valn-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: August 13, 2026

Commission File Number: 001-40377

Valneva SE

(Exact name of Registrant as specified in its charter and translation of Registrant’s name into English)

France

(Jurisdiction of incorporation or organization)

Îlot Saint-Joseph, Bureaux Convergence, Bât. A, 12 ter Quai Perrache

69002 Lyon, France

Tel: +33 2 28 07 37 10

(Address of principal executive offices)

Thomas Lingelbach

Chief Executive Officer, Valneva SE

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

On August 13, 2026, the Registrant announced its results from the six months ended June 30, 2026 including the report and unaudited interim condensed consolidated financial statements included in this Form 6-K. Additionally, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1. The information contained in this Form 6-K, but excluding the section entitled “Financial Outlook” in Exhibit 99.1, is hereby incorporated by reference into the registrant's Registration Statement on Form F-3 (File No. 333-286071).


Exhibits
Exhibit 99.1			Press Release dated August 1 3 , 202 6

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Valneva SE (Registrant)

Date: August 13, 2026

Thomas Lingelbach

Chief Executive Officer and President




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

TABLE OF CONTENTS


GENERAL INTRODUCTORY COMMENTS AND DISCLAIMER			3
I. MANAGEMENT REPORT			4
1 Overview			4
2 Operational Review			5
3 Financial Review			10
4 Operational and Strategic Outlook 2026			13
5 Risk Factors			14
6 Related Parties’ Transactions			16
II. STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF YEAR FINANCIAL INFORMATION (PERIOD FROM JANUARY 1 TO JUNE 30, 2026)			1
III. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2026			17
1 Unaudited Interim Consolidated Statement of Profit or Loss and Comprehensive Income			17
2 Unaudited Interim Condensed Consolidated Statement of Financial Position			18
3 Unaudited Interim Condensed Consolidated Statement of Cash Flows			19
4 Unaudited Interim Condensed Consolidated Statement of Changes in Equity			20
5 Selected Notes to the Unaudited Interim Condensed Consolidated Financial Statements			21
5.1 General information			21
5.2 Summary of significant accounting policies			23







5.3 Critical accounting judgements and key sources of estimation uncertainty			24







5.4 Segment information			24
5.5 Revenues			25




5.6 Expenses by nature			27

5.7 Other income/(expenses), net			27


5.8 Finance income/(expenses), net			28












5.9 Impairment testing			28





5.10 Inventories			28
5.11 Trade receivables			30

5.12 Cash and cash equivalents			30
5.13 Assets classified as held for sale			30
5.14 Equity			30








5.15 Borrowings			33



5.16 Trade payables and accruals			34


5.17 Contract liabilities			34
5.18 Refund liabilities			34
5.19 Provisions			36



5.20 Cash flow information			37





5.21 Related-party transactions			38



5.22 Events after the reporting period			38
IV. RESPONSIBILITY STATEMENT			1




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

GENERAL INTRODUCTORY COMMENTS AND DISCLAIMER

In this interim financial report, unless stated otherwise, the terms “Company”, “Valneva” and “Group” refer to Valneva SE and its subsidiaries.

“Valneva,” the Valneva logo, “IXIARO,” “JESPECT,” “DUKORAL”, “IXCHIQ” and other trademarks or service marks of Valneva SE, its subsidiaries or any of its business partners appearing in this Half-Year Financial Report are the property of Valneva, its subsidiaries, or its business partners, as applicable. Solely for convenience, the trademarks, service marks and trade names referred to in this Half-Year Financial Report are listed without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their right thereto. All other trademarks, trade names and service marks appearing in this Half-Year Financial Report are the property of their respective owners. Valneva does not intend to use or display other companies’ trademarks and trade names to imply any relationship with, or endorsement or sponsorship of Valneva by, any other companies.

This interim financial report contains forward-looking statements about the Company’s targets and forecasts, especially in chapter “I.4 Operational and Strategic Outlook 2026”. Such statements are based on data, assumptions and estimates that the Company considers reasonable.

