Valneva SE Maintains Buy Rating Despite Sales Decline

First Berlin Equity Research has reiterated its "Buy" rating for Valneva SE while lowering the target price from €4.80 to €4.50. This comes after a 37.2% decrease in product sales in Q1 2026, attributed to certain one-off factors as well as reduced travel vaccine uptake amid geopolitical tensions. The company has subsequently revised its full-year sales guidance downward by 7% to €135m-€150m.

Despite the decline, Valneva's stock saw only a slight 2% drop. Investors remain focused on the anticipated submission of market approval documentation for the Pfizer/Valneva Lyme disease vaccine candidate, LB6V. With a promising 67% chance of FDA approval, upcoming key milestones include Pfizer's pre-BLA submission meeting and the BLA submission in the latter half of 2026.