Letter from the CEO

At Valneva we focus on where we can make a positive impact on global health by providing prophylactic vaccines that make a difference, limiting the threat of infectious diseases.

We reflect on a year marked by significant achievements and a steadfast commitment to our vision of advancing vaccines for better lives. Our collective efforts continue to support establishing Valneva as a leading, financially sustainable and socially responsible vaccine company.​

We began the year on the back of the FDA approval of IXCHIQ^®, Valneva’s single-shot chikungunya vaccine. This milestone was followed by further approvals in Canada, Europe, and the UK. Our collaboration with the Coalition for Epidemic Preparedness Innovations (CEPI) was strengthened with a €41.3 million grant to support broader access to IXCHIQ^® in low- and middle-income countries. To further expand our vaccine’s availability, we also entered into an exclusive license agreement with the Serum Institute of India (SII), complementing our existing partnership with Instituto Butantan for future supply in the Americas.​

In our Lyme disease program in partnership with Pfizer, we remained on track with the ongoing Phase 3 VALOR study, announced the completion of the primary vaccination series, delivered further positive Phase 2 booster results and celebrated a major publication in The Lancet Infectious Diseases.

Indeed, this year, several Valneva-authored articles were published in peer-reviewed medical journals such as The Lancet Infectious Diseases (four publications), The British Medical Journal and The Journal of Travel Medicine, demonstrating our scientific credibility and highlighting the results and impact of our work.

Our existing pipeline expanded this year through a strategic partnership with LimmaTech, securing an exclusive worldwide license for the most clinically advanced tetravalent Shigella vaccine candidate, which recently progressed into a Phase 2b CHIM study. This program represents a potential first-in-class vaccine solution for both low- and middle-income countries and travelers.​

We also re-entered clinical trials with our second-generation Zika vaccine candidate, underscoring our dedication to combating diseases with unmet medical need. ​

Our financial performance remained robust, with a 13% increase in product sales revenue compared to 2023, and a strong year-end cash position of €168.3 million, bolstered by the sale of a Priority Review Voucher and a successful private placement.

In 2025, we anticipate continued revenue growth, driven by our travel vaccines for Japanese encephalitis and cholera, as well as further launches of IXCHIQ^® in key territories, including the UK, Germany, Austria, and the Nordic countries. We also expect further approvals, including in Brazil, adolescent label extension recommendations and trial initiations for paediatric Phase 3 and Phase 4 programs.

We anticipate the first readout for our Phase 3 Lyme program by the end of 2025, leading a pathway to sustained profitability upon successful licensure and commercialization of this vaccine candidate. We also expect data readouts for our Shigella vaccine candidate, and Zika vaccine candidate, respectively.

As a company, we remain committed to our environmental, social, and governance (ESG) initiatives, integrating sustainability and reinforcing ethics in our business practices. In 2024, we introduced our core values of: Integrity, Agility, and Results which are driven by our guiding behaviors: Accountability, Customer Focus, End-to-End Mindset, and Entrepreneurial Spirit which shape our actions and drive our successes.​

As we embark on a new financial year, we extend our deepest gratitude to our employees, partners, investors and shareholders for their unwavering dedication and support. Together, we step into an exciting 2025 and beyond.

Thomas Lingelbach, Chief Executive Officer