All forward-looking statements in this interim financial report are subject to change or adjustments as a result of uncertainties inherent in all research and development activities, as well as the economic, financial, competitive and regulatory environment. In addition, the Company’s business activities and its ability to meet its targets and forecasts may be affected if some of the risk factors described in chapter “I.5 Risk Factors” of this interim financial report, or any unexpected developments, arise.

Investors are urged to pay careful attention to the risk factors set forth in chapter “I.5 Risk Factors” of this interim

report before making any investment decision. The risks presented in this interim report are those the Company considers to be the most significant for the second half of 2026 and are not all of the risks that the Company faces during this period or beyond. One or more of these risks may have an adverse effect on the Company’s activities, condition, the results of its operations or its targets and forecasts. Furthermore, other risks not yet identified or considered as significant by the Company could have the same adverse effects, and investors may lose all or part of their investment.

Forward-looking statements, targets and forecasts shown in this interim financial report may be affected by risks, either known or unknown uncertainties and other factors that may lead to the Company’s future results of operations, performance and achievements differing significantly from the stated or implied targets and forecasts. These factors may include changes in economic or trading conditions and regulations, as well as the factors set forth in chapter “I.5 Risk Factors” of this interim report as well as those risks and uncertainties discussed or identified in Valneva’s public filings with the “Autorité des Marchés Financiers" (AMF) in France, including those listed in the Company’s 2025 Universal Registration Document filed with the AMF on March 17, 2026, which is available on the websites of the Company and the AMF, and public filings and reports filed with the U.S. Securities and Exchange Commission (SEC), including the Company’s 2025 annual report on Form 20-F available on the SEC’s website.

References to Valneva’s website and social media accounts are included for information only and the content contained therein, or that can be accessed through, Valneva’s website and these social media accounts is not incorporated by reference into this report and does not constitute a part of this report.




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

I. MANAGEMENT REPORT

1 Overview

Valneva is a specialty vaccine company that develops, manufactures and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs. The Company takes a highly specialized and targeted approach, applying its deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions.

The Company has a strong track record, having advanced multiple vaccines from early R&D to approvals, and currently markets three proprietary travel vaccines.

Revenues from Valneva’s commercial business help fuel the continued advancement of its vaccine development

pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s most clinically advanced tetravalent Shigella vaccine candidate as well as vaccine candidates against other global public health threats.

Valneva had around 620 employees across its operations in Austria, Sweden, the United Kingdom, France, Canada and the U.S as of June 30, 2026.

The Company’s clinical pipeline and commercial portfolio are summarized below:

New Commercial Portfolio 2026-07-07 094338.jpg




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

2 Operational Review

2.1 Vaccine Research & Development (R&D)

Valneva’s pipeline is composed of differentiated vaccine candidates at various stages of research and development. The Company aims to develop vaccine candidates that are either first-, best- or only-in-class and address unmet needs in infectious diseases.

Each of these assets either target diseases currently lacking a preventative or effective therapeutic treatment option or may have meaningful advantages compared to existing vaccine solutions or treatment options.

Valneva develops products towards marketing approval and commercialization either in-house, as illustrated by its chikungunya vaccine, or through strategic licensing or partnering, as illustrated by its collaborations with Pfizer for its Lyme disease vaccine candidate and with LimmaTech Biologics for its Shigella vaccine candidate.

Lyme Disease Vaccine Candidate – LB6V (formerly VLA15)

Overview of Lyme Disease

Lyme disease is a systemic infection caused by Borrelia burgdorferi bacteria transmitted to humans by infected Ixodes ticks1. It is considered the most common vector-borne illness in the Northern Hemisphere2.

While the true incidence of Lyme disease is unknown, it is estimated to annually affect approximately 476,000 people in the United States and at least a further 132,000 people in Europe3,4. Research suggests that Lyme disease cases may rise 92% by 2100 in the U.S. due to climate change5. Although most patients recover from Lyme disease, 10-20% have persistent symptoms, which for some are chronic and disabling. Studies indicate that Lyme disease costs up to approximately $1.3 billion each year in direct medical costs in the U.S. alone6.

The medical need for vaccination against Lyme disease is steadily increasing as the geographic footprint of the disease widens7.

