Letter from the CEO

Throughout 2025, we demonstrated resilience and discipline, further strengthening Valneva’s position as a focused, innovative and robust vaccine company. ​

At Valneva, our mission remains clear: to develop, manufacture and commercialize vaccines that make a meaningful impact on global health by addressing infectious diseases where unmet medical needs persist. The year was marked by both progress and change. Despite geopolitical uncertainty and ongoing consolidation across the biotech sector, Valneva remained agile – making decisive strategic choices while continuing to execute on our long-term priorities.​

Our late-stage Lyme disease vaccine candidate, VLA15, developed in partnership with Pfizer, achieved important milestones. Vaccinations in the VALOR Phase 3 trial were successfully completed and we reported positive final Phase 2 results. As we approach the pivotal Phase 3 readout expected in the first half of 2026, the potential impact of this program for Valneva is significant.​

Across our broader R&D portfolio, we continued to advance key programs.​

We reported positive long term antibody persistence data four years after a single dose of IXCHIQ® further reinforcing the durable protection offered by our single-dose vaccine. Together with Instituto Butantan, we also prepared a pilot vaccination campaign in Brazil, an important step toward expanding access in endemic regions and generating real-world data in a large population.​

Our Shigella vaccine candidate, S4V2, entered a Phase 2 infant safety and immunogenicity study, supporting our ambition to develop vaccines addressing the needs of both low- and middle-income countries and international travelers.​

We reported positive Phase 1 results for VLA1601, our second-generation Zika virus vaccine candidate and further accelerated attractive pre-clinical programs.​

Alongside our scientific progress, 2025 was a year of decisive financial and strategic strengthening. The successful refinancing of our debt marked a key milestone and reflected the continued confidence of our investors and partners. Combined with disciplined cost and cash management, this positions Valneva to enter 2026 with increased financial flexibility and stability to execute on our strategy.​

Strategic partnerships remained central to our progress. Our collaboration with Pfizer on VLA15 continues to exemplify the power of strong scientific and commercial alignment. Our long-standing relationships with organizations such as CEPI and Instituto Butantan also remain instrumental in expanding global access and strengthening resilience in an increasingly complex vaccine landscape.​

We further strengthened our commercial infrastructure through a new exclusive agreement with CSL Seqirus for the marketing and distribution of our three proprietary vaccines in Germany.​

These collaborations reflect a fundamental principle at Valneva: impactful vaccines are best delivered through strong, trusted and enduring partnerships. In this regard, we have also initiated a process to ensure new partnerships in emerging markets, especially for our Chikungunya vaccine to enable managing direct access for high-risk areas for which our vaccine profile might be well suited.​

2025 also reaffirmed the strength of our culture. In the face of evolving challenges, our teams continued to demonstrate agility, accountability, and integrity. Their commitment enabled us to advance scientific innovation, strengthen our commercial performance, and enhance operational efficiency while remaining true to the values that define our Company.​

We entered 2026 with confidence. The anticipated, transformational Phase 3 readout for VLA15, continued growth in our travel vaccines business and further advancement of our pipeline represent strong opportunities to deliver sustainable value for patients, partners, employees and shareholders.​

I would like to thank our employees for their dedication, our partners for their trust and our investors and shareholders for their continued support. Together, we have built strong foundations, and together we will capture the opportunities ahead.​

With resilience, focus and ambition, we look forward to delivering another year of meaningful progress for Valneva and global public health.

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Thomas Lingelbach
Founding CEO​

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