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Valneva A Leading Specialty Vaccine Company April 2025
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Disclaimer 2 This presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, Valneva SE shares to any person in the USA or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Valneva is a European company. Information distributed is subject to European disclosure requirements that are different from those of the United States. Financial statements and information may be prepared according to accounting standards which may not be comparable to those used generally by companies in the United States. This presentation includes only summary information provided as of the date of this presentation only and does not purport to be comprehensive. Any information in this presentation is purely indicative and subject to modification at any time without notice. Valneva does not warrant the completeness, accuracy or correctness of the information or opinions contained in this presentation. None of Valneva, or any of its affiliates, directors, officers, advisors and employees is under any obligation to update such information or shall bear any liability for any loss arising from any use of this presentation. The information has not been subject to independent verification and is qualified in its entirety by the business, financial and other information that Valneva is required to publish in accordance with the rules, regulations and practices applicable to companies listed on Euronext Paris and the NASDAQ Global Select Market, including in particular the risk factors described in Valneva’s universal registration document filed with the French Financial Markets Authority (Autorité des Marchés Financiers, or AMF) on March 24, 2025 (document d’enregistrement universel 2024) under number D. 25-0140, and in the Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on March 24, 2025, as well as the information in any other periodic report and in any other press release, which are available free of charge on the websites of Valneva (www.valneva.com) and/or the AMF (www.amf- france.org) and SEC (www.sec.gov). Certain information and statements included in this presentation are not historical facts but are forward-looking statements, including with respect to business partnerships, the progress, timing, results and completion of research, development and clinical trials for product candidates, to regulatory approval of product candidates and review of existing products. The forward-looking statements (a) are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Valneva operates, and involve known and unknown risk, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from those expressed or implied by these forward-looking statements, (b) speak only as of the date this presentation is released, and (c) are for illustrative purposes only. Investors are cautioned that forward-looking information and statements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Valneva This presentation presents information about investigational vaccine candidates that have not been approved for use and have not been determined by any regulatory authority to be safe or effective. Management uses and presents IFRS results, as well as the non-IFRS measure of Adjusted EBITDA to evaluate and communicate its performance. While non-IFRS measures should not be construed as alternatives to IFRS measures, management believes non-IFRS measures are useful to further understand Valneva's current performance, performance trends, and financial condition. Adjusted EBITDA is a supplemental measure of performance used by investors and financial analysts. Management believes this measure provides additional analytical tools. Valneva Company Presentation, April 2025
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A Leading Specialty Vaccine Company Focused on vaccines that make a difference Proven Expertise: Three in-house vaccine approvals; three proprietary commercialized travel vaccines Focus on Innovation: Advancing first-, only- or best-in-class vaccine candidates; Experience across multiple vaccine platforms Key Value Driver – De-risked Blockbuster Lead Program: Lyme disease vaccine candidate partnered with Pfizer; first Phase 3 data readout at the end of 2025 Growing Commercial Revenues: Targeting €170 - €180 million of vaccine sales in 2025 to support continued R&D investments; Strong cash position of €168 million (Dec. 31, 2024) Targeting profitability in 2027: based on continued commercial growth plus Lyme vaccine commercial entry 3 We develop, manufacture, & commercialize prophylactic vaccines for infectious diseases addressing unmet medical needs Valneva Company Presentation, April 2025