LB6V Vaccine Candidate

Valneva and its partner, Pfizer, are developing LB6V as an investigational vaccine against Borrelia, the bacterium that causes Lyme disease. LB6V is a recombinant protein vaccine candidate that targets six serotypes of Borrelia representing the most common serotypes found in North America and Europe.

In March 2026, Valneva and Pfizer announced topline results from the Phase 3 “Vaccine Against Lyme for Outdoor Recreationists” (VALOR) trial (NCT05477524) investigating the efficacy, safety, and immunogenicity of

LB6V in 9,437 participants five years of age and older. Since then, Pfizer has been engaging with regulatory authorities to align on potential pathways to licensure and has expressed optimism regarding the vaccine candidate's regulatory approval prospects8. Regulatory decisions are expected in the twelve months9.

VALOR participants in highly endemic regions in North America and Europe.received three doses of LB6V or a saline placebo (1:1 ratio) within the first year, and one booster dose approximately one year after completion of the first three doses, as part of the primary immunization. They were monitored for the occurrence of Lyme disease cases until the end of 2025. LB6V demonstrated more than 70% efficacy in preventing Lyme disease. The investigational vaccine candidate was well tolerated with no safety concerns identified. Fewer than anticipated Lyme disease cases were accrued over the study period, and the pre-determined statistical criterion (95% confidence interval lower bound >20) was not met in the first pre-specified analysis (primary endpoint). Given the clinically meaningful efficacy and the fact that the 95% confidence interval lower bound was above 20 in the second pre-specified analysis,.

Valneva had previously reported results of three Phase 2 clinical trials of LB6V in 1,030 healthy adults and children, which demonstrated the generation of high titers of antibodies against all six serotypes.

LB6V Collaboration and Licensing Agreement with Pfizer

In April 2020, Valneva announced a collaboration with Pfizer for late clinical development and commercialization of LB6V10. Valneva received a $130 million upfront payment upon signing. The Company also received milestone payments of $10 million and $25 million from Pfizer following initiation of the Phase 2 and Phase 3 studies, respectively. In June 2022, the terms of this agreement were updated, and Pfizer invested €90.5 ($95) million in Valneva as part of an Equity Subscription Agreement. As per the updated terms, Pfizer committed to fund 60% of the remaining shared development costs. Subject to LB6V approval, Valneva will receive tiered royalties ranging from 14% to 22%, which will be complemented by up to $100 million in milestones payable to the Company based on cumulative sales. The remaining early commercialization milestones were unchanged, which total an aggregate of $143 million.

The program was granted Fast Track designation by the FDA in July 201711.

1 Stanek et al. 2012, The Lancet 379:461–473

2 Gern L, Falco RC. Lyme disease. Rev Sci Tech. 2000 Apr;19(1):121-35

3 Burn L, et al. Incidence of Lyme Borreliosis in Europe from National Surveillance Systems (2005–2020). April 2023. Vector Borne and Zoonotic Diseases. 23(4): 156–171.

4 Kugeler KJ, et al. Estimating the frequency of Lyme disease diagnoses—United States, 2010-2018. February 2021. Emergency Infectious Disease. 27(2).

5 Lyme disease cases may rise 92 per cent in US due to climate change

6 Lyme Disease Costs Up to $1.3 Billion Per Year to Treat, Study Finds

7 Center for Disease Control and Prevention. Lyme Disease. Data and Surveillance. April 2021. Available at: https://www.cdc.gov/lyme/datasurveillance/index.html?CDC_AA_refVal=https%3A%2F%2Fwww.cdc.gov%2Flyme%2Fstats%2Findex.html Accessed July 2022.

