VALN on Nasdaq

Valneva SE

Valneva SE is a biological products company, listed on Nasdaq (VALN).1

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Last updated Oct 20, 2026.

Overview

174.7MRevenue, fiscal 20252
-115.2MNet income, fiscal 20252

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  • TickerVALN on Nasdaq1
  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersI01
  • Incorporated inFrance3
  • Business address6, Rue Alain Bombard, Saint-Herblain, I0 448003
  • Filer categoryAccelerated filer3

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“Valneva,” the Valneva logo, “IXIARO,” “JESPECT,” “DUKORAL”, “IXCHIQ” and other trademarks or service marks of Valneva SE of any of our business partners appearing in this Annual Report are the property of Valneva, its subsidiaries or its business partners, as applicable. Solely for convenience, the trademarks, service marks and trade names referred to in this Annual Report are listed without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their right thereto. All other trademarks, trade names and service marks appearing in this Annual Report are the property of their respective owners. We do not intend to use or display other companies’ trademarks and trade names to imply any relationship with, or endorsement or sponsorship of us by, any other companies.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in EUR, the currency the company reports in.

Key numbers, fiscal 2025

-47.0%Operating margin2
-66.0%Net margin2
3.0%Revenue growth, 20252
-108.5%Return on equity2
1.52×Debt to equity2
-57.3M EURFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 31% of the revenue Valneva SE broke down this way in fiscal 2025.

  1. United States53.6M EUR231%up 10% from 2024
  2. CA [member]30.1M EUR217%down 7% from 2024
  3. DEMember17.5M EUR210%down 5% from 2024
  4. France14.7M EUR28%up 103% from 2024
  5. Nordics13.9M EUR28%down 0% from 2024
  6. Other Europe13.9M EUR28%up 53% from 2024
  7. United Kingdoms12.6M EUR27%down 35% from 2024
  8. AT9.5M EUR25%down 40% from 2024
  9. Rest of World8.9M EUR25%up 90% from 2024
Regions by year
Regions202320242025
United States33.0M EUR48.6M EUR53.6M EUR
CA [member]28.2M EUR32.3M EUR30.1M EUR
DEMember13.5M EUR18.4M EUR17.5M EUR
France5.9M EUR7.2M EUR14.7M EUR
Nordics12.7M EUR13.9M EUR13.9M EUR
Other Europe9.3M EUR9.1M EUR13.9M EUR
United Kingdoms20.3M EUR19.5M EUR12.6M EUR
AT14.6M EUR15.9M EUR9.5M EUR
Rest of World16.3M EUR4.7M EUR8.9M EUR

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue46¢107.1M EUR
  • Research and development36¢85.3M EUR
  • Interest18¢41.9M EUR
  • Income tax0¢1.1M EUR

Out of 174.7M EUR in revenue.2 The company lost money this year.

Financial statements

Revenue56782174.7M EUR in 2025+38% since 2019
0100.0M EUR200.0M EUR300.0M EUR400.0M EUR2019: 126.2M EUR126.2M EUR20192020: 110.3M EUR110.3M EUR2020−13%2021: 348.1M EUR348.1M EUR2021+216%2022: 361.3M EUR361.3M EUR2022+4%2023: 153.7M EUR153.7M EUR2023−57%2024: 169.6M EUR169.6M EUR2024+10%2025: 174.7M EUR174.7M EUR2025+3%
Operating income56782-82.1M EUR in 2025+10018% since 2019
-150.0M EUR-100.0M EUR-50.0M EUR050.0M EUR2019: -811.0K EUR-811.0K EUR20192020: -55.1M EUR-55.1M EUR2020+6697%2021: -61.4M EUR-61.4M EUR2021+11%2022: -113.4M EUR-113.4M EUR2022+85%2023: -82.1M EUR-82.1M EUR2023−28%2024: 13.3M EUR13.3M EUR20242025: -82.1M EUR-82.1M EUR2025
Net income56782-115.2M EUR in 2025+6505% since 2019
-150.0M EUR-100.0M EUR-50.0M EUR02019: -1.7M EUR-1.7M EUR20192020: -64.4M EUR-64.4M EUR2020+3592%2021: -73.4M EUR-73.4M EUR2021+14%2022: -143.3M EUR-143.3M EUR2022+95%2023: -101.4M EUR-101.4M EUR2023−29%2024: -12.2M EUR-12.2M EUR2024−88%2025: -115.2M EUR-115.2M EUR2025+841%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Product sales157.9M EUR163.3M EUR144.6M EUR
Other revenues16.8M EUR6.3M EUR9.1M EUR
REVENUES174.7M EUR169.6M EUR153.7M EUR
Cost of goods and services-107.1M EUR-98.5M EUR-100.9M EUR
Research and development expenses-85.3M EUR-74.1M EUR-59.9M EUR
Marketing and distribution expenses-37.4M EUR-52.4M EUR-48.8M EUR
General and administrative expenses-37.3M EUR-42.8M EUR-47.8M EUR
Gain from sale of Priority Review Voucher, net0 EUR90.8M EUR0 EUR
Other income and expenses, net10.4M EUR20.7M EUR21.5M EUR
OPERATING PROFIT/(LOSS)-82.1M EUR13.3M EUR-82.1M EUR
Finance income2.6M EUR2.4M EUR1.2M EUR
Finance expenses-41.9M EUR-24.0M EUR-23.3M EUR
Foreign exchange gain/(loss), net7.2M EUR-3.2M EUR5.6M EUR
PROFIT/(LOSS) BEFORE INCOME TAX-114.1M EUR-11.5M EUR-98.6M EUR
Income tax benefit/(expense)-1.1M EUR-761.0K EUR-2.8M EUR
PROFIT/(LOSS) FOR THE PERIOD-115.2M EUR-12.2M EUR-101.4M EUR
Basic earnings (losses) per share for profit (loss) for the period attributable to the equity holders of the Company (in euro per share)-0.68 EUR-0.08 EUR-0.73 EUR
Diluted earnings (losses) per share for profit (loss) for the period attributable to the equity holders of the Company (in euro per share)-0.68 EUR-0.08 EUR-0.73 EUR

