Valneva SE (VALN) Income Statement
VALN 2025 at a glance
Fiscal year ended December 31, 2025 · eurosVALN revenue and net income
Where VALN's revenue goes
2025Each bar shows an amount and its share of revenue. VALN kept −66.0% of revenue as net income.
VALN profit margins
VALN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.0% | −21.5% | +9.6% | +8.3% |
| Gross profit | −5.0% | +22.4% | +3.8% | +8.0% |
| Operating income | −712.4% | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VALN income statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €174.7M | €169.6M | €153.7M | €361.3M | €348.1M | €110.3M | €126.2M | €113.0M | €105.3M | €94.1M |
| Cost of revenue | €107.1M | €98.5M | €100.9M | €324.4M | €187.9M | €54.3M | €50.0M | €43.4M | €46.0M | €43.1M |
| Gross profit | €67.5M | €71.0M | €52.8M | €36.9M | €160.2M | €56.0M | €76.2M | €69.6M | €59.3M | €51.0M |
| Research & development | €85.3M | €74.1M | €59.9M | €104.9M | €173.3M | €84.5M | €37.9M | €12.2M | €23.4M | €24.6M |
| Sales, general & admin | €37.3M | €42.8M | €47.8M | €34.1M | €47.6M | €38.0M | €27.5M | €48.0M | €33.4M | €31.1M |
| Total operating expenses | €149.2M | €57.7M | €134.9M | €150.3M | €221.6M | €111.1M | €74.2M | €63.3M | €63.3M | €93.4M |
| Operating income | −€81.6M | €13.3M | −€82.1M | −€113.4M | −€61.4M | −€55.1M | −€811,000 | €6.3M | −€4.0M | −€42.6M |
| Interest income | €1.8M | €2.4M | €925,000 | €260,000 | €249,000 | €119,000 | €199,000 | €178,000 | €72,000 | — |
| Interest expense | €41.9M | €24.0M | €23.3M | €19.1M | €17.0M | €10.7M | €2.6M | €3.8M | €5.1M | €6.1M |
| Income before taxes | −€114.1M | −€11.5M | −€98.6M | −€144.8M | −€70.0M | −€65.3M | −€870,000 | €3.4M | −€12.6M | −€48.8M |
| Income taxes | €1.1M | €761,000 | €2.8M | −€1.5M | €3.4M | −€909,000 | €874,000 | €88,000 | −€1.1M | €356,000 |
| Net income | −€115.2M | −€12.2M | −€101.4M | −€143.3M | −€73.4M | −€64.4M | −€1.7M | €3.3M | −€11.5M | −€49.2M |
| EBITDA | −€50.5M | €32.1M | −€57.7M | −€104.7M | −€38.7M | −€44.8M | €10.3M | €12.8M | €3.6M | −€31.5M |
| Gross margin | 38.7% | 41.9% | 34.4% | 10.2% | 46.0% | 50.8% | 60.4% | 61.6% | 56.3% | 54.2% |
| Operating margin | −46.7% | 7.9% | −53.4% | −31.4% | −17.6% | −50.0% | −0.6% | 5.5% | −3.8% | −45.3% |
| Net margin | −66.0% | −7.2% | −66.0% | −39.7% | −21.1% | −58.4% | −1.4% | 2.9% | −10.9% | −52.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €35.5M | €30.9M | €47.7M | €29.4M | €48.3M | €49.2M | €52.9M | €45.8M | €38.1M | €32.8M | €41.9M | €38.1M |
| Cost of revenue | €33.9M | €26.2M | €36.1M | €23.9M | €24.1M | €23.0M | €27.2M | €25.7M | €23.5M | €22.2M | €26.1M | €21.0M |
| Gross profit | €1.6M | €4.7M | €11.6M | €5.5M | €24.2M | €26.2M | €25.7M | €20.1M | €14.6M | €10.6M | €15.8M | €17.1M |
| Research & development | €15.3M | €15.2M | €25.6M | €27.3M | €17.5M | €15.0M | €25.6M | €18.9M | €16.6M | €13.1M | €17.7M | €16.2M |
| Sales, general & admin | €13.8M | €8.2M | €7.8M | €10.5M | €10.1M | €9.0M | €10.2M | €9.7M | €11.2M | €11.7M | €12.7M | €12.2M |
