Valneva SE income statement

In fiscal 2025, Valneva SE reported revenue of $197m, up 7.6% on the year before, operating income of −$92.8m (a -47.0% margin) and net income of −$130m, or −$1.54 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Valneva SE: income statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	141	126	412	381	166	183	197
Cost of revenue	59	62	222	342	109	107	121
Gross profit	82	64	189	39	57	77	76
Research and development	43	96	205	111	65	80	96
General and administrative	—	0	0	—	—	—	—
Operating income	−1	−63	−73	−120	−89	14	−93
Interest expense	—	1	1	1	1	1	1
Income before tax	−1	−75	−83	−153	−107	−12	−129
Income tax	1	−1	4	−2	3	1	1
Net income	−1	−63	−73	−151	−110	−13	−130
Diluted EPS	—	—	—	−$2.61	−$1.58	−$0.17	−$1.54
Diluted shares (average)	46m	45m	49m	58m	69m	73m	84m

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Valneva SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valneva SE.