Slide 1: A Leading Specialty Vaccine Company
A Leading Specialty Vaccine Company Full Year 2025 Financial Results and Business Update
Slide 2: Disclaimer
Disclaimer This presentation does not contain or constitute an offer of, or the solicitation of an offer Certain information and statements included in this presentation are not historical facts to buy or subscribe for, Valneva SE shares to any person in the USA or in any jurisdiction to but are for
Slide 3: Agenda
Agenda Introduction Business Update Financial Report FY 2025 Business and Financial Outlook Q&A 3
Slide 4: FY 2025 Financial and Business Highlights
FY 2025 Financial and Business Highlights €157.9m Product Sales Solid Financial Position in Line with Guidance €109.7m in Cash Proprietary product sales +9%* Successful debt refinancing FY 2025 Key Catalyst in H1 2026 Disciplined Cash Management Phase 3 data readout for Lyme disease -21% operating c
Slide 5: Our Strategy as a Leading Vaccine Biotech Company
Our Strategy as a Leading Vaccine Biotech Company Fully Leverage … Maximize Integrated Biotech Drive R&D Upside Model Commercial Growth Augment clinical pipeline to achieve Create value with proven vaccine Provide stability and generate cash development engine scale with a balanced portfolio to inve
Slide 6: Agenda
Agenda Introduction Business Update Financial Report FY 2025 Business and Financial Outlook Q&A 6
Slide 7: VLA15 World's leading Lyme Disease Vaccine Candidate
VLA15 World’s leading Lyme Disease Vaccine Candidate
Slide 8: Lyme Disease Represents A Major Medical Need And Market Opportunity
Lyme Disease Represents A Major Medical Need And Market Opportunity No vaccine is currently available to prevent Lyme disease in humans Commercial opportunity for Valneva Annual Burden of Disease U.S. : ~476K cases Europe : >132K cases Severe Manifestations3 10-30% cases develop • Lyme carditis • Ly
Slide 9: Phase 3: Vaccination Completed; First Data Readout Upcoming
Phase 3: Vaccination Completed; First Data Readout Upcoming Pfizer aims to submit regulatory applications in U.S. and Europe in 20261 Tick Season 2023 Tick Season 2024 Tick Season 2025 VLA15 Cohort 1 Placebo Month 0 2 5-9 6-10 13 18 19 25 Primary series Booster VLA15 Efficacy Cohort 2 Read-out Place
Slide 10: VLA15 is a Compelling Opportunity in an Underserved Market
VLA15 is a Compelling Opportunity in an Underserved Market First-Mover Differentiated Compelling Strategic Fit Attractive Advantage in Highly Yet De-Risked Target Population with Pfizer’s Vaccine Commercial Receptive Market Product Profile and Use Case Franchise Dynamics Only Lyme disease Proven MoA
Slide 11: IXCHIQ / VLA1553 A Highly Differentiated single-shot Chikungunya Vaccine
IXCHIQ® / VLA1553 A Highly Differentiated single-shot Chikungunya Vaccine
Slide 12: IXCHIQ: Focused on Confirming Efficacy/Safety and Expanding Access
IXCHIQ®: Focused on Confirming Efficacy/Safety and Expanding Access Robust clinical program supported by CEPI grant Pilot Vaccination Campaign Ongoing (Brazil) To serve as the basis for post-marketing commitment studies • Launched in February 2026 with partner Instituto Butantan in select municipali
Slide 13: S4V2 World's Most Clinically Advanced Tetravalent Shigella Vaccine Candidate
S4V2 World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate
Slide 14: S4V2: Opportunity to Develop First-in-Class Vaccine for a Life-Threatening Disease
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 Market Key Highlights Opportunity Milestones World’s most clinically advanced Global market expected to exceed Pha
Slide 15: Agenda
Agenda Introduction Business Update Financial Report FY 2025 Business and Financial Outlook Q&A 15
Slide 16: Full Year 2025 Financials: Product Sales of €157.9 million
Full Year 2025 Financials: Product Sales of €157.9 million Sales growth offset by reduction in third-party distribution and adverse FX changes €m (audited) 2025 2024 % Change (CER*) IXIARO®/JESPECT® 98.4 94.1 +4.6% (+7.2%) DUKORAL® 31.9 32.3 -1.2% (+1.8%) IXCHIQ® 8.4 3.7 +127.8% (+119.7%) Third part
Slide 17: Full Year 2025 Financials: Income Statement
Full Year 2025 Financials: Income Statement €m (audited) 2025 2024 Product sales 157.9 163.3 Other Revenues 16.8 6.3 Revenues 174.7 169.6 Cost of goods and services (107.1) (98.5) Research and development expenses (85.3) (74.1) Marketing and distribution expenses (37.4) (52.4) General and administra
Slide 18: Agenda
Agenda Introduction Business Update Financial Report FY 2025 Business and Financial Outlook Q&A 18
Slide 19: Financial Guidance & Outlook
Financial Guidance & Outlook
Slide 20: Valneva Remains Solidly Funded with Strong Financial Outlook
Valneva Remains Solidly Funded with Strong Financial Outlook 2026 Guidance Financial Outlook Product Sales: €145 - €160 million1; Commercial Continued growth and cash flows from proprietary business expected to remain cash-flow positive commercialized vaccines Total Revenues: €155 - €170 million Foc
Slide 21: Our Next Phase as a Leading Vaccine Biotech Company
Our Next Phase as a Leading Vaccine Biotech Company Potential VLA15 Success Would Offer Strategic Growth Opportunities Leverage core strengths in vaccine development to deliver greater long-term value Key initiatives: Build scale in R&D pipeline post-VLA15 exit • Strategic in-licensing/M&A to augmen
Slide 22: Agenda
Agenda Introduction Business Update Financial Report FY 2025 Business and Financial Outlook Q&A 22
Slide 23: Thank you
Thank you Merci Danke Tack valneva