v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Disclosure of disaggregation of revenue from contracts with customers [abstract]  
Revenues
Note 5
Revenues
Revenues include both revenues from contracts with customers and other revenues (mainly subleases) which are out of scope from IFRS 15:

Six months ended June 30,
in € thousand20262025
Product sales64,020 91,020 
Other revenues from contracts with customers1,570 6,152 
Other non-IFRS 15 revenue251 389 
REVENUES65,841 97,562 

Disaggregated revenue information
The Group’s revenues are disaggregated as follows:
Type of goods or service
Six months ended June 30,
in € thousand20262025
IXIARO®43,969 54,705 
DUKORAL®14,693 17,394 
Third party products954 11,418 
IXCHIQ®4,404 7,504 
PRODUCT SALES64,020 91,020 
Royalties received1,304 1,570 
Revenues from shipping and handling71 18 
Milestone payment - licenses141 4,564 
Other services53 — 
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS1,570 6,152 
Other non-IFRS 15 revenue251 389 
REVENUES65,841 97,562 
(1) Revenues from these products were derived from contractual arrangements and do not represent product sales.

In the six months ended June 30, 2026 product sales decreased by €27.0 million or 30% compared to the same period of 2025 with adverse sales performance recorded for all commercialized products. The geopolitical situation during the six months ended June 30, 2026 continued to adversely affect travel.
IXIARO/JESPECT sales showed a 20% decrease in sales. The decrease primarily reflects the effects from the transition to a new distributor in Germany in January 2026 as well as product sales phasing, mainly the timing of deliveries to the U.S. Department of Defense (DoD). Foreign currency fluctuations of €1.5 million adversely impacted sales of IXIARO/JESPECT during the first half of 2026.

DUKORAL sales in the six months ended June 30, 2026 decreased by 16% compared to the same period 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 impacted by effects from the transition to a new distributor in Germany in January 2026. Foreign currency fluctuations had an adverse impact of €0.4 million on DUKORAL sales during the first half of 2026.
IXCHIQ product sales decreased in the six months ended June 30, 2026 by €3.1 million compared to the same period in 2025. Sales in the first half of 2026 included first shipments of the vaccine’s drug substance to Instituto Butantan. 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.

Third Party product sales recorded a 92% decrease in the first half of 2026. In line with Valneva`s strategy, third-party distribution activities have significantly decreased following the expiration of the main distribution agreements, namely Rabipur and Encepur in France and Austria.
Other revenues, including revenues from collaborations, licensing and services amounted to €1.6 million in the six months ended June 30, 2026 compared to €6.2 million in the six months ended June 30, 2025. The decrease in other revenues mainly derives from the termination of the license agreement with the Serum Institute of India in December 2025.
Sales channels for product sales
Products are sold via the following sales channels:
Six months ended June 30,
in € thousand20262025
Direct product sales47,051 70,599 
Indirect product sales16,970 20,421 
TOTAL PRODUCT SALES64,020 91,020 
Geographical markets
In presenting information on the basis of geographical markets, revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located.
Six months ended June 30,
in € thousand20262025
United States18,327 23,470 
Canada12,847 14,464 
Germany8,980 14,682 
Rest of World6,331 8,442 
Nordics5,551 5,892 
United Kingdom5,444 6,863 
Other Europe4,552 7,015 
France2,879 9,670 
Austria931 7,064 
REVENUE TOTAL65,841 97,562 
Nordics includes Finland, Denmark, Norway and Sweden and Rest of World includes India, Israel, Australia, Peru, Japan, Brazil and New Zealand.
In the six months ended June 30, 2026, total revenues decreased by €31.7 million in comparison to the same period in 2025.
Revenue performance was negatively impacted by effects from the transition to a new distribution partner in Germany and a revised supply plan of IXIARO to the U.S. Department of Defense (DoD). The decrease in the U.S. revenues was additionally affected by the suspension of the IXCHIQ license.
Revenues in France were significantly lower than in 2025. The prior period benefited from increased demand driven
by a chikungunya outbreak on the French island of La Réunion as well as supply of vaccine doses to Mayotte in response to a cholera outbreak in 2025.
Revenues in Canada decreased in comparison to the prior year. Sales in the first half of 2026 were impacted by the geopolitical situation adversely impacting travel behavior of Canadians compared to 2025.
The decrease in revenues from Austria is mainly attributable to the discontinuation of third party product sales.