8 https://s206.q4cdn.com/795948973/files/doc_events/2026/Jun/08/PFE-USQ_Transcript_2026-06-08.pdf

9 https://s206.q4cdn.com/795948973/files/doc_financials/2026/q2/Q2-2026-Earnings-Charts-FINAL.pdf

10 Valneva and Pfizer Announce Collaboration to Co-Develop and Commercialize Lyme Disease Vaccine, VLA15

11 Valneva Receives FDA Fast Track Designation for its Lyme Disease Vaccine Candidate VLA15




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

VLA1553 / IXCHIQ—Our vaccine targeting the chikungunya virus

Overview of Chikungunya

Chikungunya is a mosquito-borne virus and a major public health threat in tropical and subtropical regions. It frequently causes large outbreaks with high attack rates, infecting up to 75% of populations in affected areas and generating significant economic impact. Between 2013 and 2023, more than 3.7 million cases were reported in the Americas, though the true burden is likely far higher due to underreporting—estimated at up to five fold—driven by diagnostic challenges and limited healthcare access. It is estimated that the global market for a chikungunya vaccine, including travel and endemic markets, will exceed $500 million annually by 2032.

The disease typically presents with sudden fever, rash, muscle pain, and often severe, debilitating joint pain. While mortality is low (<1%), 72–92% of infections are symptomatic, and chronic joint pain can persist for months or years, leading to substantial long-term disability and reduced quality of life.

Chikungunya is highly transmissible and has spread globally through travel and expanding mosquito habitats. Notably, the tiger mosquito—now established in parts of Europe and the United States—has enabled local outbreaks in previously unaffected regions. Climate change, low population immunity, and the adaptation of the virus to additional mosquito species are accelerating its spread.

In 2025, outbreaks were reported across multiple countries, with new locally acquired cases identified in cities such as Paris and New York. Brazil and India remain among the most affected countries. Without vaccination, the virus is expected to continue expanding geographically.

Currently, treatment is limited to symptom management, primarily with anti-inflammatory drugs. While vaccines such as IXCHIQ are available in some countries, prevention elsewhere relies largely on mosquito avoidance and control, which has proven difficult to sustain.

VLA1553 / IXCHIQ Vaccine

IXCHIQ is a live-attenuated chikungunya vaccine based on the East, Central, and Southern African strain which has spread across the Indian Ocean. It is cross-reactive with other strains, meaning that it is designed to protect against those as well, including the strain of Asian lineage which is rapidly spreading across the Americas as observed in pre-clinical studies. Additionally, given that Valneva has engineered IXCHIQ as a live-attenuated vaccine, the Company believes it may confer life-long immunity.

Several post-marketing commitment activities for IXCHIQ are ongoing. These include the ongoing Pilot Vaccination Strategy (PVS) in Brazil. This is the first large-scale public vaccination campaign using IXCHIQ in a real-world setting, conducted by the Brazilian Ministry of Health with support from Valneva and its local partner, Instituto Butantan. Approximately 50,000 adults, aged 18 to 59 years, have already been vaccinated as part of this campaign. The PVS will serve as the basis for current and planned post-marketing Phase 4 studies evaluating the effectiveness and safety of IXCHIQ to generate real-world evidence in larger and more specialized populations.

Post-marketing commitment activities also include the VLA1553-402 observational effectiveness study, the VLA1553-403 pregnancy surveillance and the VLA1553-406 prospective safety cohort study. Valneva is also participating as part of a European consortium with grant funding to evaluate IXCHIQ vaccination in healthy and HIV infected volunteers in Africa.

The antibody persistence study VLA1553-303 remains ongoing and on track to report seroresponse rates in individuals five years after receiving a single IXCHIQ vaccination later this year. As previously reported, participants in this study maintained a 95% seroresponse rate four years post-IXCHIQ vaccination.

Valneva conducted several Phase 3 trials:

The VLA1553-301 pivotal trial showed that a single dose achieved seroconversion in 98.9% of participants (n=4,115), at Day 28, exceeding the success criteria agreed with the FDA for this trial. Immunity remained high at six months (96.3%). The vaccine showed strong immunogenicity and was well tolerated, with mostly mild, short-lived adverse events. Safety findings were consistent across all age groups, including adults ≥65 years of age.

The VLA1553-302 lot consistency trial (n=408) showed that three manufacturing lots produced equivalent immune responses and similar safety profiles, confirming manufacturing consistency.

The VLA1553-303 antibody persistence trial showed durable immunity, with 95–99% of participants maintaining protective antibody levels up to 48 months post-vaccination. No new safety concerns emerged.

