0001628280-24-036881 | 6-K | XBRL Viewer

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Borrowings - Schedule of maturity analysis of non-current borrowings (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	€ 160,549	€ 132,768
Current borrowings	19,867	44,079
TOTAL BORROWINGS	180,415	176,847
Between 1 and 3 years
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	122,697	62,378
Between 3 and 5 years
Disclosure of detailed information about borrowings [line items]
NON-CURRENT BORROWINGS	€ 37,852	€ 70,390

General information (Tables)

6 Months Ended

Jun. 30, 2024

General Information And Significant Events Of Period

Summary of all subsidiaries held by the company directly or indirectly

The following list shows all subsidiaries held by the Company directly or indirectly:


Name	Country of incorporation	Consolidation Method	Interest held as at
			June 30, 2024		December 31, 2023
Vaccines Holdings Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva Austria GmbH	AT	Full Consolidation	100	%	100	%
Valneva Canada Inc.	CA	Full Consolidation	100	%	100	%
Valneva France SAS	FR	Full Consolidation	100	%	100	%
Valneva Scotland Ltd.	UK	Full Consolidation	100	%	100	%
Valneva Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva UK Ltd.	UK	Full Consolidation	100	%	100	%
Valneva USA, Inc.	US	Full Consolidation	100	%	100	%
VBC 3 Errichtungs GmbH	AT	Full Consolidation	100	%	100	%

Revenues

6 Months Ended

Jun. 30, 2024

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 € thousand	2024	2023
Product sales	68,279	69,665
Other revenues from contracts with customers	1,847	3,710
Other non-IFRS 15 revenue	687	368
REVENUES	70,813	73,743

Disaggregated revenue information

The Group’s revenues are disaggregated as follows:

Type of goods or service


	Six months ended June 30,
in € thousand	2024	2023
IXIARO	41,891	30,288
DUKORAL	14,945	17,140
Third party products	10,490	16,545
IXCHIQ	952	—
COVID VLA2001	—	5,691
PRODUCT SALES	68,279	69,665
IXCHIQ (1)	(420)	1,628


Services related to clinical trial material	—	1,396
Others	2,267	686
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	1,847	3,710
Other non-IFRS 15 revenue	687	368
REVENUES	70,813	73,743

(1) Revenues from these products were derived from contractual arrangements in connection with clinical trials and do not represent product sales.

In the six months ended June 30, 2024 product sales revenues were down by €1.4 million compared to the same period in 2023. Excluding last COVID VLA2001 sales in 2023, product sales increased by €4.3 million or 7% due to favorable sales in IXIARO.

IXIARO/JESPECT sales showed a 38% increase in sales, which was primarily the result of the U.S. Military returning to a more regular supply pattern in 2024 while no sales to the Department of Defense (DoD) were recorded in the first half of 2023. Foreign currency movements had no impact on product sales compared to the first half of 2023.

DUKORAL sales in the six months ended June 30, 2024 were 13% lower compared to the same period of 2023. This decrease is coming from lower volumes sold in most markets, as the sales in the first half of 2023 were positively impacted by customers rebuilding inventory, This was partly offset by effects from price increases. Foreign currency fluctuations had an immaterial impact on DUKORAL sales.

The first IXCHIQ product sales were recorded in the six months ended June 30, 2024, following the adoption of

the U.S. Advisory Committee on Immunization Practices (ACIP)’s recommendations by the U.S. Centers for Disease Control and Prevention (CDC) in March 2024. Due to the limited shelf life of initial launch volumes and return rights granted to the U.S. distribution partners, revenue recognition was restricted only to doses sold by distributors.

Third Party product sales recorded a 37% decrease, which was mainly driven by lower sales of Rabipur/RabAvert and Encepur under the distribution agreement with Bavarian Nordic, following supply shortages primarily in the first quarter of 2024.

Other revenues, including revenues from collaborations, licensing and services amounted to €1.8 million in the six months ended June 30, 2024 compared to €3.7 million in the six months ended June 30, 2023 with the reduction mainly resulting from lower revenue recognition related to the R&D collaboration activities for chikungunya with Instituto Butantan.

Sales channels for product sales

Products are sold via the following sales channels:


	Six months ended June 30,
in € thousand	2024	2023
Direct product sales	57,423	50,879
Indirect product sales (Sales through distributors)	10,856	18,786
TOTAL PRODUCT SALES	68,279	69,665

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 € thousand	2024	2023
United States	20,137	8,299
Canada	16,034	15,374
Germany	7,611	9,977
Nordics	6,502	6,176
Austria	5,873	5,645
United Kingdom	5,554	9,536
France	2,955	2,753
Other Europe	4,048	6,111
Rest of World	2,099	9,872
REVENUE TOTAL	70,813	73,743

Nordics includes Finland, Denmark, Norway and Sweden

In the six months ended June 30, 2024, total revenues were down €2.9 million in comparison to the same period in 2023. Revenues from the United States and Canada positively contributed to this result. Sales to the U.S. military organizations increased considerably, being

primarily the result of the U.S. Military returning to a more regular supply pattern in 2024 while no sales to the Department of Defense (DoD) were recorded in the first half of 2023. On the other hand sales in Europe decreased, mostly as a result of supply constraints.

Trade receivables - Narrative (Details) - EUR (€) € in Millions	Jun. 30, 2024	Dec. 31, 2023
Trade and other receivables [abstract]
Trade receivables past due	€ 0.8	€ 4.5
Receivables from contracts with customers	€ 30.5	€ 41.6

Cover	6 Months Ended
Cover	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	Valneva SE
Entity Central Index Key	0001836564
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024

General information - Narrative (Details) € in Thousands, $ in Millions				6 Months Ended
	Mar. 18, 2024	Feb. 02, 2024 EUR (€)	Feb. 02, 2024 USD ($)	Jun. 30, 2024 EUR (€) employee vaccine	Jun. 30, 2023 EUR (€)	Sep. 30, 2022 USD ($)
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Number of commercial vaccines \| vaccine				3
Proceeds from sale of Priority Review Voucher		€ 95,000	$ 103	€ 90,833	€ 0
Debt financing agreement due 2027
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Borrowing facilities, extended interest-only period	18 months
Tranche one \| Debt financing agreement due 2027
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Borrowing facilities, maximum borrowing capacity						$ 100
Tranche two \| Amended debt financing agreement due 2028
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Borrowing facilities, maximum borrowing capacity						$ 100
Minimum
Disclosure Of General Information And Significant Events Of The Period [Line Items]
Number of employees \| employee				700

Trade receivables - Disclosure of detailed information about trade receivables (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Trade and other receivables [abstract]
Trade receivables	€ 30,587	€ 41,714
Less: loss allowance of receivables	(68)	(69)
TRADE RECEIVABLES, NET	€ 30,519	€ 41,645

Borrowings - Schedule of borrowings by denominated currency (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
TOTAL BORROWINGS	€ 180,415	€ 176,847
Borrowings denominated in EUR
Disclosure of detailed information about borrowings [line items]
TOTAL BORROWINGS	3,592	3,581
Borrowings denominated in USD
Disclosure of detailed information about borrowings [line items]
TOTAL BORROWINGS	€ 176,824	€ 173,266

Cash flow information (Tables)

6 Months Ended

Jun. 30, 2024

Cash Flow Information [Abstract]

Schedule of adjustments to reconcile net loss to net cash generated from operations

The following table shows the adjustments to reconcile profit/(loss) to cash generated/(used) from operations:


	Six months ended June 30,
in € thousand	2024	2023
PROFIT/(LOSS) FOR THE PERIOD	33,976	(35,046)

Gain from sale of Priority Review Voucher, net	(90,833)	—
Adjustments for non-cash transactions:
Depreciation and amortization	9,496	8,557
Write-off / impairment fixed assets/intangibles	—	(1,888)
Share-based compensation expense	3,770	2,192
Income tax expense/(income)	(158)	(3,778)

(Profit)/loss from disposal of property, plant, equipment and intangible assets	(48)	41


Provision for employer contribution costs on share-based compensation plans	(1,442)	(440)
Other non-cash (income)/expense	1,161	(294)
Interest income	(787)	(504)
Interest expense	11,981	8,879
Total adjustments for non-cash transactions	23,973	12,764

Changes in non-current operating assets and liabilities (excluding the effects of acquisition and consolidation):
Other non-current assets	(558)	365

Long term refund liabilities	93	(16)
Other non-current liabilities and provisions	(652)	(70)
Total changes in non-current operating assets and liabilities	(1,117)	279

Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
Inventory	(3,331)	1,724
Trade and other receivables	3,745	2,872
Contract liabilities	(560)	2,346
Refund liabilities	(16,749)	(57,448)
Trade and other payables and provisions	(14,258)	7,720
Total changes in working capital	(31,153)	(42,787)
CASH GENERATED/(USED) IN OPERATIONS	(65,154)	(64,789)

Trade payables and accruals (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Trade and other payables [abstract]
Trade payables	€ 8,526	€ 17,564
Accrued expenses	24,124	26,739
TOTAL	32,650	44,303
Less non-current portion	0	0
CURRENT PORTION	€ 32,650	€ 44,303

Other income/(expenses), net

6 Months Ended

Jun. 30, 2024

Analysis of income and expense [abstract]

Other income/(expenses), net


Note 7			Other income/(expenses), net

Gain from sale of Priority Review Voucher, net

The Company sold the PRV received from the FDA for $103 million (€95 million) on February 2, 2024.

