Valneva SE shares fell 6% on Wednesday after the biotech company reported first-half earnings that missed EBITDA expectations despite revenue meeting estimates.
The French vaccine developer posted H1 revenue of €124.5 million, in line with analyst forecasts, but adjusted EBITDA declined to a loss of €42.3 million, wider than the anticipated shortfall of €35.0 million. The company attributed the EBITDA miss to higher-than-expected R&D expenses and operational costs, partially offset by cost-saving measures.
Valneva’s CEO, Thomas Lingelbach, stated that the firm remains on track to meet its full-year revenue guidance of €300-350 million, driven by continued demand for its COVID-19 vaccine and other pipeline products. The company also reaffirmed its cost-reduction targets, aiming to improve operational efficiency in the second half of the year.
Analysts at Jefferies noted that while the revenue performance was reassuring, the EBITDA miss underscored ongoing execution challenges in scaling production and managing expenses. The brokerage maintained a hold rating on Valneva’s stock, citing uncertainty around the pace of commercialization for its non-COVID-19 vaccine candidates.
Valneva’s shares have declined approximately 15% year-to-date, reflecting broader investor caution toward biotech firms with unproven revenue streams beyond their core COVID-19 vaccine portfolio.
