First Berlin reiterates Buy on Valneva, cuts price target to EUR 4.4

• First Berlin reiterated a Buy on Valneva, cut its 12-month target price to EUR 4.4 from EUR 4.5.
• Q2 product sales fell 21% year-on-year, missed consensus by 3.5% due to one-off factors.
• Product sales guidance midpoint of EUR 142.5 million implies 17.3% growth in H2 sales.
• Gross margin dropped to 4.6% in Q2 from 50.1% a year earlier; forecast to rebound above 50% in H2.
• First Berlin put FDA approval odds for Lyme vaccine candidate LB6V at 67%; regulatory decisions expected within 12 months.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Valneva SE published the original content used to generate this news brief via EQS News (Ref. ID: rc_26586) on August 19, 2026, and is solely responsible for the information contained therein.