The Company also conducted a Phase 2 trial (VLA1553-221) in children 1–11 years of age, which demonstrated strong immunogenicity and good tolerability for both full and half doses, with the full dose providing a stronger response. Safety was consistent with older age groups, supporting future Phase 3 evaluation in children.

Details on the countries/regions where the product is approved can be found in the Commercial Products section on page 7 of this report.

Shigella Vaccine Candidate – S4V2

Overview of Shigellosis

Shigellosis is the second leading cause of fatal diarrheal disease worldwide. It is estimated that up to 165 million cases of disease and an estimated 600,000 deaths are attributed to Shigella each year12, particularly among children in LMICs. No approved Shigella vaccine is currently available outside of Russia or China, where two vaccines exist for limited use. The development of Shigella vaccines has been identified as a priority by the World Health Organization (WHO)13. The global market for a vaccine against Shigella is estimated to exceed $500 million annually14.

S4V2 Vaccine Candidate

In August 2024, Valneva entered into an exclusive licensing agreement with LimmaTech Biologics AG for the development, manufacturing and commercialization of Shigella4V (S4V2), the world’s most clinically advanced tetravalent vaccine candidate against shigellosis15.

12 Shigellosis | CDC Yellow Book 2024

13 Immunization, Vaccines and Biologicals (who.int)

14 Valneva’s Initial internal assessment

15https://valneva.com/press-release/valneva-and-limmatech-enter-into-a-strategic-partnership-to-accelerate-the-development-of-the-worlds-most-clinically-advanced-tetravalent-shigella-vaccine-candidate/?lang=fr




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

At the time the collaboration was established, LimmaTech had already reported positive interim Phase 1/2 data for the S4V2 vaccine candidate16, including a favorable safety and tolerability profile as well as robust data on immunogenicity against the four most common pathogenic Shigella serotypes, S. flexneri 2a, 3a, 6, and S. sonnei. The results of the completed Phase 1/2 study confirmed the interim data.

Two Phase 2 clinical studies of S4V2, sponsored by LimmaTech Biologics AG, are ongoing. In November 2024, Valneva and LimmaTech announced the launch of a parallel-group, randomized, double-blind, multicenter, placebo-controlled Phase 2b controlled human infection model (CHIM) study to assess the safety, immunogenicity, and preliminary efficacy in approximately 120 healthy Shigella-naïve participants aged 18 to 50 at three sites in the United States. Additionally, in April 2025, the two companies announced the initiation of a Phase 2 infant safety and immunogenicity study in approximately 110 nine-month-old infants with the goal of identifying the best dose to be tested in a Phase 3 trial. Results from both studies are expected in the third quarter of 2026. Based on the outcome of these studies and its future R&D strategy, Valneva will determine the appropriate next steps, including whether to assume responsibility for the vaccine candidate's late-stage clinical development.

Pre-clinical Vaccine Candidates

In addition to its clinical-stage assets, Valneva’s portfolio includes several pre-clinical assets against disease targets that reflect the Company’s strategy of providing prophylactic solutions to significant diseases that lack a preventative and effective therapeutic treatment option.

Valneva’s two most advanced preclinical assets against EBV and Enterotoxigenic Escherichia coli (ETEC) are presented below. Additionally, the Company has initiated pre-clinical work on vaccine candidates against different enteric diseases.

VLA2112 - Epstein-Barr Virus (EBV) Vaccine Candidate

Epstein-Barr virus (EBV), also known as human herpesvirus 4, is a member of the herpes virus family. It is found all over the world and is one of the most common human viruses. Most people get infected with EBV by early adulthood. EBV spreads most commonly through bodily fluids, primarily saliva. EBV can cause infectious mononucleosis, also called mono, and is strongly associated with different cancers and multiple sclerosis.

Valneva’s EBV vaccine candidate, VLA2112, is based on adjuvanted, subunit viral glycoproteins to elicit high titers of EBV-neutralizing antibodies.

The selection of antigens that best neutralize infection of both epithelial cells and B cells was completed in 2023, and confirmatory pre-clinical research is ongoing.

