Valneva, a company specializing in travel vaccines, saw a decrease in product sales in 2025 due to market restrictions on its chikungunya vaccine, Ixchiq. The company is hoping for positive results from upcoming trials to boost its growth. Preliminary results show that Valneva’s product sales were €157.9 million in 2025, a 3.3% decrease from €163.3 million in 2024. The company’s products include vaccines for Japanese encephalitis (Ixiaro) and cholera (Dukoral), with Ixchiq being their main product. Ixchiq has faced regulatory challenges in the past year. In August 2025, the US FDA suspended its license due to safety concerns, and the UK’s MHRA did the same in February 2026. The vaccine had already been temporarily suspended for people over 65 in the UK in June 2025. Valneva did not disclose Ixchiq’s sales numbers for 2025 but stated that the overall sales decrease was expected. The main factor in this decrease was a 42.3% drop in third-party sales, which still contributed €19.2 million to the total. Despite this, Valneva’s total revenue increased to €174.7 million in 2025, up from €169.6 million in 2024. This increase was due to their ongoing research collaboration and licensing agreement with Pfizer for a Lyme disease vaccine. Pfizer began working with Valneva in April 2020 to develop Valneva’s Lyme disease vaccine candidate, which was in Phase II trials at the time. Valneva expects the first Phase III data for this candidate, called VLA15, in the first half of 2026. VLA15 could help Valneva achieve more positive financial results. Currently, there is no approved vaccine for Lyme disease, which is caused by a bacterial infection transmitted through tick bites. The US CDC estimates that around 476,000 people are diagnosed and treated for Lyme disease each year in the US. Valneva also plans to report the first Phase II data for their shigella vaccine candidate, S4V2, in 2026. They will decide on the next steps for this vaccine in the second half of 2026. Valneva expects total revenues of between €155-170 million in 2026, which would still be a decrease from 2025. Peter Bühler, Valneva’s chief financial officer, stated that 2025 was challenging but that they remained committed to growing their commercial brands and making progress in their key R&D programs. They are looking forward to the Phase III data readout for their Lyme disease vaccine candidate in 2026. Valneva is not alone in facing sales growth challenges. Moderna also reported declining vaccine sales in its Q3 results, and there has been a decrease in reliance on vaccines for respiratory diseases, which has affected the travel vaccine sector.