Valneva plans to reduce its global headcount by 10–15%, equivalent to roughly 67–101 jobs out of 674 employees across Austria, Canada, France, Sweden, the U.K., and the U.S.
The restructuring aims to streamline global operations and is expected to cut 2026 operating expenses by approximately 25–35% versus 2025 levels.
The company reported Q1 2026 revenue of €30.9 million, down about 37% from €49.2 million in the same quarter a year earlier.
Valneva cut its 2026 product sales guidance to €135–150 million from the previous €145–160 million range, citing an emerging adverse trend in travel vaccine uptake across key markets driven by geopolitical factors.
Total 2026 revenue guidance is now €145–160 million, as other revenues were reconfirmed despite the reduction in product sales expectations.
The decline in revenue is partly due to the planned wind‑down of third‑party vaccine distribution (including Bavarian Nordic products), delayed deliveries to the U.S. Department of Defense, and a distributor change in Germany.
Valneva’s net loss for Q1 2026 widened to about €32.1 million from €9.2 million a year earlier, with adjusted EBITDA at a loss of roughly €18.2 million.
The company recently withdrew its chikungunya vaccine Ixchiq from the U.S. market after the FDA cited serious safety concerns, including a death from encephalitis deemed directly attributable to the vaccine.
Earlier, Valneva had already closed a preclinical R&D site in Nantes, France, consolidating French operations in Lyon and concentrating R&D in Vienna, Austria.
Management says cost savings and an April equity financing (about €37 million) should provide a solid cash position through potential regulatory approvals of its Lyme disease vaccine candidate VLA15, developed with Pfizer.