7Baggers

Valneva SE
(NASDAQ:VALN) 

VALN stock logo

Valneva SE is a French biotech company headquartered in Saint-Herblain, France, developing and commercializing vaccines for infectious diseases. It has manufacturing sites in Livingston, Scotland; Solna, Sweden and Vienna, Austria, with other offices in France, Canada and the United States.

Founded: 2012
CEO: Thomas Lingelbach  
Sector: Professional, Scientific, and Technical Services
Industry: Research and Development in Biotechnology
HealthcareFrench
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2024-03-20 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2023-03-23 2022-12-31 2022-09-30 2022-06-30 2021-12-31 
                      
      product sales
    		163,253 119,397 91,020 48,598 -112,311,747 112,475,000 68,279 32,149 144,624 38,494 106,130 69,665 32,100 114,797 40,376 74,421 33,335  
      other revenues
    		6,325 7,574 6,542 634 -4,155,675 4,162,000 2,534 604 9,088 3,404 5,684 4,078 1,408 246,506 71,025 175,481 59,889  
      revenues
    		169,579 126,971 97,562 49,232 -116,467,421 116,637,000 70,813 32,753 153,713 41,899 111,814 73,743 33,508 361,303 111,401 249,902 93,224  
      cost of goods and services
    		-98,538 -71,068 -47,162 -23,043 71,207,462 -71,306,000 -45,628 -22,160 -100,875 -26,065 -74,810 -53,838 -20,480 -324,441 -121,715 -202,726 -171,479  
      research and development expenses
    		-74,143 -59,729 -32,441 -14,953 48,492,857 -48,567,000 -29,683 -13,131 -59,894 -17,674 -42,220 -25,978 -14,065 -104,922 -29,537 -75,385 -51,883  
      marketing and distribution expenses
    		-52,356 -28,616 -20,310 -10,393 35,665,644 -35,718,000 -23,181 -11,333 -48,752 -14,833 -33,919 -20,009 -8,986 -23,509 -10,420 -13,089 -7,837  
      general and administrative expenses
    		-42,750 -29,524 -19,034 -8,964 32,511,250 -32,554,000 -22,847 -11,670 -47,799 -12,733 -35,066 -22,899 -10,038 -34,073 -10,806 -23,267 -16,031  
      gain from sale of priority review voucher
    		90,833    -90,742,167 90,833,000 90,833 90,833           
      other income and expenses
    		20,706 8,020 4,555 2,160 -14,869,294 14,890,000 6,357 2,917 21,520 4,500 17,020 14,015 3,488 12,199 4,727 7,472 3,597  
      operating profit
    		13,330 -53,945 -16,830 -5,960 -34,200,670 34,214,000 46,663 68,208 -82,087 -24,907 -57,180        
      yoy
    		-100.04% -100.16% -136.07% -108.74% 41563.93% -137467.01% -181.61%            
      qoq
    		-124.71% 220.53% 182.38% -99.98% -199.96% 73221.48% -31.59% -183.09% 229.57% -56.44%         
      finance income
    		2,362 1,873 1,065 511 -1,313,638 1,316,000 787 266 1,210 486 724 504 253 260 201 59 35  
      finance expenses
    		-23,984 -17,257 -11,585 -5,979 17,689,016 -17,713,000 -11,981 -7,045 -23,325 -10,848 -12,477 -8,879 -5,096 -19,054 -5,659 -13,395 -8,199  
      foreign exchange gain
    		-3,193 6,290 7,783 3,670 -3,048,193 3,045,000 -1,652 -2,512 5,574 7,015 -1,441 4,517 3,170 -12,587 13,905 -26,492 -10,657  
      result from investments in associates
    		             9  9 9  
      profit before income tax
    		-11,486 -63,040 -19,567 -7,758 -20,873,486 20,862,000 33,818 58,918 -98,629 -28,255 -70,374        
      income tax benefit
    		-761 -2,133 -1,251 -1,474 -3,878,761 3,878,000 158 -8 -2,800 -3,903 1,103 3,778  1,536     
      profit for the period
    		-12,247 -65,173 -20,818 -9,232 -24,752,247 24,740,000 33,976 58,909 -101,429 -32,158 -69,271        
      earnings per share
    		                  