The Company was awarded a tropical disease PRV in November 2023 following the FDA’s approval of IXCHIQ, Valneva’s single-dose, live-attenuated vaccine indicated for the prevention of disease caused by chikungunya virus.

The net gain from the sale of the PRV amounted to €90.8 million, This includes expenses in the amount of €4.2 million which refer to transaction fees as well as to expenses in connection with contractual payment obligations related to the PRV sale.

Remaining other income/(expenses), net

The remaining other income and expenses, net include the following:


	Six months ended June 30,
in € thousand	2024	2023
Research and development tax credit	3,610	4,955
Grant income	1,822	9,946
Gain/(loss) on disposal of fixed assets and intangible assets, net	48	(73)
Gain/(loss) from revaluation of lease agreements	723	64
Taxes, duties, fees, charges, other than income tax	(171)	(353)
Miscellaneous income/(expenses), net	324	(525)
OTHER INCOME AND EXPENSES, NET	6,357	14,015

The other operating income and expenses, net decreased by €7.7 million, or 55%, to €6.4 million for the six months ended June 30, 2024 primarily due to lower grant income.

The research and development tax credit in Austria reduced by €1.3 million due to a lower eligible expense base compared to the same period of 2023.

In the six months ended June 30, 2023, the Group recognized a grant income from Scottish Enterprise, Scotland’s national economic development agency, of

€8.7 million, while in the six months ended June 30, 2024, the amount recognized was €1.8 million.

The gain from revaluation of lease agreements came from the termination of a lease for a plant building in Livingston, Scotland, which was no longer in use.

In 2023, a loss of €1.4 million from the divestment of the CTM Unit in Solna (Sweden) was included in the miscellaneous income/(expenses), net.

Contingencies and litigations (Details) - EUR (€) € in Millions	Jun. 30, 2024	Dec. 31, 2023
Legal proceedings provision
Disclosure of other provisions [line items]
Other provisions	€ 5.2	€ 5.2

Inventories

6 Months Ended

Jun. 30, 2024

Classes of current inventories [abstract]

Inventories


Note 10			Inventories

Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard

costs are calculated monthly and allocated to the inventory, so there is no difference between actual and standard costs. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories.



in € thousand	June 30, 2024	December 31, 2023
Raw materials	28,615	35,379
Work in progress	32,117	38,094
Finished goods	20,613	12,968
Purchased goods (third party products)	2,298	3,626
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN	83,642	90,067
Less: write-down provision	(34,776)	(45,601)
INVENTORIES	48,867	44,466

As of June 30, 2024 the decrease in gross amounts of inventories before write-down is primarily related to the decrease in the inventory of raw materials and work in progress, partially offset by the increase in the finished goods IXCHIQ and DUKORAL.

The total write-down provision on inventory amounts to €34.8 million as of June 30, 2024 (December 31, 2023: €45.6 million).

The decrease in the write-down provision compared to prior year is mainly attributable to the scrapping of COVID VLA2001 following the suspension of manufacturing of the product in 2022. All raw material and work in progress related to COVID VLA2001 which could not be repurposed and used for other products was already written down during prior years.

Write-down provisions related to the inventory categories as follows:



in € thousand	June 30, 2024	December 31, 2023
Raw materials	22,217	28,158
Work in progress	10,151	15,177
Finished goods	1,696	1,524
Purchased goods (third party products)	712	743
TOTAL WRITE-DOWN PROVISION	34,776	45,601

As at June 30, 2024, €18.8 million of the write-down provisions were attributable to COVID VLA2001 (December 31, 2023: €31.2 million), of which €18.8 million related to the raw materials (December 31, 2023: €26.6 million).

As at June 30, 2024, the remaining write-down provision of €13.6 million in raw materials and work in progress relate to Valneva's commercialized vaccines IXIARO, DUKORAL and IXCHIQ (December 31, 2023: €12.2 million).

As at June 30, 2024, the write down provision for finished goods for Valneva's commercialized vaccines IXIARO and IXCHIQ based on sales expectations and limited shelf life of the products amounts to €1.7 million (December 31, 2023: €1.5 million).

A slight decrease in the provision for third party products was visible as at June 30, 2024 (December 31, 2023: €0.7 million).

Segment information

6 Months Ended

Jun. 30, 2024

Disclosure of operating segments [abstract]

Segment information


Note 4			Segment information

The Executive Committee, as the Company’s chief operating decision maker (CDM), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The Executive Committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess

performance is based on a functional view, thus correlating to the income statement format.

As a consequence, the Group changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments.

Cash flow information

6 Months Ended

Jun. 30, 2024

Cash Flow Information [Abstract]

Cash flow information


Note 17			Cash flow information

The following table shows the adjustments to reconcile profit/(loss) to cash generated/(used) from operations:


	Six months ended June 30,
in € thousand	2024	2023
PROFIT/(LOSS) FOR THE PERIOD	33,976	(35,046)

Gain from sale of Priority Review Voucher, net	(90,833)	—
Adjustments for non-cash transactions:
Depreciation and amortization	9,496	8,557
Write-off / impairment fixed assets/intangibles	—	(1,888)
Share-based compensation expense	3,770	2,192
Income tax expense/(income)	(158)	(3,778)

(Profit)/loss from disposal of property, plant, equipment and intangible assets	(48)	41


Provision for employer contribution costs on share-based compensation plans	(1,442)	(440)
Other non-cash (income)/expense	1,161	(294)
Interest income	(787)	(504)
Interest expense	11,981	8,879
Total adjustments for non-cash transactions	23,973	12,764

Changes in non-current operating assets and liabilities (excluding the effects of acquisition and consolidation):
Other non-current assets	(558)	365

Long term refund liabilities	93	(16)
Other non-current liabilities and provisions	(652)	(70)
Total changes in non-current operating assets and liabilities	(1,117)	279

Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
Inventory	(3,331)	1,724
Trade and other receivables	3,745	2,872
Contract liabilities	(560)	2,346
Refund liabilities	(16,749)	(57,448)
Trade and other payables and provisions	(14,258)	7,720
Total changes in working capital	(31,153)	(42,787)
CASH GENERATED/(USED) IN OPERATIONS	(65,154)	(64,789)

Impairment testing (Details) - EUR (€) € in Thousands	6 Months Ended
Impairment testing (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure of impairment loss and reversal of impairment loss [line items]
Assets	€ (466,569)	€ (460,062)
Right-of-use assets \| Buildings
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment charge released	1,000
Accumulated impairment
Disclosure of impairment loss and reversal of impairment loss [line items]
Assets	17,100	18,400
Accumulated impairment \| Right-of-use assets
Disclosure of impairment loss and reversal of impairment loss [line items]
Assets	3,100	4,200
Accumulated impairment \| Leasehold improvements
Disclosure of impairment loss and reversal of impairment loss [line items]
Assets	4,400	4,400
Accumulated impairment \| Manufacturing equipment
Disclosure of impairment loss and reversal of impairment loss [line items]
Assets	€ 9,600	€ 9,800

Contract liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Contract liabilities [abstract]

Disclosure of development of contract liabilities

Development of contract liabilities is presented in the table below:



in € thousand	2024	2023
BALANCE AS AT JANUARY 1	5,697	9,411
Revenue recognition	(104)	(4,394)
Redemption	(411)	—
Addition	—	1,870
Other releases	—	(1,032)
Exchange rate differences	117	(159)
BALANCE AS AT CLOSING DATE	5,299	5,697
Less non-current portion	—	—
CURRENT PORTION	5,299	5,697

Borrowings - Narrative (Details) € in Thousands, $ in Millions	6 Months Ended	53 Months Ended
	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)	Aug. 16, 2023	Dec. 31, 2022 EUR (€)
Disclosure of detailed information about borrowings [line items]
Borrowings	€ 180,415			€ 176,847
Amended debt financing agreement due 2028
Disclosure of detailed information about borrowings [line items]
Borrowings	173,515		$ 185.7	167,520		€ 89,182
Proceeds from borrowings, net of transaction costs \| $		$ 200.0
Borrowings, interest rate					9.95%
Borrowings, transaction costs	900
Financial covenant, minimum cash requirement	35,000
Financial covenant, twelve-month rolling minimum revenue requirement	€ 115,000
Amended debt financing agreement due 2028 \| Tranche one
Disclosure of detailed information about borrowings [line items]
Borrowings, effective interest rate	14.17%		14.17%
Amended debt financing agreement due 2028 \| Tranche two
Disclosure of detailed information about borrowings [line items]
Borrowings, effective interest rate	13.47%		13.47%
CIR
Disclosure of detailed information about borrowings [line items]
Borrowings	€ 3,600			3,600
CEPI
Disclosure of detailed information about borrowings [line items]
Borrowings	3,300			€ 5,700
Amended Debt Financing Agreement Due First Quarter 2027 \| Cost
Disclosure of detailed information about borrowings [line items]
Borrowings	€ 93,400		$ 100.0
Amended Debt Financing Agreement Due Fourth Quarter 2028 \| Cost
Disclosure of detailed information about borrowings [line items]
Borrowings \| $			$ 100.0

Unaudited Interim Condensed Consolidated Statement of Cash Flows € in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) for the period	€ 33,976	€ (35,046)
Gain from sale of Priority Review Voucher, net	(90,833)	0
Adjustments for non-cash transactions	23,973	12,764
Changes in non-current operating assets and liabilities	(1,117)	279
Changes in working capital	(31,153)	(42,787)
Cash generated/(used) in operations	(65,154)	(64,789)
Income tax paid	(1,106)	(643)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES	(66,261)	(65,432)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(4,104)	(7,164)
Proceeds from sale of property, plant and equipment	172	42
Purchases of intangible assets	(79)	(12)
Proceeds from sale of Priority Review Voucher	90,833	0
Interest received	787	504
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES	87,608	(6,631)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/(payments) from issuance of common stock, net of costs of equity transactions	0	(285)
Proceeds from borrowings, net of transaction costs	(944)	0
Repayment of borrowings	(2,782)	(2,097)
Payment of lease liabilities	(2,136)	(1,740)
Interest paid	(10,727)	(5,353)
NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES	(16,589)	(9,476)
NET CHANGE IN CASH AND CASH EQUIVALENTS	4,759	(81,539)
Cash and cash equivalents at beginning of the year	126,080	286,532
Exchange gains/(losses) on cash	575	(582)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	€ 131,413	€ 204,411

Other income/(expenses), net (Tables)

6 Months Ended

Jun. 30, 2024

Analysis of income and expense [abstract]

Disclosure of other income (expenses)

The remaining other income and expenses, net include the following:


	Six months ended June 30,
in € thousand	2024	2023
Research and development tax credit	3,610	4,955
Grant income	1,822	9,946
Gain/(loss) on disposal of fixed assets and intangible assets, net	48	(73)
Gain/(loss) from revaluation of lease agreements	723	64
Taxes, duties, fees, charges, other than income tax	(171)	(353)
Miscellaneous income/(expenses), net	324	(525)
OTHER INCOME AND EXPENSES, NET	6,357	14,015

Refund liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Refund Liabilities [Abstract]

Disclosure of development of refund liabilities

Development of refund liabilities during the period is presented below:



in € thousand	June 30, 2024	December 31, 2023
BALANCE AS AT JANUARY 1	39,941	143,085
Additions	1,271	465
Payments	(50)	(352)
Other releases	(18,922)	(108,542)
Revenue recognition	—	(40)
Interest expense capitalized	266	8,419
Exchange rate difference	1,056	(3,095)
BALANCE AS AT CLOSING DATE	23,561	39,941
Less non-current portion	(6,396)	(6,303)
CURRENT PORTION	17,165	33,637

Revenues - Disclosure of revenue by geographical markets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	€ 70,813	€ 73,743
United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	20,137	8,299
Canada
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	16,034	15,374
Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	7,611	9,977
Nordics
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	6,502	6,176
Austria
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	5,873	5,645
United Kingdom
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	5,554	9,536
France
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	2,955	2,753
Other Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	4,048	6,111
Rest of World
Disclosure of disaggregation of revenue from contracts with customers [line items]
REVENUE TOTAL	€ 2,099	€ 9,872

Cash flow information (Details) - EUR (€) € in Thousands		6 Months Ended
Cash flow information (Details) - EUR (€) € in Thousands	Feb. 02, 2024	Jun. 30, 2024	Jun. 30, 2023
Cash Flow Information [Abstract]
PROFIT/(LOSS) FOR THE PERIOD		€ 33,976	€ (35,046)
Gain from sale of Priority Review Voucher, net	€ (90,800)	(90,833)	0
Adjustments for non-cash transactions:
Depreciation and amortization		9,496	8,557
Write-off / impairment fixed assets/intangibles		0	(1,888)
Share-based compensation expense		3,770	2,192
Income tax expense/(income)		(158)	(3,778)
(Profit)/loss from disposal of property, plant, equipment and intangible assets		(48)	41
Provision for employer contribution costs on share-based compensation plans		(1,442)	(440)
Other non-cash (income)/expense		1,161	(294)
Interest income		(787)	(504)
Interest expense		11,981	8,879
Adjustments for non-cash transactions		23,973	12,764
Changes in non-current operating assets and liabilities (excluding the effects of acquisition and consolidation):
Other non-current assets		(558)	365
Long term refund liabilities		93	(16)
Other non-current liabilities and provisions		(652)	(70)
Changes in non-current operating assets and liabilities		(1,117)	279
Changes in working capital (excluding the effects of acquisition and exchange rate differences on consolidation):
Inventory		(3,331)	1,724
Trade and other receivables		3,745	2,872
Contract liabilities		(560)	2,346
Refund liabilities		(16,749)	(57,448)
Trade and other payables and provisions		(14,258)	7,720
Changes in working capital		(31,153)	(42,787)
Cash generated/(used) in operations		€ (65,154)	€ (64,789)

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2024

Summary Of Significant Accounting Policies

Summary of significant accounting policies


Note 2			Summary of significant accounting policies

The principal accounting policies applied in preparing these interim consolidated financial statements are

outlined below. These policies have been consistently applied to all years presented to date.

2.1 Basis of preparation

The unaudited interim condensed consolidated financial statements as at June 30, 2024 and for the six months ended June 30, 2024 and June 30, 2023, have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union (EU) and as issued by the IASB authorizing the presentation of selected explanatory notes.

In consequence, these interim consolidated financial statements must be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2023.

The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying its accounting policies.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.

For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column.

The unaudited interim condensed consolidated financial statements of the Company were adopted by the Board of Directors after review by the Audit, Compliance and Risk Committee.

2.2 Impact of new, revised or amended Standards and Interpretations

Standards, amendments to existing standards and interpretations issued by IASB and adopted by the European Union whose application has been mandatory since January 1, 2024


New standards and interpretations adopted by the Group		Effective date	Effects
IAS 1	Amendments to IAS 1: Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants	January 1, 2024	none
IFRS 16	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback	January 1, 2024	none
IAS 7 & IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	January 1, 2024	none

The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

Standards, amendments to existing standards and interpretations whose application is not yet mandatory.

The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2024.


New standards, Interpretations and Amendments		Effective date	Effects
IAS 21	Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025	none
IFRS 18	New standard, IFRS 18 Presentation and Disclosures in Financial Statements	January 1, 2027	under assessment
IFRS 19	New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027	none
IFRS 7 & IFRS 9	Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments	January 1, 2026	none

The Group has not adopted any of the above standards, interpretations or amendments that have been issued, but are not yet effective. Such standards are not currently expected to have a material impact on the Group in the

current or future reporting periods and on foreseeable future transactions, except for IFRS 18 for which the Group is currently assessing the impact in future reporting periods.

Finance income/(expenses), net - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of attribution of expenses by nature to their function [line items]
Increase in loan volume	85.00%
Interest expense on refund liabilities	€ 266	€ 2,615
Minimum
Disclosure of attribution of expenses by nature to their function [line items]
Exchange rate, appreciation of US dollar against Euro	3.00%

Cash and cash equivalents

6 Months Ended

Jun. 30, 2024

Cash and cash equivalents [abstract]

Cash and cash equivalents


Note 12			Cash and cash equivalents

Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term notes with a maximum maturity of three months that can be assigned

or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.



in € thousand	June 30, 2024	December 31, 2023
Cash in hand	7	9
Cash at bank	131,406	126,070




CASH AND CASH EQUIVALENTS	131,413	126,080

In 2024, the minimum liquidity requirement for the Group according to the D&O Loan Agreement (see Note 13.1) is €35.0 million.

Unaudited Interim Condensed Consolidated Statement of Financial Position - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Non-current assets	€ 197,417	€ 197,238
Intangible assets	24,190	25,567
Right of use assets	19,068	20,392
Property, plant and equipment	137,447	136,198
Deferred tax assets	7,663	6,592
Other non-current assets	9,049	8,490
Current assets	269,152	262,824
Inventories	48,867	44,466
Trade receivables	30,519	41,645
Other current assets	58,354	50,633
Cash and cash equivalents	131,413	126,080
TOTAL ASSETS	466,569	460,062
EQUITY
Share capital	20,892	20,837
Share premium	593,948	594,003
Other reserves	69,144	65,088
Retained earnings/(Accumulated deficit)	(551,682)	(450,253)
Profit/(Loss) for the period	33,976	(101,429)
TOTAL EQUITY	166,278	128,247
LIABILITIES
Non-current liabilities	197,803	172,952
Borrowings	160,549	132,768
Lease liabilities	26,528	29,090
Refund liabilities	6,396	6,303
Provisions	562	1,074
Deferred tax liabilities	3,744	3,638
Other liabilities	23	79
Current liabilities	102,488	158,863
Borrowings	19,867	44,079
Trade payables and accruals	32,650	44,303
Income tax liability	151	632
Tax and Employee-related liabilities	17,334	16,209
Lease liabilities	2,691	2,879
Contract liabilities	5,299	5,697
Refund liabilities	17,165	33,637
Provisions	6,962	10,835
Other liabilities	370	592
TOTAL LIABILITIES	300,291	331,815
TOTAL EQUITY AND LIABILITIES	€ 466,569	€ 460,062

Trade receivables (Tables)

6 Months Ended

Jun. 30, 2024

Trade and other receivables [abstract]

Disclosure of detailed information about trade receivables

Trade receivables include the following:



in € thousand	June 30, 2024	December 31, 2023
Trade receivables	30,587	41,714
Less: loss allowance of receivables	(68)	(69)
TRADE RECEIVABLES, NET	30,519	41,645

Finance income/(expenses), net

6 Months Ended

Jun. 30, 2024

Finance Income (Expense) [Abstract]

Finance income/(expenses), net


Note 8			Finance income/(expenses), net

Interest income is recognized on a time-proportion basis using the effective interest method.


	Six months ended June 30,
in € thousand	2024	2023
FINANCE INCOME
Interest income from other parties	787	504

TOTAL FINANCE INCOME	787	504
FINANCE EXPENSES
Interest expense on loans	(11,296)	(5,623)
Interest expense on refund liabilities	(266)	(2,615)
Interest expenses on lease liabilities	(418)	(619)
Other interest expense	(2)	(22)

TOTAL FINANCE EXPENSES	(11,981)	(8,879)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	(1,652)	4,517
FINANCE INCOME/(EXPENSES), NET	(12,845)	(3,858)

The increase in interest expense on loans is mainly due to the 85% increase in Valneva's average loan volume in the first half of 2024 compared to the same period in 2023. During the second half of 2023, additional tranches of the D&O Loan Agreement were added and drawn. For further details, see Note 13.

The interest expense on refund liabilities for the six months ended June 30, 2023 of €2.6 million was mainly caused by accumulated payment deferrals related to the Pfizer agreement. The interest expense on refund liabilities for the six months ended June 30, 2024 decreased to

€0.3 million due to the significant payments made to Pfizer during the second half of 2023 and the first half of 2024. Please refer to Note 16 for more information on the refund liability balances.

The foreign exchange losses in the six months ended June 30, 2024 are primarily driven by non-cash revaluation results of USD denominated liabilities as the USD appreciated against the EUR by more than 3% in 2024. A contrary movement of the USD/EUR rate could be observed in 2023.

Trade receivables

6 Months Ended

Jun. 30, 2024

Trade and other receivables [abstract]

Trade receivables


Note 11			Trade receivables

Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of

amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss.

Trade receivables include the following:



in € thousand	June 30, 2024	December 31, 2023
Trade receivables	30,587	41,714
Less: loss allowance of receivables	(68)	(69)
TRADE RECEIVABLES, NET	30,519	41,645

In 2024 and 2023, no material impairment losses were recognized.

As at June 30, 2024, the amount of trade receivables past due (which is defined as being more than 30 days late) reached €0.8 million (December 31, 2023: €4.5 million).

Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.

As at June 30, 2024, trade receivables included €30.5 million (December 31, 2023: €41.6 million) of receivables from contracts with customers.

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Schedule of disaggregated revenue

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 € thousand	2024	2023
Product sales	68,279	69,665
Other revenues from contracts with customers	1,847	3,710
Other non-IFRS 15 revenue	687	368
REVENUES	70,813	73,743

Disclosure of disaggregated revenue by type of goods or services

The Group’s revenues are disaggregated as follows:

Type of goods or service


	Six months ended June 30,
in € thousand	2024	2023
IXIARO	41,891	30,288
DUKORAL	14,945	17,140
Third party products	10,490	16,545
IXCHIQ	952	—
COVID VLA2001	—	5,691
PRODUCT SALES	68,279	69,665
IXCHIQ (1)	(420)	1,628


Services related to clinical trial material	—	1,396
Others	2,267	686
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	1,847	3,710
Other non-IFRS 15 revenue	687	368
REVENUES	70,813	73,743

(1) Revenues from these products were derived from contractual arrangements in connection with clinical trials and do not represent product sales.

Disclosure of products sales by channel

Products are sold via the following sales channels:


	Six months ended June 30,
in € thousand	2024	2023
Direct product sales	57,423	50,879
Indirect product sales (Sales through distributors)	10,856	18,786
TOTAL PRODUCT SALES	68,279	69,665

Disclosure of revenue by geographical markets


	Six months ended June 30,
in € thousand	2024	2023
United States	20,137	8,299
Canada	16,034	15,374
Germany	7,611	9,977
Nordics	6,502	6,176
Austria	5,873	5,645
United Kingdom	5,554	9,536
France	2,955	2,753
Other Europe	4,048	6,111
Rest of World	2,099	9,872
REVENUE TOTAL	70,813	73,743

Nordics includes Finland, Denmark, Norway and Sweden

Related-party transactions

6 Months Ended

Jun. 30, 2024

Related-party transactions


Note 19			Related-party transactions

In the six months ended June 30, 2024, there have been no changes to related parties. Due to their significant influence through material transactions and provision of essential technical information Groupe Grimaud La Corbière SAS (Sevremoine - France) and its affiliate Vital Meat SAS are considered as related parties.

Bpifrance (Maisons-Alfort - France) is considered as a related party with a significant influence through a membership in the Company’s Board of Directors.

Since the transition to a one-tier governance model, the key management consists of the Board of Directors as well as the Executive Committee while in 2023, it included the Management Board and the Supervisory Board.

Rendering of services

Transactions with related parties are carried out similar to those of the market and were not material during the six months ended June 30, 2024.

Valneva has borrowed amounts amounting to 80% of French Tax Authorities receivables relating to Research Tax Credits for 2020, 2021 and 2022 from Bpifrance. The total amount borrowed from Bpifrance is €3.5 million on which Valneva pays interest.

No material transactions were carried out during the period with the key management.

Key management compensation

In the six months ended June 30, 2024, the aggregate compensation of key management amounted to €3.5 million (in the six months ended June 30, 2023: €1.5 million) and represents mostly salaries and share based payment expenses.

Other income/(expenses), net - Disclosure of other income (expenses) (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Analysis of income and expense [abstract]
Research and development tax credit	€ 3,610	€ 4,955
Grant income	1,822	9,946
Gain/(loss) on disposal of fixed assets and intangible assets, net	48	(73)
Gain/(loss) from revaluation of lease agreements	723	64
Taxes, duties, fees, charges, other than income tax	(171)	(353)
Miscellaneous income/(expenses), net	324	(525)
OTHER INCOME AND EXPENSES, NET	€ 6,357	€ 14,015

General information - Summary of all subsidiaries held by the company directly or indirectly (Details)	Jun. 30, 2024	Dec. 31, 2023
Vaccines Holdings Sweden AB
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Austria GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Canada Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva France SAS
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Scotland Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva Sweden AB
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva UK Ltd.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
Valneva USA, Inc.
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%
VBC 3 Errichtungs GmbH
Disclosure of subsidiaries [line items]
Proportion of ownership interest in subsidiary	100.00%	100.00%

Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Borrowings [abstract]

Schedule of composition of borrowings

Borrowings of the Group at period-end include the following:



in € thousand	June 30, 2024	December 31, 2023
NON-CURRENT
Debentures and other loans	160,549	132,768
CURRENT
Debentures and other loans	19,867	44,079
TOTAL BORROWINGS	180,415	176,847

Schedule of maturity analysis of non-current borrowings

The maturity of the borrowings is as follows:



in € thousand	June 30, 2024	December 31, 2023
Between 1 and 3 years	122,697	62,378
Between 3 and 5 years	37,852	70,390

NON-CURRENT BORROWINGS	160,549	132,768
Current borrowings	19,867	44,079
TOTAL BORROWINGS	180,415	176,847

Schedule of borrowings by denominated currency

The carrying amounts of the Group’s borrowings are denominated in the following currencies:



in € thousand	June 30, 2024	December 31, 2023
Borrowings denominated in EUR	3,592	3,581
Borrowings denominated in USD	176,824	173,266
TOTAL BORROWINGS	180,415	176,847

Schedule of reconciliation of loan

The D&O Loan Agreement is included in the balance sheet item “Borrowings” and developed as follows:


in € thousand	June 30, 2024	December 31, 2023
BALANCE AS AT JANUARY 1	167,520	89,182
Proceeds of issue	—	91,111
Transaction costs	(944)	(11,198)
Accrued interest	10,152	12,942
Payment of interest	(9,351)	(11,022)
Exchange rate difference	6,137	(3,494)
BALANCE AS AT CLOSING DATE	173,515	167,520
Less: non-current portion	(154,616)	(127,119)
CURRENT PORTION	18,899	40,401

Other income/(expenses), net - Narrative (Details) € in Thousands, $ in Millions			6 Months Ended
	Feb. 02, 2024 EUR (€)	Feb. 02, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 EUR (€)
Disclosure of attribution of expenses by nature to their function [line items]
Proceeds from sale of Priority Review Voucher	€ 95,000	$ 103	€ 90,833	€ 0
Gain from sale of Priority Review Voucher, net	90,800		90,833	0
Transaction costs on sale of priority review voucher	€ 4,200
Decrease in other operating income (expense)			€ 7,700
Decrease in other operating income (expense), percentage			55.00%
Other income and expenses, net			€ 6,357	14,015
Grant income			1,822	9,946
Austria
Disclosure of attribution of expenses by nature to their function [line items]
Decrease in research and development tax credit			1,300
Scottish Enterprise
Disclosure of attribution of expenses by nature to their function [line items]
Grant income			€ 1,800	8,700
CTM Unit, Sweden \| Disposal groups classified as held for sale
Disclosure of attribution of expenses by nature to their function [line items]
Disposal loss				€ 1,400

Events after the reporting period

6 Months Ended

Jun. 30, 2024

Disclosure of non-adjusting events after reporting period [abstract]

Events after the reporting period


Note 20			Events after the reporting period

Valneva expands partnership with CEPI

On July 22, 2024 Valneva announced that it has expanded the partnership with the Coalition for Epidemic Preparedness Innovations (CEPI) to support broader access to the world’s first chikungunya vaccine, IXCHIQ, in Low- and Middle-Income countries (LMICs), as well as post-marketing trials and potential label extensions in children, adolescents and pregnant women. CEPI will provide Valneva up to $41.3 million of additional funding over the next five years, with support from the European Union’s (EU) Horizon Europe program.

The project will help generate additional data to potentially support extended IXCHIQ labels in

chikungunya-endemic countries and vulnerable populations at risk of being infected with this debilitating mosquito-borne disease.

The expanded partnership strengthens an earlier agreement, which awarded Valneva $24.6 million in CEPI-EU funding to develop, manufacture, and market its single-shot vaccine in certain LMICs affected by chikungunya. Under this initial agreement, Valneva partnered with Brazil’s Instituto Butantan in 2021 and conducted an adolescent clinical trial in Brazil to support licensure of the vaccine in this country.

Strategic Partnership with LimmaTech for development of Shigella vaccine

On August 1, 2024 Valneva announced that it has entered into a strategic partnership with LimmaTech Biologics AG (Schlieren, Switzerland), a clinical-stage biotech company developing vaccines for the prevention of life-threatening diseases.

This includes an exclusive licensing agreement for the development, manufacturing and commercialization of Shigella4V (S4V), a tetravalent bioconjugate vaccine candidate against shigellosis.

Under the terms of the agreement with Valneva, LimmaTech will receive an upfront payment of €10 million

and be eligible to receive additional regulatory, development and sales-based milestone payments as well as low double-digit royalties on sales.

LimmaTech will be responsible for conducting a Phase 2 Controlled Human Infection Model (CHIM) and a Phase 2 pediatric study in LMICs. Both clinical trials are expected to begin in the second half of 2024. Valneva will assume all further development, including CMC (chemistry, manufacturing and controls) and regulatory activities, and be responsible for its commercialization worldwide if approved.

Expenses by nature - Schedule of income statement items by nature of cost (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Expenses by nature [abstract]
Consulting and other purchased services	€ 31,309	€ 35,442
Cost of services and change in inventory	4,147	7,843
Employee benefit expense other than share-based compensation	40,956	39,028
Share-based compensation expense	3,770	3,028
Raw materials and consumables used	7,802	8,611
Depreciation and amortization and impairment	9,496	6,669
Building and energy costs	6,048	6,210
Supply, office and IT costs	3,694	4,892
License fees and royalties	1,816	1,971
Advertising costs	6,979	4,159
Warehousing and distribution costs	1,743	1,826
Travel and transportation costs	1,847	1,128
Other expenses	1,733	1,915
OPERATING EXPENSES	€ 121,339	€ 122,723

Summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2024

Summary Of Significant Accounting Policies

Schedule of new and amended standards adopted by the Group


New standards and interpretations adopted by the Group		Effective date	Effects
IAS 1	Amendments to IAS 1: Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants	January 1, 2024	none
IFRS 16	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback	January 1, 2024	none
IAS 7 & IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	January 1, 2024	none


New standards, Interpretations and Amendments		Effective date	Effects
IAS 21	Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025	none
IFRS 18	New standard, IFRS 18 Presentation and Disclosures in Financial Statements	January 1, 2027	under assessment
IFRS 19	New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027	none
IFRS 7 & IFRS 9	Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments	January 1, 2026	none

Schedule of maturity analysis for Group’s financial liabilities

The maturity of the borrowings is as follows:



in € thousand	June 30, 2024	December 31, 2023
Between 1 and 3 years	122,697	62,378
Between 3 and 5 years	37,852	70,390

NON-CURRENT BORROWINGS	160,549	132,768
Current borrowings	19,867	44,079
TOTAL BORROWINGS	180,415	176,847

Borrowings - Schedule of composition of borrowings (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
NON-CURRENT
Debentures and other loans	€ 160,549	€ 132,768
CURRENT
Debentures and other loans	19,867	44,079
TOTAL BORROWINGS	€ 180,415	€ 176,847

Finance income/(expenses), net (Tables)

6 Months Ended

Jun. 30, 2024

Finance Income (Expense) [Abstract]

Disclosure of detailed information about finance income (cost)


	Six months ended June 30,
in € thousand	2024	2023
FINANCE INCOME
Interest income from other parties	787	504

TOTAL FINANCE INCOME	787	504
FINANCE EXPENSES
Interest expense on loans	(11,296)	(5,623)
Interest expense on refund liabilities	(266)	(2,615)
Interest expenses on lease liabilities	(418)	(619)
Other interest expense	(2)	(22)

TOTAL FINANCE EXPENSES	(11,981)	(8,879)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	(1,652)	4,517
FINANCE INCOME/(EXPENSES), NET	(12,845)	(3,858)

Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2024

Summary Of Significant Accounting Policies

Basis of preparation

2.1 Basis of preparation

In consequence, these interim consolidated financial statements must be read in conjunction with the consolidated annual financial statements for the year ended December 31, 2023.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.

The unaudited interim condensed consolidated financial statements of the Company were adopted by the Board of Directors after review by the Audit, Compliance and Risk Committee.

Impact of new, revised or amended Standards and Interpretations

2.2 Impact of new, revised or amended Standards and Interpretations

Standards, amendments to existing standards and interpretations issued by IASB and adopted by the European Union whose application has been mandatory since January 1, 2024


New standards and interpretations adopted by the Group		Effective date	Effects
IAS 1	Amendments to IAS 1: Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants	January 1, 2024	none
IFRS 16	Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback	January 1, 2024	none
IAS 7 & IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements	January 1, 2024	none

The interpretations listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

Standards, amendments to existing standards and interpretations whose application is not yet mandatory.

The Group did not elect for early application of the following new standards, amendments and interpretations which were issued but not mandatory as at January 1, 2024.


New standards, Interpretations and Amendments		Effective date	Effects
IAS 21	Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025	none
IFRS 18	New standard, IFRS 18 Presentation and Disclosures in Financial Statements	January 1, 2027	under assessment
IFRS 19	New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures	January 1, 2027	none
IFRS 7 & IFRS 9	Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments	January 1, 2026	none

current or future reporting periods and on foreseeable future transactions, except for IFRS 18 for which the Group is currently assessing the impact in future reporting periods.

Segment information

performance is based on a functional view, thus correlating to the income statement format.

As a consequence, the Group changed its internal reporting process as at January 1, 2023 to present a single operating segment instead of the previously disclosed product-based segments.

Impairment testing

At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.

Inventories

Trade receivables

amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss.

Cash and cash equivalents

or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.

Borrowings

Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Contract liabilities

A contract liability has to be recognized when the customer already provided the consideration or part of the consideration before an entity has fulfilled its performance obligation (agreed goods or services which

should be delivered or provided) resulting from the “contract”.

Refund liabilities

A refund liability has to be recognized when the customer already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts

which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in the future.

Refund liabilities

6 Months Ended

Jun. 30, 2024

Refund Liabilities [Abstract]

Refund liabilities


Note 16			Refund liabilities

which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in the future.

Development of refund liabilities during the period is presented below:



in € thousand	June 30, 2024	December 31, 2023
BALANCE AS AT JANUARY 1	39,941	143,085
Additions	1,271	465
Payments	(50)	(352)
Other releases	(18,922)	(108,542)
Revenue recognition	—	(40)
Interest expense capitalized	266	8,419
Exchange rate difference	1,056	(3,095)
BALANCE AS AT CLOSING DATE	23,561	39,941
Less non-current portion	(6,396)	(6,303)
CURRENT PORTION	17,165	33,637

As at June 30, 2024, from the total of €23.6 million, an amount of €15.8 million is connected to the Collaboration and License Agreement with Pfizer. In the first half of 2024 payments were made in connection with the terms and schedule of the Pfizer Collaboration and License Agreement, disclosed under other releases.

Refund liabilities of €6.6 million (of which €6.4 million is non-current) relate to the expected payment to GlaxoSmithKline (GSK) due to the termination of the

strategic alliance agreements (SAA) in 2019.

As at December 31, 2023, €33.1 million stem from the collaboration with Pfizer and €6.5 million (of which €6.3 million was non-current) were connected to the expected payment to GSK. The other releases in the period ended December 31, 2023 relate largely to payments made in the period in connection with the terms of the Pfizer Collaboration and License Agreement.

Contingencies and litigations

6 Months Ended

Jun. 30, 2024

Commitments And Contingencies [Abstract]

Contingencies and litigations


Note 18			Contingencies and litigations

Following the merger between the companies Vivalis SA and Intercell AG in 2013, certain former Intercell shareholders initiated legal proceedings before the Commercial Court of Vienna to request a revision of either the cash compensation paid to departing shareholders or the exchange ratio between Intercell and Valneva shares used in the merger.

In October 2021, Valneva received an opinion from a court-appointed expert with respect to the exchange ratio. The expert confirmed the prior calculation used but also recommended the calculation of safety margins. Additionally, the expert addressed the cash compensation

paid to departing shareholders and recommended an increase in such compensation. The expert provided a supplemental opinion in April 2022, and the judicial committee in charge of the proceedings gave its opinion to the Commercial Court of Vienna in April 2023.

Nonetheless, the final outcome will depend on the court’s position on specific legal points and the Court has not made a decision yet. The Company therefore assessed the probability of several scenarios and decided to hold a provision of €5.2 million to cover the reassessed risk and potential legal costs (December 31, 2023: €5.2 million).

Unaudited Interim Condensed Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Total	Share capital	Share premium	Other reserves	Retained earnings/ (Accumulated deficit)	Profit/(loss) for the period
Equity, beginning balance at Dec. 31, 2022	€ 219,797	€ 20,755	€ 594,043	€ 55,252	€ (306,974)	€ (143,279)
Total comprehensive income/(loss)	(32,318)			2,727		(35,046)
Income appropriation	0				(143,279)	143,279
Share-based compensation expense:
Value of services	3,232			3,232
Exercises	(3)	79	(82)
Equity, ending balance at Jun. 30, 2023	190,707	20,834	593,960	61,211	(450,253)	(35,046)
Equity, beginning balance at Dec. 31, 2023	128,247	20,837	594,003	65,088	(450,253)	(101,429)
Total comprehensive income/(loss)	33,596			(379)		33,976
Income appropriation	0				(101,429)	101,429
Share-based compensation expense:
Value of services	4,435			4,435
Exercises	0	55	(55)
Equity, ending balance at Jun. 30, 2024	€ 166,278	€ 20,892	€ 593,948	€ 69,144	€ (551,682)	€ 33,976

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Contract liabilities - Disclosure of development of contract liabilities (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contract liabilities [abstract]
BALANCE AS AT JANUARY 1	€ 5,697	€ 9,411	€ 9,411
Revenue recognition	(104)		(4,394)
Redemption	(411)		0
Addition	0		1,870
Other releases	0	€ (1,000)	(1,032)
Exchange rate differences	117		(159)
BALANCE AS AT CLOSING DATE	5,299		5,697
Less non-current portion	0		0
CURRENT PORTION	€ 5,299		€ 5,697

Unaudited Interim Condensed Consolidated Statement of Comprehensive Income - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of comprehensive income [abstract]
PROFIT/(LOSS) FOR THE PERIOD	€ 33,976	€ (35,046)
Items that may be reclassified to profit or loss
Currency translation differences	(369)	2,735
Items that will not be reclassified to profit or loss
Defined benefit plan actuarial gains/(losses)	(10)	(8)
Other comprehensive income/(loss) for the period, net of tax	(379)	2,727
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD	€ 33,596	€ (32,318)

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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-Paragraph 81A
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-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
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-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Borrowings

6 Months Ended

Jun. 30, 2024

Borrowings [abstract]

Borrowings


Note 13			Borrowings

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Borrowings of the Group at period-end include the following:



in € thousand	June 30, 2024	December 31, 2023
NON-CURRENT
Debentures and other loans	160,549	132,768
CURRENT
Debentures and other loans	19,867	44,079
TOTAL BORROWINGS	180,415	176,847

As of June 30, 2024, the carrying amount of bank borrowings and other loans was €180.4 million. Of this, €173.5 million related to the D&O Loan Agreement.

Other borrowings related to financing of research and development expenses included the CIR (research and

development tax credit in France) of €3.6 million (December 31, 2023: €3.6 million) and the CEPI loan in the amount of €3.3 million (December 31, 2023: €5.7 million), which relates to advanced payments received which are expected to be paid back in the future.

The maturity of the borrowings is as follows:



in € thousand	June 30, 2024	December 31, 2023
Between 1 and 3 years	122,697	62,378
Between 3 and 5 years	37,852	70,390

NON-CURRENT BORROWINGS	160,549	132,768
Current borrowings	19,867	44,079
TOTAL BORROWINGS	180,415	176,847

The carrying amounts of the Group’s borrowings are denominated in the following currencies:



in € thousand	June 30, 2024	December 31, 2023
Borrowings denominated in EUR	3,592	3,581
Borrowings denominated in USD	176,824	173,266
TOTAL BORROWINGS	180,415	176,847

13.1 Other loans

As at June 30, 2024, a total of $200.0 million have been drawn under the D&O Loan Agreement. The book value of the loan amounts to $185.7 million (€173.5 million). Following amendments to the D&O Loan Agreement, most recently in March 2024, the interest-only period on the initial $100.0 million (€93.4 million) tranche extends until the first quarter of 2026, and this portion of the loan will mature in the first quarter of 2027. The interest-only period for the tranches drawn in 2023 amounting to $100.0 million extends until the first quarter of 2027, and this portion of the loan will mature in the fourth quarter of 2028. The interest rate on the new debt remains unchanged at 9.95%, translating into an effective interest rate for the first draw of 14.17% and for the second draw of 13.47% as of June 30, 2024. Transaction costs amounting

to €0.9 million have been deducted from the loan proceeds received. The net present value of the modified loan was less than 10% different from the previous net present value of the loan, therefore the modification is not treated as an extinguishment under IFRS 9.

The loan is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by Valneva SE and certain of its subsidiaries. The minimum liquidity requirement is €35.0 million for 2024. The twelve-month rolling minimum revenue requirement of €115.0 million is effective for 2024. The Group does not expect these limitations to affect its ability to meet its cash obligations.

The D&O Loan Agreement is included in the balance sheet item “Borrowings” and developed as follows:


in € thousand	June 30, 2024	December 31, 2023
BALANCE AS AT JANUARY 1	167,520	89,182
Proceeds of issue	—	91,111
Transaction costs	(944)	(11,198)
Accrued interest	10,152	12,942
Payment of interest	(9,351)	(11,022)
Exchange rate difference	6,137	(3,494)
BALANCE AS AT CLOSING DATE	173,515	167,520
Less: non-current portion	(154,616)	(127,119)
CURRENT PORTION	18,899	40,401

13.2 Fair value of borrowings and other loans

The fair value of the borrowings and other loans are calculated by discounting the contractual cash flows with interest rates derived from relevant bond yields and swap rates and adjusted for any further potential risk and liquidity risks related to the nature of each loan. The

relevant bond yields were determined by an internal analysis based on Moody’s RiskCalc corporate rating methodology. In the six months ended June 30, 2024, the resulting calculations revealed no material difference between the carrying amount and the fair value.

Impairment testing

6 Months Ended

Jun. 30, 2024

Disclosure of impairment loss and reversal of impairment loss [abstract]

Impairment testing


Note 9			Impairment testing

As at June 30, 2024, no triggering event was identified and no impairment testing procedures were performed.

The cumulative impairments amounted to €17.1 million as of the period-end (December 31, 2023: €18.4 million). Besides currency revaluation effects, an impairment on a right-of-use for a building in the amount of €1.0 million was released due to contract termination for a plant building in Livingston, Scotland.

The total impairments divide into €4.4 million (December 31, 2023: €4.4 million) for leasehold improvements, €9.6 million (December 31, 2023: €9.8 million) for manufacturing equipment and €3.1 million (December 31, 2023: €4.2 million) for right of use assets.

Unaudited Interim Condensed Consolidated Statement of Profit or Loss - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Profit or loss [abstract]
Product sales	€ 68,279	€ 69,665
Other revenues	2,534	4,078
REVENUES	70,813	73,743
Cost of goods and services	(45,628)	(53,838)
Research and development expenses	(29,683)	(25,978)
Marketing and distribution expenses	(23,181)	(20,009)
General and administrative expenses	(22,847)	(22,899)
Gain from sale of Priority Review Voucher, net	90,833	0
Other income and expenses, net	6,357	14,015
OPERATING PROFIT/(LOSS)	46,663	(34,966)
Finance income	787	504
Finance expenses	(11,981)	(8,879)
Foreign exchange gain/(loss), net	(1,652)	4,517
PROFIT/(LOSS) BEFORE INCOME TAX	33,818	(38,824)
Income tax benefit/(expense)	158	3,778
PROFIT/(LOSS) FOR THE PERIOD	€ 33,976	€ (35,046)
Earnings/(losses) per share for profit/(loss) for the period attributable to the equity holders of the Company (expressed in € per share)
Basic earnings (losses) per share for profit/(loss) for the period attributable to the equity holders of the Company (in euro per share)	€ 0.25	€ (0.25)
Diluted earnings (losses) per share for profit/(loss) for the period attributable to the equity holders of the Company (in euro per share)	€ 0.24	€ (0.25)

Refund liabilities - Disclosure of development of refund liabilities (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Refund Liabilities [Abstract]
BALANCE AS AT JANUARY 1	€ 39,941	€ 143,085
Additions	1,271	465
Payments	(50)	(352)
Other releases	(18,922)	(108,542)
Revenue recognition	0	(40)
Interest expense capitalized	266	8,419
Exchange rate difference	1,056	(3,095)
BALANCE AS AT CLOSING DATE	23,561	39,941
Less non-current portion	(6,396)	(6,303)
CURRENT PORTION	€ 17,165	€ 33,637

Expenses by nature - Narrative (Details) € in Thousands	6 Months Ended
Expenses by nature - Narrative (Details) € in Thousands	Jun. 30, 2024 EUR (€) employee	Jun. 30, 2023 EUR (€) employee
Expenses by nature [abstract]
Operating expense	€ 121,339	€ 122,723
Decrease in cost of services and change in inventory	3,700
Decrease in consulting and other purchased services	4,100
Increase in employee benefit expense other than share-based compensation	1,900
Increase in share-based compensation expense	€ 700
Average number of employees \| employee	695	702
Increase in advertising costs	€ 2,800

Inventories - Schedule of inventories (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Raw materials	€ 28,615	€ 35,379
Work in progress	32,117	38,094
Finished goods	20,613	12,968
Purchased goods (third party products)	2,298	3,626
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN	83,642	90,067
Less: write-down provision	(34,776)	(45,601)
INVENTORIES	€ 48,867	€ 44,466