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Program Vaccine Design Pre-Clinical Phase 1 Phase 2 Phase 3 Commercial Commercial Products IXIARO® DUKORAL® IXCHIQ® Clinical Programs VLA15: Lyme disease VLA1553: Chikungunya S4V2: Shigellosis VLA1601: Zika Key Pre- Clinical Activities VLA2112: EBV Various Enteric diseases Valneva’s Augmented Commercial and R&D Portfolio Further extending a unique, differentiated portfolio Only U.S./ EU approved vaccine against Japanese encephalitis Most clinically advanced Lyme vaccine program worldwide Potential for first/best-in-class Established Cholera (ETEC1) vaccine approved in >30 countries World‘s first approved chikungunya vaccine (U.S., Europe, UK, Canada); Review ongoing in Brazil Phase 3 adolescent study (Brazil) and Phase 2 pediatric study support potential label expansion 1 ETEC indication in some markets only; 2 Controlled human infection model Phase 2 CHIM2 underway; Phase 2 pediatric study starting in H1 25 4Valneva Company Presentation, April 2025
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*Subject to successful development, licensure and launch of Lyme disease vaccine candidate partnered with Pfizer Our Strategy to Become a Globally Recognized Vaccine Company Contribute to a world where no one dies or suffers from a vaccine preventable disease Drive Commercial Growth Unlock IXCHIQ® value by building awareness and market Capitalize on the bundle effect within travel business Expand global reach; reach more LMICs via partnerships Expect cash-flow positivity from 2025 Capture R&D Upside Leverage proven R&D engine and strategic partnerships Continue to focus on vaccines that can make a difference: (first-, only-, best-in-class) Execute efficiently to generate meaningful clinical catalysts Maximize integrated biotech model Build continual value from R&D and commercial execution Support timely Lyme approval(s) Achieve sustained profitability with potential VLA15 commercial revenues from partner Pfizer* 5Valneva Company Presentation, April 2025
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R&D
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World’s leading Lyme Disease Vaccine Candidate VLA15
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Annual Burden of Disease Population Living in Endemic Regions1,2 1 Kugeler et al. Emerging Infectious Disease, 2021 (doi.org/10.3201/eid2702.202731); 2 Burn at al. Vector Borne and Zoonotic Disease, 2023 (DOI: 10.1089/vbz.2022.0071); 3 Schwartz et al. Morbidity and Mortality Weekly Report Nov. 10, 2017; 4 Ursinus: https://www.thelancet.com/journals/lanepe/article/PIIS2666-7762(21)00119-8/fulltext; 5 Aucott, J.N., et al., Risk of post-treatment Lyme disease in patients with ideally-treated early Lyme disease: A prospective cohort study. Int J Infect Dis, 2022. 116: p. 230-237.; 6 Lyme Disease research and analysis conducted by an independent market research firm Lyme Disease Represents A Major Medical Need And Market Opportunity No vaccine is currently available to prevent Lyme disease in humans U.S. 87 million Europe 202 million >129K cases U.S.1 10-30% cases develop Lyme carditis Lyme neuroborreliosis Lyme arthritis Severe Manifestations3 5-10% cases continue to have persistent symptoms following treatment Persistent Symptoms4,5 ~476K cases Europe2 Commercial opportunity for Valneva >$1 billion estimated global market6 8Valneva Company Presentation, April 2025
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World’s leading Vaccine Candidate Against Lyme Disease VLA15: the only Lyme disease program in advanced clinical development today • Multivalent, recombinant proteins • Targets six most prevalent Borrelia serotypes causing Lyme disease in U.S. and Europe (>97% coverage) • Established mechanism of action • U.S. FDA Fast Track Designation • Phase 3 fully recruited; primary vaccination completed1 Vaccine Highlights • Exclusive, worldwide partnership2 • >$1billion estimated global market3 • Valneva eligible for upfront and milestone payments up to $408 million ($165 million received) • Tiered sales royalties 14-22% Market Opportunity • On track for first Phase 3 study results (end 2025); Regulatory filings (U.S.+ EU) in 20264 • Completed Valneva contribution to Phase 3 trial costs in H1 2024 • Reported two-year antibody persistence and booster results Upcoming Milestones 1 Phase 3 VALOR Lyme Disease Trial: Valneva and Pfizer Announce Primary Vaccination Series Completion; 2 Pfizer and Valneva Initiate Phase 3 Study of Lyme Disease Vaccine Candidate VLA15; 3 Lyme Disease research and analysis conducted by an independent market research firm; 4 Subject to positive data 9Valneva Company Presentation, April 2025