      for profit for the period attributable to the equity holders of the company
    		                  
      basic
    		-0.08 -0.39 -0.13 -0.06 -0.26 0.18 0.25 0.42 -0.73          
      diluted
    		-0.08 -0.39 -0.13 -0.06 -0.25 0.17 0.24 0.41 -0.73          
      exhibit 99.2
    		                  
      in € thousand
    		    506,000 2,024,000             
      earnings per share for profit for the period attributable to the equity holders of the company
    		                  
      •basic
    		         -0.125 -0.5        
      •diluted
    		         -0.125 -0.5        
      operating income
    		           -34,966 -16,574 -113,443 -56,350 -57,093 -150,410  
      loss before income tax
    		           -38,824 -18,247 -144,815 -47,903 -96,912 -169,222  
      loss for the period
    		           -35,046 -18,127 -143,279 -44,204 -99,075 -171,493  
      losses per share for loss for the period attributable to the equity holders of the company
    		                  
      basic
    		           -0.25  -1.24 -0.32 -0.92   
      diluted
    		           -0.25  -1.24 -0.32 -0.92   
      income tax income
    		            120  -540.75 -2,163   
      losses per share for profit/loss for the period attributable to the equity holders of the company, expressed in € per share
    		                  
      - basic
    		            -0.13      
      - diluted
    		            -0.13      
      losses per share for profit/loss for the period attributable to the equity holders of the company, expressed in € per share
    		                  
      basic
    		           -0.25  -1.24 -0.32 -0.92   
      diluted
    		           -0.25  -1.24 -0.32 -0.92   
      income tax expense
    		                -2,271  
      losses per share for loss for the period attributable to the equity holders of the company, expressed in € per share
    		                  
      ■ basic
    		                -1.58  
      ■ diluted
    		                -1.58  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-06-30 2024-03-31 2024-03-20 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2023-03-23 2022-12-31 2022-09-30 2022-06-30 2021-12-31 
                       
        assets
      		                 
        non-current assets
      		201,020 179,900,000 187,908 195,195 201,020 197,417 196,588 197,238 197,238 199,885,000 201,091 200,671 196,685 196,685 221,548,000 221,330 231,520 
        intangible assets
      		25,258 23,073,000 23,824 24,597 25,258 24,190 24,853 25,567 25,567 26,341,000 27,125 27,896 28,711 28,711 29,652,000 30,714 32,700 
        right of use assets
      		19,232 18,670,000 18,973 19,927 19,232 19,068 19,267 20,392 20,392 42,290,000 42,595 43,640 41,603 41,603 47,679,000 46,752 48,285 
        property, plant and equipment
      		138,883 123,396,000 128,475 134,383 138,883 137,447 136,696 136,198 136,198 113,843,000 113,505 114,399 112,435 112,435 122,980,000 123,240 125,545 
        deferred tax assets
      		9,605 7,339,000 8,009 7,939 9,605 7,663 7,006 6,592 6,592 9,189,000 9,934 6,146 5,637 5,637 2,943,000 2,676 3,582 
        other non-current assets
      		8,041 7,424,000 8,627 8,350 8,041 9,049 8,766 8,490 8,490 8,222,000 7,933 8,590 8,299 8,299 18,294,000  19,282 
        current assets
      		299,012 268,329,000 284,717 287,047 299,012 269,152 306,241 262,824 262,824 320,653,000 341,480 389,329 424,660 424,660 476,535,000 503,776 585,832 
        inventories
      		53,663 64,290,000 61,731 61,680 53,663 48,867 48,585 44,466 44,466 38,000,000 33,353 38,999 35,104 35,104 96,462,000 95,201 124,098 
        trade receivables
      		35,205 20,077,000 24,122 33,524 35,205 30,519 27,285 41,645 41,645 44,346,000 33,669 27,018 23,912 23,912 57,732,000 16,251 44,013 
        other current assets
      		41,874 40,499,000 37,557 38,853 41,874 58,354 53,732 50,633 50,633 67,054,000 65,082 66,693 74,079 74,079 59,165,000  71,036 
        cash and cash equivalents
      		168,271 143,462,000 161,307 152,990 168,271 131,413 176,640 126,080 126,080 171,253,000 204,411 254,485 289,430 289,430 261,042,000 336,225 346,686 
        total assets
      		500,032 448,229,000 472,625 482,242 500,032 466,569 502,829 460,062 460,062 520,539,000 542,571 590,000 621,344 621,344 698,083,000 725,105 817,352 
        equity
      		                 