| Total operating expenses | €29.3M | €28.4M | €39.3M | €42.6M | €35.1M | €32.1M | €46.6M | €32.6M | €36.1M | −€57.6M | €40.7M | €39.3M |
| Operating income | −€27.6M | −€23.7M | −€27.7M | −€37.1M | −€10.9M | −€6.0M | −€20.9M | −€12.4M | −€21.5M | €68.2M | −€24.9M | −€22.2M |
| Interest income | €339,000 | €526,000 | €70,000 | €845,000 | €517,000 | €511,000 | €1.0M | €529,000 | €521,000 | €266,000 | €486,000 | €220,000 |
| Interest expense | €5.3M | €5.1M | €24.6M | €5.7M | €5.6M | €6.0M | €6.3M | €5.7M | €4.9M | €7.0M | €10.8M | €3.6M |
| Income before taxes | −€32.3M | −€31.2M | −€51.1M | −€43.5M | −€11.8M | −€7.8M | −€32.3M | −€13.0M | −€25.1M | €58.9M | −€28.3M | −€31.6M |
| Income taxes | −€575,370 | €824,000 | −€1.1M | €882,000 | −€223,000 | €1.5M | €4.6M | −€3.7M | −€167,000 | €9,000 | €3.9M | €2.7M |
| Net income | −€31.7M | −€32.1M | −€50.0M | −€44.4M | −€11.6M | −€9.2M | −€37.0M | −€9.2M | −€24.9M | €58.9M | −€32.2M | −€34.2M |
| EBITDA | −€22.9M | −€18.4M | −€20.0M | −€32.0M | −€6.2M | −€2.3M | −€25.8M | −€2.3M | −€10.7M | €66.0M | −€14.5M | −€23.6M |
| Gross margin | 4.6% | 15.3% | 24.4% | 18.7% | 50.1% | 53.2% | 48.6% | 44.0% | 38.3% | 32.3% | 37.8% | 44.9% |
| Operating margin | −77.8% | −76.7% | −58.1% | −126.2% | −22.5% | −12.1% | −39.4% | −27.2% | −56.6% | 208.2% | −59.4% | −58.3% |
| Net margin | −89.3% | −103.8% | −104.9% | −150.8% | −24.0% | −18.8% | −69.9% | −20.2% | −65.5% | 179.9% | −76.8% | −89.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported in VALN's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VALN financial results
In fiscal year 2025 (ended December 31, 2025), Valneva reported revenue of €174.7 million, up 3.0% from the year before. It had a net loss of €115.2 million, a net profit margin of −66.0%. Over five years revenue grew at an average rate of 9.6% a year. Figures are in euros, the currency of its financial statements.
See the VALN stock overview for the latest quote and news, or the VALN chart for price history and technical indicators.
VALN income statement FAQ
What is Valneva's annual revenue?
Valneva reported total revenue of €174.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 3.0% from €169.6 million the previous year.
Is Valneva profitable?
No. Valneva reported a net loss of €115.2 million in fiscal 2025, a net profit margin of −66.0%; its operating margin was −46.7%.
What is Valneva's gross margin?
Valneva's gross margin was 38.7% in fiscal 2025: for every $100 of revenue, Valneva kept $39 after the direct cost of its products and services.
How much does Valneva spend on research and development?
Valneva spent €85.3 million on research and development in fiscal 2025, 48.8% of revenue.
How fast is Valneva growing?
Revenue grew 9.6% a year on average over the last five fiscal years, from €110.3 million to €174.7 million.
When will Valneva report its next earnings?
Valneva is expected to report results for the quarter ending September 30, 2026 on November 19, 2026.
When does Valneva's fiscal year end?
Valneva's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 17, 2026.