Valneva reported total revenues of €174.7 million for 2025, up slightly from €169.6 million in 2024.[1][3][4] Product sales reached €157.9 million, with third-party sales down 42.3% to €19.2 million.[1][3] At the end of the year, the company had 109.7 million euros in cash.[1][4] The VLA15 Lyme disease vaccine, developed in collaboration with Pfizer, is the only candidate in advanced clinical development.[1][2] First results from the Phase 3 VALOR study are expected in the first half of 2026, followed by regulatory filings.[1][3] Positive final phase 2 results demonstrated a strong immune response and a favorable safety profile after a booster dose in all age groups.[2] For 2026, Valneva expects total revenues of 155 to 170 million euros, including product sales of 145 to 160 million euros.[1][3]