Valneva Reports Strong Q1 2015 Financial Results and Provides Operational Update

Total Revenues and Grants of EUR 19.5 million in Q1 2015 compared to EUR 7.1 million in Q1 2014Revenue growth mainly driven by IXIARO®’s strong Q1 sales (EUR 9.7 million) and product sales from the newly acquired DUKORAL® and Nordics vaccine distribution business (EUR 5.4 million)Resulting EBITDA improvement of 7.0% and net loss improvement of 29.4% compared to Q1 2014Integration of acquired DUKORAL® and Nordics vaccine distribution business progressing wellValneva´s clinical stage programs Pseudomonas (Ph II/III) and C. difficile (Ph II) proceeding according to plan: data and/or future development decisions expected by year end 2015/ early 2016Strong newsflow for Valneva’s vaccine technologies EB66® and IC31® with the signing of new collaborations and agreementsValneva re-confirms its 2015 revenue expectation of approximately EUR 75 to 85 million, compared to EUR 42.4 million in 2014

Valneva SE (“Valneva”), a leading pure-play vaccines biotech company, today reports its consolidated financial results for the first quarter ended March 31, 2015 and provides an operational update. The condensed consolidated interim financial report is available on the Company’s website It includes the preliminary first-time consolidation of Crucell Sweden AB (now Valneva Sweden AB) and acquired assets related to DUKORAL® and the Nordics vaccine distribution business.

Thomas Lingelbach, President and Chief Executive Officer and Franck Grimaud, President and Chief Business Officer of Valneva, commented, “We are pleased to present a quarter showing our operational business, including the integration of the newly acquired DUKORAL® and Nordics vaccine distribution business, performed to our expectations. We will remain focused on executing our strategy to build a leading, financially self-sustainable pure-play vaccine company balancing growth from commercial product contributions and investments in promising R&D vaccine programs.”

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