Valneva SE (VALN) Financial Statements & Analysis

Valneva SE (VALN) Income Statement

Valneva SE reported revenue of EUR 174.66M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 3.0% from EUR 169.58M a year earlier. Valneva SE posted a net loss of EUR 115.19M, compared with a net loss of EUR 12.25M a year earlier. Gross margin was 38.7% and operating margin -46.7%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was EUR 34.94M, down 27.7% from the same quarter a year earlier.

Valneva SE Income Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Valneva SE income statement - Annual data in millions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	174.66	169.58	153.71	361.30	348.09	110.32	126.20	113.04	105.29
Cost of Revenue	107.14	98.54	160.77	324.44	187.92	138.76	49.97	43.43	45.98
Gross Profit	67.52	71.04	52.84	36.86	160.17	-28.44	76.23	69.60	59.31
Operating Expenses
Research & Development	85.30	74.14	59.89	104.92	173.28	84.45	37.88	12.19	23.36
Selling, General & Administrative	74.68	95.11	96.55	57.58	71.25	45.80	42.54	48.04	33.42
Operating Expenses	149.15	148.81	134.93	150.31	221.51	27.48	74.23	63.34	63.27
Operating Income	-81.63	-77.77	-82.09	-113.44	-61.35	-55.91	-0.81	6.26	-3.95
Other Income/Expense
Interest Income	1.80	2.36	1.21	0.26	0.25	0.52	0.20	0.18	0.07
Interest Expense	41.90	23.98	-23.33	19.05	16.96	-10.74	2.63	3.79	5.06
Other Income/Expense	6.77	87.91	-16.54	-12.58	8.08	0.00	-0.06	-2.91	-8.61
Income
Income Before Tax	-114.12	-11.49	-98.63	-144.82	-69.98	-65.30	-0.87	3.35	-12.56
Income Tax Expense	1.07	0.76	2.80	-1.54	3.45	-0.91	0.87	0.09	-1.08
Net Income	-115.19	-12.25	-101.43	-143.28	-73.43	-64.39	-1.74	3.26	-11.48
Net Income - Continuous Operations	-115.19	-12.25	-101.43	-143.28	-73.43	-64.39	-1.74	3.26	-11.48
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-50.47	32.08	-64.48	-104.73	-38.74	-46.11	10.30	12.85	3.64
EBIT	-72.22	12.50	-82.07	-125.76	-53.02	-55.91	-	-	-
Depreciation & Amortization	21.75	19.59	11.75	21.04	14.28	9.80	8.53	6.83	11.14
Earnings Per Share
Basic EPS	-1.00	-	-1.00	-2.00	-1.00	-1.00	-	-	-
Diluted EPS	-1.00	-	-1.00	-2.00	-1.00	-1.00	-	-	-
Basic Shares Outstanding	84.09	72.85	138.62	57.77	48.81	90.76	45.87	40.26	38.27
Diluted Shares Outstanding	84.09	72.85	138.62	57.77	48.81	90.76	45.87	40.80	38.72

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Valneva SE Financial Statements

What was Valneva SE's revenue in fiscal 2025?

Valneva SE reported revenue of EUR 174.66M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 3.0% from EUR 169.58M a year earlier.

Is Valneva SE profitable?

No. Valneva SE reported a net loss of EUR 115.19M in fiscal 2025. In fiscal 2024 it lost EUR 12.25M.

What is Valneva SE's operating margin?

Valneva SE's operating income was −EUR 81.63M on revenue of EUR 174.66M in fiscal 2025, an operating margin of -46.7%, compared with -45.9% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition