Salmonella Food Poisoning

FAYETTEVILLE, Ark., Aug. 26, 2023 /PRNewswire/ -- Authorities are racing to determine the source of an E. coli outbreak in which nearly 100 University of Arkansas students and staff may have contracted E. coli. Four people have been hospitalized. At least one of those hospitalized has acute kidney failure. E. coli infections can cause a type of acute kidney failure called Hemolytic uremic syndrome or "HUS". HUS is a severe, life-threatening condition that results in an abnormal destruction of red blood cells and can lead to kidney failure. It occurs in about 10% of those who become infected with O157: H7 or any other Shiga toxin-producing E. coli. The University of Arkansas and the Arkansas Department of Health are trying to identify the source of the University of Arkansas Ecoli outbreak, which they believe started more than a week ago. Students at the University of Arkansas moved into dorms just last week and returned to class Monday. "The scary thing about this outbreak is there's nothing you can do to tell whether the food that you are served is safe. You can't taste, smell, or see E. coli. Food that is contaminated with E. coli may look, smell, and taste just like any other food. This is why it's critical that restaurants and cafeterias who make and sell our food, ensure the food is safe before they sell it," said E. coli food poisoning lawyer Jory Lange. Record-Breaking Food Poisoning Lawyer Jory Lange is one of the nation's leading food poisoning lawyers. Jory recently won a $10 million settlement on behalf of a family who suffered life-long medical complications after getting food poisoning from a restaurant. The $10 million settlement is believed to be the largest settlement in US history on behalf of a person who developed Reactive Arthritis from food poisoning. How The Lange Law Firm Can Help Our mission is to help families who have been harmed by contaminated food products. When cafeterias or restaurants harm their customers in E. coli outbreaks, we use the law to hold them accountable. If you suspect that you have been infected with E. coli by food you ate and are interested in making a legal claim for compensation, we can help. Call us for a free no obligation legal consultation at (833) 330-3663 or send us an e-mail here. About the legal team: Jory Lange with MakeFoodSafe.com is one of the United States' leading E. coli Lawyers, successfully representing clients across the United States in food poisoning cases from E. coli, Shigella, and Salmonella food poisoning. Contacts The Lange Law Firm, PLLC Jory D. Lange Jr. Candess Zona-Mendola 833.330.3663 [email protected] SOURCE The Lange Law Firm

Product sales increased 98.6% to €32.1 million in the first quarter of 2023 compared to €16.2 million in the first quarter of 2022 Driven by IXIARO® and DUKORAL® sales both of which more than quadrupled year-over-yearTotal revenues of €33.5 million in the first quarter of 2023 compared to €21.8 million in the first quarter of 2022 Strong cash position of €254.5 million at March 31, 2023 Chikungunya: progressing towards delivery of the world’s first chikungunya vaccine Prescription Drug User Fee Act (PDUFA) review goal date confirmed for end of August 2023 by the U.S. Food and Drug Administration (FDA) Additional regulatory submission process to be initiated in the second quarter of 2023 2023 financial guidance confirmed Expected total revenues and other income between €220 million and €260 million, including: €130 million to €150 million of product sales€90 million to €110 million of other income Expected R&D expenses between €70 million and €90 million Financial Information(Unaudited results, consolidated per IFRS) € in million 3 months ending March 31, 2023 2022 Total revenues 33.5 21.8 Product sales 32.1 16.2 Net loss (18.1) (26.0) Adjusted EBITDA1 (12.3) (13.3) Cash 254.5 311.3 Saint-Herblain (France), May 4, 2023 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA), a specialty vaccine company, today reported its first quarter financial results ending March 31, 2023, and provided corporate updates. Valneva will provide a live webcast of its first quarter 2023 results conference call beginning at 3 p.m. CEST/9 a.m. EDT today. This webcast will also be available on the Company’s website. Please refer to this link: https://edge.media-server.com/mmc/p/82fytb7o Peter Bühler, Valneva’s Chief Financial Officer, commented, “We entered 2023 with good momentum as we managed to double our first quarter vaccine