        share capital
      		24,378 25,778,000 25,528 24,378 24,378 20,892 20,892 20,837 20,837 20,837,000 20,834 20,752 20,755 20,755 17,603,000 17,603 15,786 
        share premium
      		647,600 672,420,000 666,523 647,600 647,600 593,948 593,948 594,003 594,003 594,003,000 593,960 594,043 594,043 594,043 501,638,000 501,638 409,258 
        other reserves
      		73,203 81,380,000 79,126 76,434 73,203 69,144 67,162 65,088 65,088 62,205,000 61,211 58,369 55,252 55,252 51,791,000 52,482 52,512 
        retained earnings/
      		-551,682 -563,928,000 -563,928 -563,928 -551,682 -551,682 -551,682 -450,253 -450,253 -450,253,000 -450,253 -450,253 -306,974 -306,974 -306,974,000 -306,974 -233,549 
        profit for the period
      		-12,247 -65,173,000 -20,818 -9,232 -12,247 33,976 58,909           
        total equity
      		181,253 150,477,000 186,432 175,253 181,253 166,278 189,230 128,247 128,247 157,521,000 190,707       
        liabilities
      		                 
        non-current liabilities
      		204,199 147,271,000 160,534 200,789 204,199 197,803 197,515 172,952 172,952 144,867,000 110,821 121,958 124,156 124,156 158,889,000 195,722 277,791 
        borrowings
      		166,521 108,889,000 122,362 161,477 166,521 160,549 159,035 132,768 132,768 107,047,000 74,216 83,228 87,227 87,227 93,364,000 67,058 50,726 
        lease liabilities
      		26,432 25,447,000 25,893 27,266 26,432 26,528 27,547 29,090 29,090 27,851,000 27,882 29,556 28,163 28,163 52,643,000 51,931 53,687 
        refund liabilities
      		6,491 6,635,000 6,587 6,539 6,491 6,396 6,350 6,303 6,303 6,257,000 6,211 6,684 6,635 6,635 6,587,000 66,689 158,970 
        provisions
      		546 2,321,000 1,284 658 546 562 810 1,074 1,074 1,405,000 1,442 1,326 1,320 1,320 1,357,000 2,302 8,308 
        deferred tax liabilities
      		4,162 3,952,000 4,034 4,132 4,162 3,744 3,704 3,638 3,638 2,220,000 971 1,057 694 694 1,784,000 1,978 1,290 
        other non-current liabilities
      		46 28,000 373 718 46             
        current liabilities
      		114,580 150,481,000 125,660 106,200 114,580 102,488 116,085 158,863 158,863 218,151,000 241,043 263,260 277,392 277,392 374,211,000 436,128 368,979 
        trade payables and accruals
      		35,522 30,118,000 21,116 27,835 35,522 32,650 33,506 44,303 44,303 94,241,000 69,152 33,520 41,491 41,491 74,973,000 83,704 68,119 
        income tax liability
      		1,742 290,000 1,598 1,558 1,742 151 746 632 632 472,000 503 420 532 532 137,000 259 83 
        tax and employee-related liabilities
      		19,458 18,700,000 18,543 20,442 19,458 17,334 17,271 16,209 16,209 14,496,000 16,508 15,875 15,738 15,738 16,036,000 15,199 17,249 
        contract liabilities
      		3,010 423,000 520 3,751 3,010 5,299 5,291 5,697 5,697 13,343,000 11,580 9,159   2,974,000 5,110 4,741 
        other current liabilities
      		5,152 7,531,000 9,528 4,521 5,152             
        total liabilities
      		318,779 297,752,000 286,193 306,990 318,779 300,291 313,600 331,815 331,815 363,018,000 351,865 385,217 401,547 401,547 533,100,000 631,850 646,771 
        total equity and liabilities
      		500,032 448,229,000 472,625 482,242 500,032 466,569 502,829 460,062 460,062 520,539,000 542,571 590,000 621,344 621,344 698,083,000 725,105 817,352 
        other liabilities
      		     23 70 79 79 88,000 98 107 116 116 181,000 654 69 
        assets classified as held for sale
      		          4,966 2,134 2,134 2,134 2,134,000 2,134  
        loss for the period
      		       -101,429 -101,429 -69,271,000 -35,046 -18,127 -143,279 -143,279 -99,075,000 -171,493 -73,425 
        liabilities classified as held for sale
      		          1,423       
        capital and reserves attributable to the company’s equity holders
      		           204,783 219,797 219,797 164,983,000 93,255 170,581 
        investments in associates
      		                2,124 
        other assets
      		               17,948  
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 
                      
