capital by issuing ordinary shares or any securities giving access to the capital through a public offering (other than those referred to in Article L. 411-2, 1° of the French Monetary and Financial Code), canceling prefere
Slide 60: Resolution 27 - Capital increase, private placement
Resolution 27 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company's share capital, with cancellation of preferential subscription rights of the shareholders, through a public offering re
Slide 61: Resolution 28 - Capital increase for certain categories of persons
Resolution 28 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, with cancellation of preferential subscription rights of the shareholders for the benefit of certain ca
Slide 62: Resolution 28 (continued) - Categories of investors
Resolution 28 (continued) - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, with cancellation of preferential subscription rights of the shareholders for the benefit o
Slide 63: Resolution 29 - Capital increase for designated persons
Resolution 29 - Grant of authority to the Board of Directors to increase the share capital by issuing ordinary shares and/or any securities giving access, immediately or in the future, to the Company’s share capital, with cancellation of preferential subscription rights of the shareholders for the b
Slide 64: Resolution 30 - Increase number of shares issued
Resolution 30 - Grant of authority to the Board of Directors to increase the number of shares to be issued in the case of a capital increase, with or without preferential subscription rights for existing shareholders, within the limit of 15% of the initial issue amount − Duration of the delegation:
Slide 65: Resolution 31 - Capitalization of reserves
Resolution 31 - Grant of authority to the Board of Directors in order to increase the share capital through the capitalization of reserves, earnings or premium − Duration of the delegation: 26 months − Nominal amount of increases in share capital: maximum €5,175,000 − Delegation does not apply durin
Slide 66: Resolution 32 - Issuance for contributions in kind
Resolution 32 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, in consideration for contributions in kind for equity securities or other securities giving access to t
Slide 67: Resolution 33 - Public offering with exchange component
Resolution 33 - Grant of authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving immediate and/or future access to the Company’s share capital, in a public offering involving an exchange component initiated by the Company − Duration of the delegat
Slide 68: Resolution 34 - Maximum aggregate amount of capital increases
Resolution 34 - Maximum aggregate amount of capital increases − Maximum aggregate amount under resolution 25: maximum €5,175,000. − Maximum aggregate amount under resolutions 26, 27, 28, 29, 32, 33: maximum €5,018,145. − The delegations of authority granted to the Board of Directors under resolution
Slide 69: Resolution 35 - Grant of stock options
Resolution 35 - Grant of authority to the Board of Directors for the purpose of granting stock options, through one or more issues, for the benefit of employees and/or corporate officers of the Company and its affiliates, entailing waiver by shareholders of their preferential subscription rights to
Slide 70: Resolution 36 - Issue of free shares
Resolution 36 - Issue of free shares; Delegation of authority to the Board of Directors for this purpose − Duration of the authorization: 38 months. − Beneficiaries : ▪ Natural persons who are not employees, hold the position of an executive corporate officer and meet the requirements set out in Art
Slide 71: Resolution 37 - Aggregate limitation on stock options and free shares
Resolution 37 - Aggregate limitation on the amount of issues made pursuant to the thirty-fifth and thirty-sixth resolutions − Total amount of shares that may be issued upon exercise of stock options that would be granted pursuant to resolution 35, or upon exercise of free shares that would be grante
Slide 72: Resolution 38 - Capital increase reserved for employees
Resolution 38 - Grant of authority to the Board of Directors for the purpose of deciding to carry out a capital increase reserved for employees − Duration of the delegation: 26 months − Nominal amount of capital increase: maximum €100,000 (independent ceiling, will not be credited against the maximu
Slide 73: Resolution 39 - Amendment to Article 12 of the Articles
Resolution 39 - Amendment to Article 12 of the Articles of Association, to align it with the provisions of the French Commercial Code − Replacement in its entirety of the second-to-last paragraph of Article 12 of the Article of Association with the following: "Failure to observe the notification obl
Slide 74: Resolution 40 - Amendment to Article 16.2 of the Articles
Resolution 40 - Amendment to Article 16.2 of the Articles of Association to allow the Company Directors to vote by mail or to be consulted in writing − Provisions of Article 16.2. of the Company’s Articles of Association are replaced in their entirety with the text provided in resolution 40 in order
Slide 75: Resolution 41 - Amendments to Articles 27, 29, 30, 31 and 32
Resolution 41 - Amendments to Articles 27, 29, 30, 31 and 32 of the Articles of Association, to bring them into line with the new terminology set out in the French Commercial Code resulting from the French law “Loi Attractivité” − Harmonization of the terminology used in Articles 27, 29, 30, 31, and
Slide 76: Resolution 42 - Powers for formalities
Resolution 42 - Powers for formalities The Shareholders, acting in accordance with the quorum and majority requirements applicable to Ordinary General Meetings, grant all powers to the holder of an original copy, an excerpt or a copy of the minutes of this General Meeting certified as authentic, to
Slide 77: Proceedings of the Meeting
Proceedings of the Meeting 1. Welcome 2. AGM Preliminary Formalities 3. Company Overview 4. 2024 Financials 5. Answers to Written Questions 6. Auditor’s Reports 7. Presentation of the Resolutions 8. Discussion 9. Voting 10. Conclusion
Slide 78: Thank you
Thank you Merci Danke Tack valneva