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1 Study VLA15-201; 2 Study VLA15-202; 3 Phase 2 VLA15-201 and -202 study results published in The Lancet Infectious Disease (June 2024); 4 Study VLA15-221 VLA15 Demonstrated Strong Immunogenicity Across 1,030 Adults and Children Three Phase 2 studies optimized dose and schedule across age groups 10 2020: First positive immunogenicity data1 Immunogenic (all serotypes & dose groups) Higher doses elicited higher antibody responses Encouraging profile in older adults (ages 50-65) 2021: First positive booster data2,3 High antibody response confirmed after primary vaccination 12-month booster dose elicited strong anamnestic response 2022: First positive pediatric data4,3 Strong immunogenicity profile in adults2 (18-65yo) & children (5-17yo) More immunogenic in children on both 2-dose & 3-dose schedules; 3- dose schedule selected for all in Phase 3 Confirmed 1st and 2nd booster responses (all serotypes & age groups) Valneva Company Presentation, April 2025
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Phase 3: First Data Readout Expected at the End of 2025 Pfizer aims to submit regulatory applications in U.S. and Europe in 20261 1 Subject to positive data; 2 Cases are evaluated and confirmed by an Endpoint Adjudication Committee Primary Efficacy Read-out Placebo VLA15 Month 0 2 5-9 6-10 13 18 19 25 Tick Season 2023 Primary series Booster Tick Season 2025 Placebo VLA15 Month 0 2 5-9 6-10 13 18 19 25 Primary series Booster Cohort 1 Cohort 2 Population: ~9,400 evaluable participants ≥5 years of age at high risk of Lyme disease (LD) (by residence and occupational/recreational activities) in U.S., Canada and Europe (randomization approx. 1:1 VLA15/Placebo and 2:1 N. America/EU) Primary endpoint: Rate of confirmed LD cases2 after 2nd consecutive tick season (i.e., after completion of full vaccination series 3+1) Secondary endpoints include rate of confirmed1 LD cases after 1st tick season (i.e., after completion of primary vaccination series) amongst other secondary endpoints as defined in Phase 3 protocol 11 Tick Season 2024 Valneva Company Presentation, April 2025
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The World’s First Chikungunya Vaccine IXCHIQ® / VLA1553 IXCHIQ® is currently approved by the U.S. Food & Drug Administration (FDA), European Medicines Agency (EMA), The UK’s Medicines and Healthcare products Regulatory Agency (MHRA) and Health Canada for the prevention of disease caused by chikungunya virus in individuals 18 years of age and older. It is approved as well for adolescents age 12+ years by EMA. Continued approval of IXCHIQ ® is contingent upon verification of clinical benefit in confirmatory studies.
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1. Staples et al. CDC Yellow Book 2020, Chapter 4; 2. The global health and economic burden of chikungunya from 2011 to 2020: a model-driven analysis on the impact of an emerging vector-borne disease; 3. Bettis et al, PLOS Neglected Tropical Diseases 16(1): e0010069. 4. As of September 30th; https://bluedot.global/vaccines-on-the-table-as-chikungunya-outbreak-intensifies-in-india/ Chikungunya: A Major Public Health Threat Mosquito-transmitted outbreak disease with potentially debilitating consequences 13 Often causes large, explosive outbreaks Affecting up to 75% of the local population1 Substantial quality-of-life and health-economic impact2 Nearly half (43%) of those infected develop chronic symptoms3 ~460,000 cases and 170 deaths associated with chikungunya disease worldwide in 20244; Most cases reported in Brazil, Paraguay, Argentina and Bolivia Four-fold increase in India from 20234 Aedes aegypti Aedes albopictus Identified in >110 countries across five continents 75% of world population lives in areas at-risk of chikungunya Valneva Company Presentation, April 2025
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• Live-attenuated: offers strong and long-lasting protection with a single shot • Approved for adults by the U.S. FDA, EMA, MHRA and Health Canada; For adolescents as well by EMA. • U.S. launch underway: sales through Valneva’s commercial infrastructure; Launches commencing in Europe, Canada and the UK • Filed for additional adolescent label extensions and including two-year persistence data Vaccine Highlights • Travelers • Military • Outbreak preparedness • Estimated global market to exceed $500 million per year 2; $300-$400 represented by travel segment • Partnership for Latin America and certain LMICs 1 (Insituto Butantan) • Partnership for LMICs in Asia with Serum Institute of India (SII) Market Opportunity • Potential upcoming approval in Brazil • Reported Positive Phase 2 pediatric results (Q1 2025); Phase 3 pediatric study to commence in Q4 2025 • Initiate Phase 4 clinical program with support from recent $41.3m CEPI grant Upcoming Milestones 1 Low- and middle-income countries; 2 VAMV005. Chikungunya virus vaccines. Global demand analysis. Feb 2020 IXCHIQ®: The World’s First Licensed Chikungunya Vaccine Approved in adults in U.S., EU, UK, Canada - additional approvals expected in 2025 14 Valneva Company Presentation, April 2025