          cash flows from operating activities
        		              
          profit for the period
        		52,926 -44,355 -11,586 -9,232 -24,752,247 24,706,024 -24,933 58,909       
          gain from sale of priority review voucher
        		    90,742,167 -90,742,167 0 -90,833       
          adjustments for non-cash transactions
        		   10,262 -25,623,021 25,648,027 8,901 15,072 18,117 14,103 4,326 8,438 26,286 12,111 
          changes in non-current operating assets and liabilities
        		-1,347 711 47 409 -311,180 312,117 -588 -529 695 -460 548 -269 8,257 -63,126 
          changes in working capital
        		-12,971 9,365 1,387 -9,175 35,063,606 -35,043,847 -20,230 -10,923 -52,243 -50,548 -28,852 -13,935 -47,098 -110,424 
          cash from operations
        		-39,357 -15,948 -2,633 -7,736     -65,589 -71,131     
          income tax paid
        		525 -1,495 -164 -411 1,556,455 -1,556,894 -977 -129 -323 -270 -210 -433 928 -264 
          net cash generated from operating activities
        		-38,832 -17,443 -2,795 -8,148 76,676,782 -76,677,739 -37,829 -28,432 -65,911 -71,401 -41,106 -24,326 -55,830 -89,285 
          cash flows from investing activities
        		              
          acquisition of subsidiaries, net of cash acquired
        		              
          purchases of property, plant and equipment
        		-10,530 -668 -1,265 -1,402 9,992,135 -10,001,896 394 -4,498 -5,877 -1,190   -6,781 -6,513 
          proceeds from sale of property, plant and equipment
        		87 57   -164,835 164,828 26 146 68 1     
          purchases of intangible assets
        		-2,518 0 10 -71 10,076,421 -10,078,921 -45 -34 -42 -27   0 0 
          proceeds from assets classified as held for sale
        		        0      
          proceeds from sale of priority review voucher
        		    -90,742,167 90,742,167 0 90,833       
          interest received
        		489 808 554 511 -1,313,638 1,315,213 521 266 486 220 251 253 201 24 
          net cash generated from investing activities
        		78,361 197 -681 -961 -72,151,084 72,140,392 895 86,713 -16,316 2,362     
          cash flows from financing activities
        		              
