Valneva reported a drop in product sales in 2025 amid market restrictions for chikungunya vaccine Ixchiq, with the travel vaccine specialist betting on upcoming readouts to turn the business’ growth around.
As per preliminary results, Valneva’s product sales reached €157.9m ($186.1m) in 2025, a 3.3% drop from €163.3m in 2024. The company’s commercial products include Japanese encephalitis vaccine Ixiaro and cholera vaccine Dukoral, but its lead brand is Ixchiq.
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Ixchiq has endured a difficult regulatory spell over the past year. In August 2025, the US Food and Drug Administration (FDA) suspended Ixchiq’s license due to “serious safety concerns”. The UK’s Medicines and Healthcare products Regulatory Agency (MHRA) followed suit in February 2026 for the same reasons. The vaccine had been temporarily suspended in people over 65 years of age in the UK in June 2025.
While Valneva did not reveal Ixchiq’s sales numbers for 2025, the company said the total product sales downturn was “expected”. The segment that dragged growth was third-party sales, which decreased 42.3% – though this contributed €19.2m to the €157.9m.
Despite its products not tracking well, Valneva’s total revenue increased to €174.7m in 2025, up from €169.6m in 2024. The company added that this was buoyed by the ongoing research collaboration and licensing agreement for the Lyme disease programme with Pfizer.
In April 2020, Pfizer began working with Valneva to help develop the latter’s Lyme disease vaccine candidate, which was in Phase II trials at the time. Valneva expects the first Phase III (NCT05477524) data readout for the candidate, dubbed VLA15, in the first half of 2026.
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By GlobalDataVLA15 could represent an avenue back to more positive financial results for Valneva. There is currently no approved vaccine available for the disease that is caused by a bacterial infection transmitted by infected tick bites. Recent estimates by the US Centers for Disease Control and Prevention (CDC) suggest that approximately 476,000 people may be diagnosed and treated for Lyme disease each year in the US.
“VLA15’s successful commercialisation by Pfizer would enable Valneva to further expand and accelerate a pipeline of innovative vaccines in line with its strategic vision,” Valneva said in a statement.
Valneva also plans to report the first Phase II data for tetravalent shigella vaccine candidate S4V2 in 2026. In-licensed from LimmaTech Biologics AG, Valneva will make a decision on the next steps of development for the jab in the second half of 2026.
While shareholders prepare for pipeline updates this year, they could be set for another financially lukewarm year for Valneva. The company said it expects 2026 total revenues of between €155-170m – the higher end of this forecast would still represent a near $5m drop from 2025’s figure.
Peter Bühler, Valneva’s chief financial officer, commented: “2025 challenged our resilience while reaffirming the strength of our team’s disciplined execution. We remained committed to growing our commercial brands and made strong progress across our key R&D programmes, despite headwinds around Ixchiq and the broader geopolitical pressures. As we enter 2026, we look forward to the potentially transformative Phase III data readout for our Lyme disease vaccine candidate, while remaining focused on prudent capital allocation, to support shaping and growing our business in line with our strategic vision.”
Valneva is not the only company to struggle with sales growth amid a US vaccine landscape that has undergone volatility in the past year. Moderna also reported declining vaccine sales in its Q3 results, leading to a trim in its 2025 guidance. Health Secretary Robert F Kennedy (RFK) Jr has implemented policies to reduce reliance on vaccines for respiratory diseases, though there has been a knock on effect to the travel vaccine sector.