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IXCHIQ® Builds on Key Differentiators to Drive Growth 98.9% seroresponse rate at Day 29 - Sustained seroresponse rate at 96% after three years1 Strong and persistent immune response in adults 18-64 yrs and 65+2, as well as adolescents Generally well tolerated among the >3,600 adults, 754 adolescents and 304 children evaluated for safety3 Convenient single dose 15 The 1st vaccine against chikungunya providing a strong and persistent immune response with only one dose 1. Two-year antibody persistence (97%) included in current EU label; submitted for inclusion in U.S. and Canadian labels; 2. Included in current U.S., EU, UK, and Canadian labels; 3. No adverse drug reaction reported since approval of IXCHIQ® indicate any changes compared to knowledge from clinical trials. Valneva Company Presentation, April 2025
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Only CHIKV Vaccine to Achieve Long-Lasting Immunogenicity with a Single Shot Differentiated vaccine shows rapid, persistent immunity across all age groups tested1,2,5 16 Immunogenicity Data 99% Seroresponse3 Rate (SRR) after single vaccination maintained at 96% after 36 months4,5,6 Similar SRR and antibody titers in age 65+ adults as younger adults 1,4 100% SRR after 14 days and sustained for 12 months 2 Adolescent trial met primary endpoint7: highly immunogenic in baseline-negative individuals; 99% SRR sustained at 98% after 12 months8 Safety Data Generally well tolerated by >3,600 adults and 754 adolescents Pivotal Safety (solicited systemic AEs): ~50% of participants, most commonly headache, fatigue, myalgia Majority mild or moderate; 2.0% reported as severe, most commonly fever Adolescent 9 and pediatric10 trials demonstrated favorable safety profile regardless of previous CHIKV infection 1. Valneva Successfully Completes Pivotal Phase 3 Trial of Single-Shot Chikungunya Vaccine Candidate; 2. Re-testing of Phase 1 sera (vaccinated with liquid formulation of VLA1553) using the final assay/threshold used for the pivotal endpoint; data presented at CISTM18, May 2023; 3. CHIKV neutralizing antibody titer of ≥150 by µPRNT50 (Micro Plaque Reduction Neutralization Test), agreed with regulators to be used as a surrogate endpoint in Phase 3; 4. Valneva Reports Positive 12-Month Antibody Persistence Data for Single-Shot Chikungunya Vaccine Candidate; 5. Valneva Reports Positive 24-Month Antibody Persistence Data for its Single-Shot Chikungunya Vaccine IXCHIQ®; 6. Valneva Reports Positive Three-Year Antibody Persistence Data for its Single-Shot Chikungunya Vaccine IXCHIQ®; 7. Valneva Reports Positive Pivotal Phase 3 Immunogenicity Data in Adolescents for its Single-Shot Chikungunya Vaccine Candidate; 8. Valneva Reports High Sustained Immune Response in Adolescents One Year After Single Vaccination with its Chikungunya Vaccine; 9. Valneva Reports Positive Initial Phase 3 Safety Data in Adolescents for its Single-Shot Chikungunya Vaccine Candidate; 10. Valneva Reports Positive Phase 2 Results in Children for its Chikungunya Vaccine and Announces Phase 3 Dose Decision Valneva Company Presentation, April 2025
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IXCHIQ®: Focused on Expanding Access, Label Extension, Product Profile Robust clinical program supported by new $43.1 million CEPI grant1 Post-Marketing Effectiveness2 (Phase 4) To confirm effectiveness following licensure based on an immunological surrogate of protection and to optimize description of the safety profile Observational effectiveness study in Brazil Pragmatic randomized controlled effectiveness and safety study3: adults (and adolescents - tbc) in endemic countries Prospective safety cohort study and pregnancy surveillance in Brazil Additional Label Extension To expand access to the vaccine for all age groups Phase 3: Randomized, controlled study in adolescents aged 12 to 17 years Phase 3: Randomized, controlled study in children aged 1 to 11 years Product Profile To confirm the long-term durability of the immune response and further differentiate the vaccine Phase 3: Ongoing antibody persistence and long-term safety study in adults; reported positive 36-month results to date 1. https://valneva.com/press-release/cepi-expands-partnership-with-valneva-with-a-41-3-million-grant-to-support-broader-access-to-the-worlds-first-chikungunya-vaccine/; 2. https://www.fda.gov/media/173759/download; 3. https://www.fda.gov/media/172166/download; 4. Valneva Reports Positive Phase 2 Results in Children for its Chikungunya Vaccine and Announces Phase 3 Dose Decision 17 Reported positive data up to Month 12 Starting Q4 2025, based on (+) Ph24 Valneva Company Presentation, April 2025