Enterotoxigenic Escherichia Coli (ETEC) Vaccine Candidate

Valneva has started research work on a vaccine candidate against ETEC. In April 2026, the Company signed an exclusive licence agreement with Vestlandets Innovasjonsselskap (VIS), a leading Norwegian technology transfer office, to support the further development of ETEC vaccine technology.

The agreement provides a long-term pathway to advance a vaccine for travelers and for populations in low- and middle-income countries, where the disease burden is greatest.

ETEC is the most common cause of traveler’s diarrhea and a major cause of diarrhea in children in LMICs. There is currently no specific treatment or vaccine available against ETEC.

2.2 Commercial products

Valneva’s proprietary commercial portfolio is composed of three vaccines, IXIARO/JESPECT, DUKORAL, and IXCHIQ. These travel vaccines serve a wide range of potential travelers to countries where the diseases they prevent are endemic, from business and leisure travelers to government and military personnel traveling on behalf of their government. Valneva has also distributed selected third-party vaccines in countries where it operates its own marketing and sales infrastructure. In line with the Company’s strategy and prior communications, third-party distribution activities have decreased significantly following the expiration of its principal distribution agreement in 2025. Consequently, third party product sales decreased by €10.5 million or 91.6% to €1.0 million in the first half of 2026 and are expected to represent less than 5% of product sales by the end of the year.

Total product sales amounted to €64.0 million in the first half of 2026 compared to €91.0 million in the first half of 2025. The decrease was primarily attributable to the planned discontinuation of the majority of third-party sales, the expected phasing of product sales, including the timing of IXIARO® shipments to the U.S. DoD, the distributor transition in Germany as well as non-recurring outbreak-related sales of DUKORAL® and IXCHIQ® recorded during the first half of 2025 that did not repeat in 2026.

Japanese encephalitis vaccine (IXIARO/JESPECT)

IXIARO, or JESPECT in Australia and New Zealand, is a Vero cell culture-derived inactivated Japanese encephalitis vaccine and is the only Japanese encephalitis vaccine currently approved for use in the United States, Canada and Europe. IXIARO is indicated for active immunization against Japanese encephalitis in adults, adolescents, children and infants aged two months and older, and is a required vaccine for U.S. military personnel who are deployed to areas of risk for Japanese encephalitis. The pediatric indication of IXIARO was granted Orphan Drug designation by the FDA. Japanese encephalitis virus, or JEV, is spread by mosquitos and is the most important cause of viral encephalitis in Asia and the Western Pacific.

Sales of IXIARO/JESPECT sales were €44.0 million in the first half of 2026,compared with €54.7 million in the first half of 2025. The year-over-year comparison primarily reflects the transition to a new distributor in Germany in January 2026 as well as the product sales phasing, notably the timing of deliveries to the U.S. DoD. Deliveries under the contract signed in January 2025 continued during the period, and Valneva expects to make additional IXIARO deliveries to the DoD during the remainder of 2026, including under a new contract expected in the third quarter. Foreign currency fluctuations had an adverse impact of €1.5 million on IXIARO/JESPECT sales during the first half of 2026.

16 https://lmtbio.com/wp-content/uploads/2024/02/20240221_LimmaTech_Shigella-Interim-Data-PR_Final.pdf




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

Cholera / ETEC17 vaccine (DUKORAL)

Valneva’s cholera vaccine DUKORAL is an oral vaccine indicated for the prevention of diarrhea caused by Vibrio cholera and/or heat labile toxin producing ETEC, the leading cause of travelers’ diarrhea. The vaccine contains four inactivated strains of the bacterium Vibrio cholerae serotype O1, and part of a toxin from one of these strains as active substances.

DUKORAL is authorized for use in the European Union and Australia to protect against cholera, and in Canada, Switzerland, New Zealand and Thailand to protect against cholera and ETEC. DUKORAL is indicated for adults and children from two years of age who will be visiting endemic areas.

Originally licensed in Sweden by SBL Vaccines in 1991, and subsequently in the European Union in 2004, DUKORAL was then prequalified by the WHO. Valneva acquired DUKORAL in 2015 from Janssen Pharmaceuticals as part of the Company’s strategic vision to extend its proprietary travel vaccine portfolio.

