2020 Annual Business Report

DEAR SHAREHOLDERS & INVESTORS

We look forward to all that’s to come in 2021, as we continue building on our strengths to reimagine the future.

DEAR SHAREHOLDERS & INVESTORS

OUR FINANCIALS & OUTLOOK

2020 has seen a major impact on society, the economy and public health worldwide brought on by the pandemic. Along with the  global travel industry, our commercial business has been adversely affected in 2020.

At the same time, we have had an exceptional year for R&D, including extraordinary partnerships and deals.

We have shared great data on VLA15 and our collaboration with Pfizer remains an unprecedented deal for a Phase 2 asset in Valneva’s experience.

We have accelerated our chikungunya program, which is supported by CEPI and partnered with Brazil’s Instituto Butantan for accessibility in low- and middle-income countries. Valneva is the first company in the world to advance a chikungunya vaccine candidate into Phase 3.

We have also turned the COVID-19 crisis into an opportunity for Valneva, mobilizing our know-how, capabilities and resources that we have built in the last fifteen years to develop VLA2001 – the only inactivated COVID-19 vaccine in the EU in clinical development today. Our partnership deal with the UK government shows its support of a classic vaccine approach as a complement to other technologies.

Valneva’s Management Board, together with its Supervisory Board, is committed to the Company’s vision and strategy. We thank our employees, our partners, investors and our shareholders for their support, which has allowed us to transform an extremely difficult year into one where we have been able to build ourselves up for the future.

We look forward to all that’s to come in 2021, as we continue building on our strengths to reimagine the future.

– Thomas Lingelbach, Chair of the Board, President & CEO

– Franck Grimaud, President & CBO

– Frédéric Jacotot, General Counsel & Corporate Secretary

– Juan Carlos Jaramillo, CMO