Revenues - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended
Revenues - Narrative (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
(Decrease) increase in revenue from sales of goods	€ (1,400)
Other revenues from contracts with customers	1,847	€ 3,710
Decrease in revenue	2,900
All Products Excluding COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
(Decrease) increase in revenue from sales of goods	€ 4,300
Increase (decrease) in revenue from sales of goods, percentage	7.00%
IXIARO
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase (decrease) in revenue from sales of goods, percentage	38.00%
DUKORAL
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase (decrease) in revenue from sales of goods, percentage	(13.00%)
Third party products
Disclosure of disaggregation of revenue from contracts with customers [line items]
Increase (decrease) in revenue from sales of goods, percentage	(37.00%)

Expenses by nature

6 Months Ended

Jun. 30, 2024

Expenses by nature [abstract]

Expenses by nature


Note 6			Expenses by nature

The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses and general and administrative expenses include the following items by nature of cost:


	Six months ended June 30,
in € thousand	2024	2023
Consulting and other purchased services	31,309	35,442
Cost of services and change in inventory	4,147	7,843
Employee benefit expense other than share-based compensation	40,956	39,028
Share-based compensation expense	3,770	3,028
Raw materials and consumables used	7,802	8,611
Depreciation and amortization and impairment	9,496	6,669
Building and energy costs	6,048	6,210
Supply, office and IT costs	3,694	4,892
License fees and royalties	1,816	1,971
Advertising costs	6,979	4,159
Warehousing and distribution costs	1,743	1,826
Travel and transportation costs	1,847	1,128
Other expenses	1,733	1,915
OPERATING EXPENSES	121,339	122,723

The operating expenses in the six months ended June 30, 2024 amounted to €121.3 million, showing a slight decrease compared to the €122.7 million in the six months ended June 30, 2023.

Expenses for “cost of services and change in inventory” decreased in 2024 by €3.7 million mostly due to lower level of sales.

Expenses for “consulting and other purchased services” reduced by €4.1 million in the six months ended June 30, 2024, as the comparison period of 2023 included higher service fees for clinical studies related to research and development of the Zika vaccine candidate. Additionally the decrease was driven by lower spend on Valneva’s COVID-19 vaccine.

“Employee benefit expenses other than share-based compensation” increased by €1.9 million in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 because of inflation-related higher salaries and social security contributions. The “share-based compensation expense” showed an increase of €0.7 million from an additional stock option program granted in December 2023.

During the six months ended June 30, 2024, the Group had an average of 695 employees (Half Year 2023: 702 employees).

The increase of “advertising costs” by €2.8 million in the six months ended June 30, 2024 compared to the six months ended June 30, 2023 is driven by the launch of IXCHIQ.

Critical accounting judgements and key sources of estimation uncertainty

6 Months Ended

Jun. 30, 2024

Critical Accounting Judgements And Key Sources Of Estimation Uncertainty

Critical accounting judgements and key sources of estimation uncertainty


Note 3			Critical accounting judgements and key sources of estimation uncertainty

In applying the Group’s accounting policies, which are described in Note 2: Summary of significant accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognized and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the

estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Although it is difficult to predict future liquidity requirements, the Group believes that its existing cash and cash equivalents will be sufficient to fund its operations through at least 12 months after publication of this report.

No additional key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been added to those reported as of December 31, 2023.

Events after the reporting period (Details) - Strategic partnership agreement € in Millions, $ in Millions	Aug. 01, 2024 EUR (€)	Jul. 22, 2024 USD ($)	Jul. 25, 2019 USD ($)
Coalition for Epidemic Preparedness Innovations (CEPI) \| IXCHIQ
Disclosure of non-adjusting events after reporting period [line items]
Maximum amount to be released under contract			$ 24.6
Major partnership agreement \| Coalition for Epidemic Preparedness Innovations (CEPI) \| IXCHIQ
Disclosure of non-adjusting events after reporting period [line items]
Maximum amount to be released under contract		$ 41.3
Partnership, period		5 years
Major partnership agreement \| LimmaTech Biologics AG \| Shigella vaccine
Disclosure of non-adjusting events after reporting period [line items]
Partnership, upfront payment \| €	€ 10

Contract liabilities

6 Months Ended

Jun. 30, 2024

Contract liabilities [abstract]

Contract liabilities


Note 15			Contract liabilities

should be delivered or provided) resulting from the “contract”.

Development of contract liabilities is presented in the table below:



in € thousand	2024	2023
BALANCE AS AT JANUARY 1	5,697	9,411
Revenue recognition	(104)	(4,394)
Redemption	(411)	—
Addition	—	1,870
Other releases	—	(1,032)
Exchange rate differences	117	(159)
BALANCE AS AT CLOSING DATE	5,299	5,697
Less non-current portion	—	—
CURRENT PORTION	5,299	5,697

As at June 30, 2024, from the total of €5.3 million, an amount of €4.4 million is connected to the US distributor agreements (December 31, 2023: €4.7 million). In the six months ended June 30, 2024. The redemption of €0.4 million relates to these contracts, which cover an obligation to replace vaccine doses.

In the six months ended June 30, 2023, revenue recognition in the amount of €3.8 million came from the Advanced Purchase Agreement (APA) for VLA2001 with the Kingdom of Bahrain. The other releases of €1.0 million are from the divestment of Valneva’s CTM Unit in Solna as of July 1, 2023.

Revenues - Schedule of disaggregated revenue (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Product sales	€ 68,279	€ 69,665
Other revenues from contracts with customers	1,847	3,710
Other non-IFRS 15 revenue	687	368
REVENUES	€ 70,813	€ 73,743

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Number 5
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues - Disclosure of products sales by channel (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	€ 68,279	€ 69,665
Direct product sales
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	57,423	50,879
Indirect product sales (Sales through distributors)
Disclosure of disaggregation of revenue from contracts with customers [line items]
TOTAL PRODUCT SALES	€ 10,856	€ 18,786

Refund liabilities - Narrative (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	€ 23,561	€ 39,941	€ 143,085
Non-current refund liabilities	6,396	6,303
Pfizer Inc. \| Lyme VLA15 \| Amended Collaboration and License agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	15,800	33,100
GSK \| Supply agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Refund liabilities	6,600	6,500
Non-current refund liabilities	€ 6,400	€ 6,300

General information

6 Months Ended

Jun. 30, 2024

General Information And Significant Events Of Period

General information


Note 1			General information

1.1 Corporate Information

Valneva SE (the Company) together with its subsidiaries (the Group or Valneva) is a company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs.

The Company takes a highly specialized and targeted approach, applying deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions. The Group has a strong track record of advancing multiple vaccines from early R&D to approval.

Valneva currently markets three proprietary travel vaccines as well as certain third-party vaccines leveraging the Group’s established commercial infrastructure. Revenues from the growing commercial business help fuel the continued advancement of the vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, as well as vaccine candidates against the Zika virus and other global public health threats.

As at June 30, 2024, the Group’s portfolio includes three commercial vaccines:

▪IXIARO (also marketed as JESPECT), indicated for the prevention of Japanese encephalitis;

▪DUKORAL, indicated for the prevention of cholera, and, in some countries, prevention of diarrhea caused by enterotoxigenic Escherichia coli; and

▪IXCHIQ, Valneva’s single-shot chikungunya vaccine, approved by the U.S. Food & Drug Administration (FDA), the European Medicines Agency (EMA) and by Health Canada.

The Company is registered at 6 rue Alain Bombard, 44800 Saint-Herblain, France. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the United States and around 700 employees worldwide.

Valneva SE is a public company listed on the Euronext Paris (symbol: VLA) and on the The Nasdaq Global Select Market (symbol: VALN).

Significant events of the period and significant agreements

Sale of Priority Review Voucher for $103 million

The Company sold the Priority Review Voucher (PRV) it received from the FDA for $103 million (€95 million) on February 2, 2024.

The Company was awarded a tropical disease PRV in November 2023 following the U.S. FDA’s approval of IXCHIQ, Valneva’s single-dose, live-attenuated vaccine against the chikungunya virus (CHIKV). With this approval, IXCHIQ became the world’s first licensed chikungunya vaccine available to address this unmet medical need.

Valneva will invest proceeds from the sale of the PRV into its R&D projects, including the co-development of its Phase 3 vaccine candidate against Lyme disease, additional clinical trials for its chikungunya vaccine IXCHIQ and the expansion of the Company’s clinical pipeline.

Amendment of the D&O Loan Agreement

On March 18, 2024, Valneva signed an amendment to its loan agreement (the D&O Loan Agreement) with U.S. Healthcare funds Deerfield Management Company and OrbiMed.

Reimbursements of the first $100 million tranche will now start in January 2026 instead of July 2024. Maturity of this first tranche will remain in the first quarter of 2027. The interest-only period has been extended by 18 months. The terms of the second $100 million tranche remain unchanged.

1.2 Group information

The following list shows all subsidiaries held by the Company directly or indirectly:


Name	Country of incorporation	Consolidation Method	Interest held as at
			June 30, 2024		December 31, 2023
Vaccines Holdings Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva Austria GmbH	AT	Full Consolidation	100	%	100	%
Valneva Canada Inc.	CA	Full Consolidation	100	%	100	%
Valneva France SAS	FR	Full Consolidation	100	%	100	%
Valneva Scotland Ltd.	UK	Full Consolidation	100	%	100	%
Valneva Sweden AB	SE	Full Consolidation	100	%	100	%
Valneva UK Ltd.	UK	Full Consolidation	100	%	100	%
Valneva USA, Inc.	US	Full Consolidation	100	%	100	%
VBC 3 Errichtungs GmbH	AT	Full Consolidation	100	%	100	%

The closing date for the consolidated financial statements is December 31 of each year.