DUKORAL sales were €14.7 million In the first half of 2026 compared to €17.4 million in the first half of 2025. The prior-year period benefited from one-off sales associated with the supply of vaccine doses to Mayotte in response to a cholera outbreak. Sales in the first half of 2026 were also affected by the transition to a new distributor in Germany in January 2026. Existing inventory held by the previous distributor remained sufficient to meet market demand during the period, temporarily reducing product shipments, while the geopolitical situation continued to adversely affect travel. Deliveries under the new distribution arrangement are gradually resuming. Foreign currency fluctuations had an adverse impact of €0.4 million on DUKORAL sales during the first half of 2026.

Chikungunya vaccine (IXCHIQ)

Valneva’s chikungunya vaccine IXCHIQ is approved in Europe and Canada for the prevention of disease caused by CHIKV in individuals 12 years of age and older18 at high risk of acquiring chikungunya infection. It is also approved in the United Kingdom19 and Brazil for the prevention of disease caused by the chikungunya virus in individuals 18 to 59 years old.

In January 2026, Valneva decided to voluntarily withdraw the BLA and IND application for IXCHIQ in the U.S. after the FDA suspended the license for the vaccine in August 2025 in connection with serious adverse events, mostly in elderly people with severe medical conditions.

In early May 2026, the Brazilian Health Regulatory Agency (ANVISA) authorized Instituto Butantan to locally manufacture a version of Valneva’s chikungunya vaccine. With this authorization, the vaccine – developed in partnership with Valneva and supported by the Coalition for Epidemic Preparedness Innovations (CEPI) – is approved for use in Brazil in individuals aged 18 to 59 and can be incorporated into the Brazilian Unified Health System.

IXCHIQ sales were €4.4 million in the first half of of 2026, including first shipments of the vaccine’s drug substance to Instituto Butantan, compared with €7.5 million in the

first half of 2025. The prior-year period benefited from sales in the U.S. as well as shipments to the French island of La Réunion in response to a chikungunya outbreak.

In light of the product uptake in travel, the Company is currently evaluating its future commercial strategy for IXCHIQ including a potential focus on endemic markets.

2.3 Other revenues / income

Other revenues, including revenues from collaborations, licensing and services, amounted to €1.8 million in the first half of 2026 compared to €6.5 million in the first half of 2025.

Other income amounted to €2.9 million in the first half of 2026 compared to €4.6 million in the first half of 2025.

2.4 Other Business Updates

Valneva Announced the Successful Completion of up to €84 million Reserved Offering

In April 2026, Valneva announced the successful completion of an €84 million reserved offering of new ordinary shares and warrants, including €37 million received upon closing and an aggregate of up to €47 million if all the warrants are exercised.

The Reserved Offering was led by existing investor Frazier Life Sciences, with participation by new investors TCGX, Deep Track Capital, Cormorant Asset Management, Perceptive Advisors, Vivo Capital, and Samsara BioCapital, as well as existing investor Nantahala.

The Company intends to use the net proceeds from the Reserved Offering, together with its existing cash, to advance its existing pipeline of differentiated vaccine candidates, maximize growth of its cash-generating commercial business and for working capital and general corporate purposes.

Nantes Métropole Announced Plans to acquire Valneva’s Saint-Herblain site

At the end of June 2026, Nantes Métropole announced during a municipal council meeting that it intends to acquire Valneva’s site in Saint-Herblain for €6.2 million. Valneva signed a preliminary sales agreement and the transaction is expected to be finalized in September 2026.

This follows Valneva’s announcement in late 2025 that the Company plans to concentrate its French operations at its Lyon location to streamline operations and improve efficiency in France, while centralizing all R&D activities at the Company’s site in Vienna.

Valneva Announced a New Restructuring Program to Further Reduce Operating Expenses

In May 2026, Valneva announced that, as part of the Company’s continued focus on diligent cash management, and following a consolidation in France in 2025, it had initiated a further restructuring plan designed to streamline its global business operations. This program intends to focus resources on Valneva’s base business and key strategic projects, including a reduction of its global

17 Indications differ by country - Please refer to Product / Prescribing Information (PI) / Medication Guide approved in your respective countries for complete information, incl. dosing, safety and age groups in which this vaccine is licensed, ETEC = Enterotoxigenic Escherichia coli (E. Coli) bacterium.