Compare Valneva SE with another company

Corporate structure

Valneva SE sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Valneva SE

  • Bpifrance Participations SA Filed SCHEDULE 13D/A on Valneva SE, latest May 12, 2026 (7 filings since Feb 10, 2022)
  • Frazier Life Sciences Public Fund, L.P. Filed SCHEDULE 13G on Valneva SE, latest May 12, 2026
  • Deep Track Capital, LP Filed SC 13G/A on Valneva SE, latest Feb 14, 2024 (2 filings since Oct 7, 2022)
  • Pfizer Filed SC 13G on Valneva SE, latest Jun 29, 2022
  • Valneva SE I0

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Valneva SE reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net119.5M EUR2 Dec 31, 2025138.9M EUR2 Dec 31, 2024−14.0%
Operating-lease assets (leased space)18.6M EUR2 Dec 31, 202519.2M EUR2 Dec 31, 2024−3.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents109.7M EUR2 Dec 31, 2025168.3M EUR2 Dec 31, 2024−34.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)22.3M EUR2 Dec 31, 202525.3M EUR2 Dec 31, 2024−11.5%

Inventory

ItemLatestA year beforeChange
Inventory, total50.2M EUR2 Dec 31, 202553.7M EUR2 Dec 31, 2024−6.4%

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.61) a share, on Nov 20, 2025.9

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

226 filings to the SEC since October 2021: 6 annual reports, 11 large holders, 209 other. The latest 20:

  1. Oct 15, 20266-K EDGAR
  2. Oct 8, 20266-K EDGAR
  3. Aug 14, 20266-K EDGAR
  4. Aug 13, 20266-K EDGAR
  5. Jul 22, 20266-K EDGAR
  6. Jun 25, 20266-K EDGAR
  7. Jun 16, 2026EFFECT EDGAR
  8. Jun 16, 2026424B3 PROSPECTUS EDGAR
  9. Jun 12, 2026CORRESP EDGAR
  10. Jun 11, 2026UPLOAD EDGAR
  11. Jun 5, 20266-K EDGAR
  12. Jun 4, 2026F-3 REGISTRATION STATEMENT FOR SPECIFIED TRANSACTIONS BY CERTAIN FOREIGN PRIVATE ISS EDGAR
  13. Jun 1, 20266-K EDGAR
  14. May 13, 20266-K EDGAR
  15. May 12, 2026SCHEDULE 13G EDGAR
  16. May 12, 2026SCHEDULE 13D/A EDGAR
  17. May 5, 20266-K EDGAR
  18. Apr 30, 20266-K EDGAR
  19. Mar 26, 20266-K EDGAR
  20. Mar 23, 20266-K EDGAR

The 226 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Frazier Life Sciences Management, L.P.2,291,666$12.0M0.3%No change
Vivo Capital, LLC763,199$4.0M0.4%New
General American Investors Co Inc354,361$1.9M0.1%No change
Millennium Management LLC135,223$707.2K0.0%New
Wells Fargo & Company/mn77,214$403.8K0.0%−815
Morgan Stanley56,217$294.0K0.0%+9,292
Ironwood Investment Management LLC45,064$235.7K0.1%+19,929
Citadel Advisors LLC20,294$106.1K0.0%New
XTX Topco Ltd15,178$79.4K0.0%New
VSM Wealth Advisory, LLC10,000$52.3K0.0%No change
UBS Group AG4,525$23.7K0.0%+3,743
GAMMA Investing LLC4,089$21.4K0.0%+2,663
Rhumbline Advisers1,860$9.7K0.0%+67
Steigerwald, Gordon & Koch Inc.1,250$6.5K0.0%No change
Bnp Paribas Financial Markets559$2.9K0.0%+359
Larson Financial Group LLC375$2.0K0.0%New
Osaic Holdings, Inc.90$4710.0%+35
Smartleaf Asset Management LLC43$2220.0%No change
Caitong International Asset Management Co., Ltd18$940.0%New
Activest Wealth Management1$50.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Valneva SE is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARValneva SE1
  • CIK0001836564
  • Filer statusAccelerated filer not an emerging growth company; not a shell company4
  • Incorporated inFrance4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address6, Rue Alain Bombard, Saint-Herblain, I0 448001
  • Phone33 2 28 07 37 101
  • Shares outstanding173,539,745 shares as of Dec 31, 20254
  • AuditorDeloitte & Associés, Paris, France PCAOB ID 1756; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 15, 20211
  • Filings268 in all: 6-K (201), CORRESP (9), UPLOAD (8), EFFECT (6), 20-F (5), DRS/A (3), F-1/A (3), F-3 (3)1
    All 27 form types

    SC 13G (3), SCHEDULE 13D/A (3), 424B4 (2), 424B5 (2), 6-K/A (2), DRS (2), F-1 (2), SC 13D/A (2), SEC STAFF LETTER (2), 20-F/A (1), 424B3 (1), 8-A12B (1), CERT (1), DRSLTR (1), F-6 (1), F-6/A (1), SC 13D (1), SC 13G/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) Mar 17, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per shareVALNThe Nasdaq Global Select Market
Ordinary shares, €0.15 nominal value per share

From the cover page of the 20-F filed Mar 17, 2026 (Section 12(b) of the Exchange Act).4

Sources

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