VALN: Lowering Operating Expenses to Manage Lower FY 2026 Sales Expectations, While Waiting for Clarity on Prospects for Lyme Vaccine Candidate LB6V

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VALN: Lowering Operating Expenses to Manage Lower FY 2026 Sales Expectations, While Waiting for Clarity on Prospects for Lyme Vaccine Candidate LB6V

May 13, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com VALN: Lowering Operating Expenses to Manage

212 823 6543 Lower FY 2026 Sales Expectations, While Waiting

Edouard Mullarky, Ph.D.

edouard.mullarky@guggenheimpartners.com for Clarity on Prospects for Lyme Vaccine Candidate

212 518 9579 LB6V Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com

212 823 6561 Key Message: VALN released its 1Q 2026 results and provided a corporate update

Arseniy Shabashvili today in which they modestly lowered FY26 revenue guidance and announced a cost-

arseniy.shabashvili@guggenheimpartners.com reduction program aimed at reducing operating expenses by 25%-35% versus FY25.

212 699 1971 While management remains confident in obtaining approval for their Lyme vaccine, LB6V,

they indicated the restructuring was to better manage their cash burn and also partially

reflective of the increased uncertainty around the approval, given the pre-determined

statistical criterion of the 95% confidence interval lower bound being >20 was not met

(see our note on the topline data here). The company reiterated their belief that they canVALN BUY be financially self-sustaining starting in 2027 based on milestone and royalty payments

Valneva SE they would expect to receive from their partner Pfizer (PFE), assuming LB6V is in fact

Sector: Global Biopharmaceuticals approved. Revenue guidance for FY 2026 was revised down to €135-150M for product

sales and €145-160M for total revenue (down €10M at the midpoint for both), driven in Earnings Release part by negative trends in the travel vaccine market that the company believes is due