18https://valneva.com/press-release/valneva-receives-marketing-authorization-in-europe-for-the-worlds-first-chikungunya-vaccine-ixchiq/

19https://www.gov.uk/government/news/mhra-introduces-additional-restrictions-for-use-of-the-chikungunya-vaccine-ixchiq




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

workforce by 10-15%. Together these initiatives are expected to generate positive P&L and cash flow impacts in the second half of 2026.

Valneva Announced the Appointment of Dr. Gerd Zettlmeissl as Chair of the Board of Directors and the Reappointment of Five Board Members

In June 2026, Dr. Gerd Zettlmeissl was appointed as chair of Valneva’s Board of Directors. He replaced Anne-Marie

Graffin, who chaired the Board for the past three years and who will continue as Vice-chair of the Board.

At the Company’s Annual General Meeting, shareholders also approved the reappointment of five Board members. Anne-Marie Graffin, James Sulat and Kathrin Jansen were reappointed for one-year terms, James Connolly for a two-year term, and Valneva’s Chief Executive Officer Thomas Lingelbach for a three-year term.




						Unaudited interim condensed consolidated financial statements as at June 30, 2026
						Valneva SE

3 Financial Review
Half Year 2026 Financial Review (Unaudited, consolidated under IFRS)

KEY FINANCIAL INFORMATION


	Six months ended June 30,
in € thousand	2026	2025
Total Revenues	65,841	97,562
Product Sales	64,020	91,020
Profit/(loss) for the period	(63,276)	(20,818)
Adjusted EBITDA	(40,138)	(6,020)
Cash and cash equivalents	121,526	161,307

Revenues

Valneva’s total revenues were €65.8 million in the six months ended June 30, 2026 compared to €97.6 million for the same period in 2025. The decrease was primarily attributable to the planned discontinuation of third-party sales, the expected phasing of product sales, including the timing of shipments to the U.S. DoD, the distributor transition in Germany as well as non-recurring outbreak-related sales of DUKORAL and IXCHIQ recorded during the first half of 2025 that did not repeat in 2026.

Other revenues, including revenues from collaborations, licensing and services amounted to €1.8 million in the first half of 2026 compared to €6.5 million for the same period in 2025, which included revenues recognized under the exclusive license agreement with the Serum Institute of India for IXCHIQ, which was terminated in 2025.

Operating Result and Adjusted EBITDA

Costs of goods and services sold were €59.5 million in the first half of 2026, compared to €47.2 million in the first half of 2025. As a result, gross profit decreased to €6.3 million.

The decrease in gross profit was primarily driven by:

–lower sales and manufacturing volumes across the portfolio,

–adverse cost impacts related to IXCHIQ inventory provisions and third-party manufacturing and supply contract termination costs,

–higher idle manufacturing costs that were neither capitalized nor allocated to products.

As a result, product-level gross margin before unallocated costs decreased to €14.7 million in the first half of from €54.4 million million in the first half of 2025. Gross profit was further reduced by €9.4 million in unallocated manufacturing costs, including idle capacity and other costs not allocated to products, compared to €6.0 million in the first half of 2025.


€ in million	Six months ended June 30, 2026
(unaudited results, consolidated per IFRS)	IXIARO		DUKORAL		IXCHIQ		3PP		Total Products		Other/ Unallocated/ Services	Total
Product Sales	44.0		14.7		4.4		1.0		64.0			64.0
Cost Of Goods Sold	(19.2)		(11.1)		(18.3)		(0.8)		(49.3)		(9.4)	(58.7)
Gross Profit	24.8		3.6		(13.9)		0.2		14.7
Gross Profit / Product Sales	56.4	%	24.7	%	(315.1)	%	16.8	%	23.0	%
Other Revenues	0.1								0.1		1.7	1.8
Cost Of Services											(0.8)	(0.8)