2021 Annual Business Report

DEAR SHAREHOLDERS & INVESTORS

We aim to stand strong, through 2022 and beyond.

DEAR SHAREHOLDERS & INVESTORS

OUR FINANCIALS & OUTLOOK

Despite the sustained impact of COVID-19, 2021 was an exceptional year marked by important constants at Valneva: our entrepreneurial spirit, conviction in our mission and dedication to making our goals a reality.

COVID-19 and the VLA2001 program have changed Valneva’s profile and provided us a unique opportunity to contribute to the international effort to protect public health. However, pursuing this opportunity has not been easy. 2021 was one of the most complex years in Company history, with numerous obstacles linked to the pandemic and this program in particular. Nevertheless, we managed to overcome many hurdles, signed purchase agreements with the European Commission and Bahrain and obtained the first Emergency Use Authorization of the vaccine in the first quarter of 2022.

The unprecedented R&D success seen in 2021 was not limited to COVID-19. We have made extraordinary progress with our chikungunya vaccine program, moving VLA1553 through Phase 3 and reporting very strong results before all competitors. VLA2001 and VLA1553 are two major Phase 3 successes for Valneva. At the same time, we continue to move our Pfizer-partnered Lyme disease program toward Phase 3, which we expect to initiate later this year. These accomplishments were all made in disease indications that align perfectly with our vision of a world in which no one dies or suffers from a vaccine-preventable disease.

Supported by our substantial R&D progress, we were able to carry out both a successful Nasdaq IPO and follow-on fundraise in 2021, totaling over $200 million in gross proceeds. Listing on Nasdaq is a testament to Valneva’s maturity and value, showing just how far we have come.

With the strongest cash position in Company history, we are focusing now on turning our clinical success into robust commercial assets, while building our future product pipeline further leveraging our proven R&D capabilities. Together with the Supervisory Board, we thank our employees, partners, investors and shareholders for their support, which has allowed us to stand strong in the face of a challenging year and position ourselves for continued achievement.

 

Thomas Lingelbach, Chief Executive Officer, President and Chair of the Management Board

Franck Grimaud, Chief Business Officer, “Directeur Générale”

Frédéric Jacotot, General Counsel & Corporate Secretary

Juan Carlos Jaramillo, Chief Medical Officer

Peter Bühler, Chief Financial Officer