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World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate S4V2
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• World’s most clinically advanced tetravalent Shigella vaccine candidate • Exclusive global license from (LMTB) 2 • Includes four most common pathogenic Shigella bacteria serotypes: S. flexneri 2a, 3a, 6, and S. sonnei • Positive Phase 1/2 clinical data reported 3 • Awarded FDA Fast Track designation Vaccine Highlights • Global market expected to exceed $500 million annually 4 • Travelers and military • Endemic countries (LMICs5) • Second-leading cause of fatal diarrheal disease; Up to estimated 165 million cases and 600,000 deaths annually 6 • Identified as a priority vaccine by World Health Organization (WHO) 7 Market Opportunity • Ongoing Phase 2 CHIM8 study aiming to provide early look at potential efficacy • Phase 2 pediatric study to launch in 2025; to be conducted by LMTB • Valneva to assume all further R&D, CMC 9 and regulatory activities; worldwide commercialization upon potential approved Upcoming Milestones 1. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8878964/pdf/vaccines-10-00212.pdf; 2. Valneva and LimmaTech Enter into a Strategic Partnership to Accelerate the Development of the World’s Most Clinically Advanced Tetravalent Shigella Vaccine Candidate; 3 20240221_LimmaTech_Shigella-Interim-Data-PR_Final.pdf (lmtbio.com); 4 LEK 2024; Appox. 7 years after launch; 5. Low-and-Middle-Income Countries; 6. Shigellosis | CDC Yellow Book 2024; 7. Immunization, Vaccines and Biologicals (who.int); 8. Controlled Human Infection Model; 9. Chemistry, Manufacturing and Controls S4V2: Opportunity to Develop First-in-Class Vaccine for a Life-Threatening Disease Tetravalent bioconjugate vaccine with potential to cover up to ~85% of shigellosis infections1 19 Valneva Company Presentation, April 2025
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€10 million upfront payment to LMTB Up to €40 million in future development, regulatory and sales-based milestones Low double-digit royalty on net sales (travel) Additional payments and single-digit royalties based on net sales (LMICs) Clinical collaboration through Phase 2 LMTB: Phase 2 CHIM2 study (S. Sonnei) and pediatric immunogenicity study Valneva: Phase 2 CHIM study (S. flexneri 2a) Valneva to lead all Phase 3, licensure, and commercial activities World’s most clinically advanced tetravalent Shigellosis vaccine candidate Tetravalent bioconjugate vaccine for prevention of disease caused by Shigella bacteria (O-antigens of S. flexneri 2a, 3a, 6 and S. sonnei) Developed following positive proof-of-concept clinical data with monovalent vaccine candidate, which demonstrated promising efficacy in challenge model LMTB reported positive Phase 1/2 clinical data on S4V2, including robust immunogenicity against all strains; favorable safety and tolerability 1 FDA Fast Track granted in October 2024 Valneva Gains Exclusive Worldwide Rights to Tetravalent Shigella Vaccine 20 Strategic partnership with LimmaTech Biologics (“LMTB”) Key Aspects of PartnershipVaccine candidate “S4V2” 1 https://lmtbio.com/wp-content/uploads/2024/02/20240221_LimmaTech_Shigella-Interim-Data-PR_Final.pdf; 2 Controlled Human Infection Model Valneva Company Presentation, April 2025
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Historical and Planned Clinical Studies 21 Multiple catalysts and decision points for envisaged development strategyPEDIATRIC ADULTS Phase 1 Phase 2b CHIM, S.Flex 2a Phase 1/2 Global Health Phase 2 Global health Phase 2 CHIM, S.sonnei Phase 2 CHIM, S.Flex Phase 3 CHIM, S.sonnei Phase 2 US/EU* * If needed Phase 3 Ped Global Health Phase 3 CHIM, S.Flex 2a Phase 3 Safety & Immunogen. Monovalent vaccine (S. flex 2a) Multivalent vaccine (S. flex 2a, 3a, 6, sonnei) Development of multivalent bioconjugate First Approval ~2030/1 Expected Phase 3 Initiation 2027/8 Phase 2 Initiated Nov 2024 Valneva Company Presentation, April 2025
