Valneva is a specialty vaccine company focused on developing, manufacturing, and selling preventive vaccines for infectious diseases that have few or no existing solutions. Valneva's commercial business centers on two travel vaccines: IXIARO, an inactivated Japanese encephalitis vaccine and the only JE vaccine approved in the U.S., Canada, and EU, sold to travelers and U.S. military personnel; and DUKORAL, an oral vaccine protecting against cholera and, in select markets, travelers' diarrhea. Valneva sells these vaccines directly to travel medicine clinics, healthcare providers, and government and military customers in key markets, and through distributors elsewhere. Valneva also markets IXCHIQ, a single-dose chikungunya vaccine, though its commercial rollout has been disrupted by safety concerns in elderly patients, label restrictions across multiple markets, and a U.S. license withdrawal in early 2026. Beyond its commercial business, Valneva's most important pipeline asset is VLA15, a Lyme disease vaccine developed in partnership with Pfizer — the only Lyme vaccine candidate in late-stage trials. Pfizer handles manufacturing and commercialization; Valneva is entitled to tiered royalties of 14–22% and up to $243M in milestone payments if the vaccine is approved, with a targeted commercial launch in late 2027. Valneva is currently loss-making, funding heavy R&D spend through commercial product cash flows and equity issuances, and management targets sustained profitability from 2027, contingent on positive VLA15 trial results and regulatory approval.