First Berlin Maintains Buy Rating for Valneva Amid Strong Q2 Results

First Berlin Equity Research has reiterated its "Buy" recommendation for Valneva SE, maintaining a target price of €8.10. The research, led by analyst Simon Scholes, follows impressive Q2 2025 results. Valneva reported revenues of €48.4 million, surpassing forecasts by 4.5%, and an EBITDA of €-5.5 million, which was €10 million above market expectations.

The operating cash burn notably decreased to €2.8 million from €37.8 million in the previous year, attributed to enhanced profitability and the completion of Valneva's contributions to Pfizer's Lyme phase 3 trial. The company remains focused on reducing operational cash burn by over 50% to under €30 million for the fiscal year 2025.

Recent developments include the lifting of temporary restrictions by the EMA and FDA on Valneva's chikungunya vaccine, IXCHIQ, for the elderly. Additionally, there is anticipation for positive news regarding Valneva's Lyme disease vaccine candidate, VLA15, with phase 3 trial results expected by late 2025 or early 2026.