          proceeds from issuance of common stock, net of costs of equity transactions
        		30,891 6,112   -57,402,861    0 45 -91 -194 95,839 -310 
          proceeds from borrowings, net of transaction costs
        		    943,966 -943,056 0 -944 41,428    1,190 20,067 
          repayment of borrowings
        		-2,315    3,719,266 -3,720,218   0 0   0 0 
          payment of lease liabilities
        		-679 -656 -699 -685 2,785,281 -2,785,864 -1,459 -677 -683 -704 -807 -933 -877 -642 
          interest paid1
        		              
          net cash generated from from financing activities
        		21,939 -556 14,881 -5,582           
          net change in cash and cash equivalents
        		61,469 -17,803 11,404 -14,690 -30,716,620 30,752,241 -46,065 50,824 -45,284 -33,425 -49,836 -31,703 31,083 -79,149 
          cash and cash equivalents at beginning of the year2
        		              
          exchange gains on cash
        		5,530 -42 -3,087 -590 503,811 -502,575 839 -264 111 267 -238 -344 -2,642 1,063 
          cash and cash equivalents at end of the period
        		24,809 -17,845 8,317 152,990 -156,166,729 156,203,587 -45,227 176,640 -45,173 -33,158 -50,074 254,485  -75,183 
          adjustments to reconcile profit for the period to cash generated from operations
        		 18,331             
          interest paid 1
        		              
          cash and cash equivalents at beginning of the year
        		 0 0 168,271  125,953,920 0 126,080       
          interest paid
        		   -4,896  -14,722,273 -4,891 -5,836 -3,803 -3,411 -2,664 -2,689 -2,667 -2,490 
          cash generated/(used) in operations
        		     -75,120,846 -36,851 -28,303       
          net cash generated from financing activities
        		     35,288,589 -9,132 -7,457 36,944 35,613 -5,660 -3,816 93,485 16,625 
          loss for the year
        		              
          disposal of treasury shares
        		              
          cash and cash equivalents at beginning of the year1
        		         0     
          restricted cash
        		            -53 2,903 
          loss for the period
        		           -18,127  72,418 
          cash generated from operations
        		           -23,893 -56,758 -89,021 
          purchases of property, plant and equipment, net of proceeds from sale
        		           -3,814   
          purchases of intangible assets, net of proceeds from sale
        		              
          net cash from investing activities
        		           -3,561 -6,571 -6,489 
          cash and cash equivalents at beginning of the period
        		           286,532   
          assets
        		              
          non-current assets
        		              
          intangible assets
        		              
          right of use assets
        		              
          property, plant and equipment
        		              
          investments in associates
        		              
          deferred tax assets
        		              
          other non-current assets
        		              
          current assets
        		              
          inventories
        		              
          trade receivables
        		              
          other current assets
        		              
          cash and cash equivalents
        		              
          assets classified as held for sale
        		              
          total assets
        		              
          equity
        		              
          capital and reserves attributable to the company’s equity holders
        		              
          share capital
        		              
          share premium
        		              
          other reserves
        		              
          retained earnings/
        		              
          liabilities
        		              
          non-current liabilities
        		              
          borrowings
        		              
          lease liabilities
        		              
          contract liabilities
        		              
          refund liabilities
        		              
          provisions
        		              
          deferred tax liabilities
        		              
          other liabilities
        		              
          current liabilities
        		              
          trade payables and accruals
        		              
          income tax liability
        		              
          tax and employee-related liabilities
        		              
          total liabilities
        		              
          total equity and liabilities
        		              
          € in thousand
        		              
          proceeds from sale of intangible assets
        		              
          net cash generated from/(used in) financing activities
        		              
          cash and cash equivalents at end of the year
        		              
          disposal/(purchase) of treasury shares
        		              
          cash and cash equivalents at beginning of the period, excluding restricted cash