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Traveler (~23%) Children in endemic countries (~76%) Military (<1%) 20-50% (Med-high risk destinations) 30-100% (OOP-reimb.) 70-90% (Med-high risk destinations) 30% (OOP) 15-60% (OOP) 50-90% (reimb.) 90% 2-5% 9-11%2 (OOP) 15-50%2 (reimb.) 100% Europe, North America, Japan, South Korea and Singapore with €80-85m from the U.S. alone Non-Gavi endemic countries: public funding anticipated, driven by high disease burden notably in India, Brazil, Indonesia and Gavi supported countries. Gavi-supported countries, vaccines could cover over 10m children per year U.S. representing c.50% of the revenue 22 Commercial Assessment of Shigella vaccine Shigella vaccine market estimated to peak at ~€500 million1 Source: Market Study: LEK 2024, 1 Appox. 7 years after launch; 2 Converted to vaccination rate by applying the yearly vaccination penetration every year over a cohort of 5 years Recommendation Acceptance Vaccination Market Valneva Company Presentation, April 2025
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Novel Zika Virus Vaccine Candidate VLA1601
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• Novel adjuvanted inactivated whole- virus vaccine • Leverages Valneva’s proven / licensed platform (VLA2001) • Phase 1 results from previous candidate showed excellent immunogenicity and safety results 1 Vaccine Highlights • Flaviviral disease transmitted by Aedes mosquitoes2 • Devastating effects3: • Microcephaly & severe brain defects in newborns • Guillain-Barré syndrome in adults • No vaccines or specific treatment available – PRV eligible; potential funding from public institutions Market Opportunity • Execute Phase 1 clinical trial with enhanced process and optimized vaccine formulation • Evaluate future development strategy based on: • Phase 1 results • Market potential • External, non-dilutive funding Upcoming Milestones VLA1601: Optimized Vaccine Candidate Against Zika Virus Phase 1 results expected this year 1 Emergent Biosolutions and Valneva Report Positive Phase 1 Results for Their Vaccine Candidate Against the Zika Virus; 2 https://www.cdc.gov/zika/transmission/index.html; 3 http://www.who.int/mediacentre/factsheets/zika/en/ 24Valneva Company Presentation, April 2025
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Valneva Commercial Business
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Continued Product Sales Growth Fuels Investments into R&D +13% in 2024; Commercial business expected to be cash-flow positive in 2025 26 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E IXIARO® (travel) IXIARO® (DoD) DUKORAL® 3PP 130 66 63 115 145 163 104 93 80 VLA2001 COVID-19 Impact IXCHIQ® Strong Growth pre-COVID (€ million) 1 Valneva Reports Preliminary Unaudited 2024 Revenue and Cash and Provides 2025 Outlook 170-1801 Valneva Company Presentation, April 2025
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2025 Guidance Product Sales: €170 - €180 million1; Commercial business expected to be cash-flow positive Total Revenues: €180 -€190 million R&D Expense: €90 - €100 million, partially offset by grand funding and anticipated R&D tax credits Targeting >50% lower operational cash burn: <€30 (vs. >€60 in 2024) Stringent focus on cash management supporting sufficient cash runway to reach key inflection points Financial Outlook Continued revenue growth and cash flows from commercialized vaccines Focused and strategic investments in R&D Next Phase 3 program entry post Lyme data Further R&D support: potential non-dilutive funding Gross margin improvement Focus on proprietary sales Cost-efficient manufacturing leveraging new facilities Potential for sustained profitability from 2027 based on successful Lyme disease vaccine approval and commercialization 1. Assumes continued wind down of third-party sales business; 2. Low- and middle-income countries Valneva Remains Solidly Funded with Strong Financial Outlook 27Valneva Company Presentation, April 2025
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Valneva Outlook: Growth Drivers for 2025 and Beyond 28 *Subject to positive Phase 3 data • Potential for sustained profitability upon potential approval and commercialization*, driven by substantial milestones and royalties starting in 2027 VLA15 success case • Near term: continued growth trajectory of IXIARO® and DUKORAL® • Further growth as IXCHIQ® gains global traction Growing commercial revenues • Shigella and Zika in ongoing and planned studies • Goal to enter next Phase 3 post-Lyme Realizing future pipeline value Valneva Company Presentation, April 2025
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Thank you Merci Danke Tack