The Company’s site in Saint-Herblain (Nantes, France) includes general and administrative functions as well as

research and development facilities. Valneva SE also has a site in Lyon which operates commercial activities.

Vaccines Holdings Sweden AB (Solna, Sweden) is the holding company of Valneva Sweden AB, also located in

Solna, which manufactures DUKORAL and commercializes DUKORAL, IXIARO and third-party products such as Moskito Guard and other vaccines in the Nordic countries.

Valneva Austria GmbH (Vienna, Austria) focuses on pre-clinical and clinical development activities of vaccines. The facilities accommodate departments for pre-clinical R&D, technical/clinical product development, quality and regulatory affairs, general and administrative as well as commercial functions. Valneva Austria GmbH commercializes IXIARO, DUKORAL and third-party products such as FLUCELVAX TETRA, FLUAD, Moskito Guard, Rabipur/RabAvert and Encepur.

Valneva Canada Inc., located in Kirkland, Canada, commercializes IXIARO, DUKORAL and third-party products such as KAMRAB and Rabipur.

Valneva France SAS (Lyon, France) commercializes IXIARO, DUKORAL and third-party products such as PreHevbri, Rabipur and Encepur.

Valneva Scotland Ltd. (Livingston, Scotland, United Kingdom) is primarily involved in the production of IXIARO and IXCHIQ.

Valneva UK Ltd. (Fleet, England, United Kingdom) commercializes DUKORAL, IXIARO and third-party products such as PreHevbri, Rabipur in the United Kingdom.

Valneva USA, Inc. (Bethesda, Maryland, USA) focuses on the commercialization of IXIARO and IXCHIQ to the U.S. military and the U.S. private market.

VBC 3 Errichtungs GmbH (Vienna, Austria), owns the administration and research building used by Valneva Austria GmbH.

Expenses by nature (Tables)

6 Months Ended

Jun. 30, 2024

Expenses by nature [abstract]

Schedule of income statement items by nature of cost


	Six months ended June 30,
in € thousand	2024	2023
Consulting and other purchased services	31,309	35,442
Cost of services and change in inventory	4,147	7,843
Employee benefit expense other than share-based compensation	40,956	39,028
Share-based compensation expense	3,770	3,028
Raw materials and consumables used	7,802	8,611
Depreciation and amortization and impairment	9,496	6,669
Building and energy costs	6,048	6,210
Supply, office and IT costs	3,694	4,892
License fees and royalties	1,816	1,971
Advertising costs	6,979	4,159
Warehousing and distribution costs	1,743	1,826
Travel and transportation costs	1,847	1,128
Other expenses	1,733	1,915
OPERATING EXPENSES	121,339	122,723

Cash and cash equivalents - Disclosure of composition of cash and cash equivalents (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents [abstract]
Cash in hand	€ 7	€ 9
Cash at bank	131,406	126,070
CASH AND CASH EQUIVALENTS	€ 131,413	€ 126,080

Inventories - Schedule of write-down provisions related to the inventory categories (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Raw materials	€ 22,217	€ 28,158
Work in progress	10,151	15,177
Finished goods	1,696	1,524
Purchased goods (third party products)	712	743
TOTAL WRITE-DOWN PROVISION	€ 34,776	€ 45,601

Trade payables and accruals

6 Months Ended

Jun. 30, 2024

Trade and other payables [abstract]

Trade payables and accruals


Note 14			Trade payables and accruals

Trade payables and accruals include the following:



in € thousand	June 30, 2024	December 31, 2023
Trade payables	8,526	17,564
Accrued expenses	24,124	26,739
TOTAL	32,650	44,303
Less non-current portion	—	—
CURRENT PORTION	32,650	44,303

The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. All trade payables and accruals are current.

Inventories - Narrative (Details) - EUR (€) € in Thousands	Jun. 30, 2024	Dec. 31, 2023
Disclosure Of Inventories [Line Items]
Inventories, write-down provision	€ 34,776	€ 45,601
Raw materials, write-down provision	22,217	28,158
Finished goods, write-down provision	1,696	1,524
Purchased goods, write-down provision	712	743
COVID VLA2001
Disclosure Of Inventories [Line Items]
Inventories, write-down provision	18,800	31,200
Raw materials, write-down provision	18,800	26,600
IXIARO, DUKORAL and IXCHIQ
Disclosure Of Inventories [Line Items]
Inventories, write-down provision	13,600	12,200
IXIARO and IXCHIQ
Disclosure Of Inventories [Line Items]
Finished goods, write-down provision	€ 1,700	1,500
Purchased goods, write-down provision		€ 700

Trade payables and accruals (Tables)

6 Months Ended

Jun. 30, 2024

Trade and other payables [abstract]

Schedule of trade and other payables

Trade payables and accruals include the following:



in € thousand	June 30, 2024	December 31, 2023
Trade payables	8,526	17,564
Accrued expenses	24,124	26,739
TOTAL	32,650	44,303
Less non-current portion	—	—
CURRENT PORTION	32,650	44,303

Cash and cash equivalents - Narrative (Details) € in Millions	6 Months Ended
	Jun. 30, 2024 EUR (€)
Amended debt financing agreement due 2028
Disclosure Of Cash And Cash Equivalents [Line Items]
Financial covenant, minimum cash requirement	€ 35.0

Borrowings - Schedule of reconciliation of loan (Details) € in Thousands, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 EUR (€)
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning period	€ 176,847
Borrowings, ending period	180,415		€ 176,847
Less: non-current portion	(160,549)		(132,768)
CURRENT PORTION	19,867		44,079
Amended debt financing agreement due 2028
Disclosure of detailed information about borrowings [line items]
Borrowings, beginning period	167,520		89,182
Proceeds of issue	0		91,111
Transaction costs	(944)		(11,198)
Accrued interest	10,152		12,942
Payment of interest	(9,351)		(11,022)
Exchange rate difference	6,137		(3,494)
Borrowings, ending period	173,515	$ 185.7	167,520
Less: non-current portion	(154,616)		(127,119)
CURRENT PORTION	€ 18,899		€ 40,401

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Cash and cash equivalents [abstract]

Disclosure of composition of cash and cash equivalents



in € thousand	June 30, 2024	December 31, 2023
Cash in hand	7	9
Cash at bank	131,406	126,070




CASH AND CASH EQUIVALENTS	131,413	126,080

Contract liabilities - Narrative (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities	€ 5,299		€ 5,697
Redemption	411		0
Revenue recognition	104		4,394
Other releases	0	€ 1,000	1,032
US distributor agreements \| United States
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities	4,400		€ 4,700
Redemption	€ 400
Kingdom of Bahrain \| COVID VLA2001 \| Advance Purchase Agreement (APA)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue recognition		€ 3,800

Related-party transactions (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Borrowings	€ 180,415		€ 176,847
Key management personnel compensation	3,500	€ 1,500
CIR
Disclosure of transactions between related parties [line items]
Borrowings	€ 3,600		€ 3,600
CIR \| BPI France
Disclosure of transactions between related parties [line items]
Borrowings, percentage of receivables	80.00%
Borrowings	€ 3,500

Finance income/(expenses), net - Disclosure of detailed information about finance income (cost) (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
FINANCE INCOME
Interest income from other parties	€ 787	€ 504
TOTAL FINANCE INCOME	787	504
FINANCE EXPENSES
Interest expense on loans	(11,296)	(5,623)
Interest expense on refund liabilities	(266)	(2,615)
Interest expenses on lease liabilities	(418)	(619)
Other interest expense	(2)	(22)
TOTAL FINANCE EXPENSES	(11,981)	(8,879)
FOREIGN EXCHANGE GAIN/(LOSSES), NET	(1,652)	4,517
FINANCE INCOME/(EXPENSES), NET	€ (12,845)	€ (3,858)

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Classes of current inventories [abstract]

Schedule of inventories



in € thousand	June 30, 2024	December 31, 2023
Raw materials	28,615	35,379
Work in progress	32,117	38,094
Finished goods	20,613	12,968
Purchased goods (third party products)	2,298	3,626
GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN	83,642	90,067
Less: write-down provision	(34,776)	(45,601)
INVENTORIES	48,867	44,466

Schedule of write-down provisions related to the inventory categories

Write-down provisions related to the inventory categories as follows:



in € thousand	June 30, 2024	December 31, 2023
Raw materials	22,217	28,158
Work in progress	10,151	15,177
Finished goods	1,696	1,524
Purchased goods (third party products)	712	743
TOTAL WRITE-DOWN PROVISION	34,776	45,601

Revenues - Disclosure of disaggregated revenue by type of goods or services (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	€ 68,279	€ 69,665
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	1,847	3,710
Other non-IFRS 15 revenue	687	368
REVENUES	70,813	73,743
IXIARO
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	41,891	30,288
DUKORAL
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	14,945	17,140
Third party products
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	10,490	16,545
IXCHIQ
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	952	0
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	(420)	1,628
COVID VLA2001
Disclosure of disaggregation of revenue from contracts with customers [line items]
PRODUCT SALES	0	5,691
Services related to clinical trial material
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	0	1,396
Others
Disclosure of disaggregation of revenue from contracts with customers [line items]
OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS	€ 2,267	€ 686