sales year-over-year, keeping us on track to deliver on our full year sales guidance of €130 million to 150 million. Our objective is to continue driving these sales in 2023 and, at the same time, continue to build a stronger vaccine portfolio and pipeline. As we approach our ten-year anniversary, we look forward to celebrating another major milestone with the potential approval of our chikungunya vaccine candidate in the U.S. later this year.” Clinical Stage Vaccine Candidates CHIKUNGUNYA VACCINE CANDIDATE – VLA1553FDA Mid-cycle review meeting for Biologics License Application (BLA) completed VLA1553 is a live-attenuated, single-dose vaccine candidate against the chikungunya virus (CHIKV), a mosquito-borne virus that has spread to more than 110 countries2 with the potential to rapidly expand further. The Pan American Health Organization (PAHO) issued an epidemiological alert in February 2023 as the number of cases and deaths due to chikungunya continues to rise in the Americas3. With no preventive vaccine or specific treatment yet available, chikungunya is considered a major public health threat. In February 2023, the FDA accepted the filing of a BLA for approval of VLA1553 in persons aged 18 years and above4, and at a recent mid-cycle review meeting, indicated that no significant review or safety concerns were noted. The FDA confirmed the Prescription Drug User Fee Act (PDUFA) review goal date at the end of August 2023, on which an approval decision on the VLA1553 BLA is expected. VLA1553 is currently the only chikungunya vaccine candidate worldwide for which a regulatory review process is underway5 and, if approved, it could become the first licensed chikungunya vaccine available to address this unmet medical need. It would also represent the third vaccine Valneva6 has brought from early R&D to approval. The sponsor of the first chikungunya vaccine approved in the U.S. is eligible to receive a Priority Review Voucher (PRV)7. Valneva’s BLA application follows final pivotal Phase 3 data in March 20228, final lot-to-lot consistency results in May 20229 and positive twelve-month persistence data in December 202210. A clinical study of VLA1553 in adolescents is ongoing in Brazil11, for which Valneva reported enrollment and vaccination completion in February 202312. This trial, conducted by Valneva’s partner Instituto Butantan and funded by the Coalition for Epidemic Preparedness Innovations (CEPI), may support future regulatory submissions in this age group, if VLA1553 is initially approved in adults, as well as licensure of the vaccine in Europe and Brazil, which would be the first potential approval for use in an endemic population. Topline results are expected mid-2023. The program received FDA Fast Track, Breakthrough Therapy and Priority Review designations in 2018, 2021 and 2023, respectively. VLA1553 was also granted PRIority MEdicine (PRIME) designation by the European Medicines Agency (EMA) in 2020. Valneva currently plans to make additional regulatory submissions for VLA1553 in Canada, Europe and the United Kingdom in 2023. LYME DISEASE VACCINE CANDIDATE – VLA15 Phase 3 study ongoing Valneva and Pfizer are developing VLA15, a Lyme disease vaccine candidate that targets the outer surface protein A (OspA) of Borrelia burgdorferi, the bacterium that causes Lyme disease. VLA15 is a multivalent recombinant protein vaccine that targets six serotypes of Borrelia representing the most common strains found in North America and Europe. VLA15 is the only Lyme disease vaccine program in advanced clinical development today and has received Fast Track designation from the FDA. Valneva and Pfizer reported results for three Phase 2 clinical trials of VLA15 in both adult and pediatric populations, in which high levels of antibodies against all six strains were observed13,14,15. In August 2022, the companies initiated a Phase 3 clinical study, "Vaccine Against Lyme for Outdoor Recreationists (VALOR)", to investigate the efficacy, safety and immunogenicity of VLA15 in participants five years of age and older in highly endemic regions in the United States and Europe16. The VALOR study is currently ongoing and, as communicated in February 2023, Pfizer had to discontinue approximately half of the total recruited participants in the trial following violations of Good Clinical Practice (GCP) at certain trial sites in the U.S. run by a third-party trial site operator. The clinical trial remains ongoing with other sites not operated by the third party, and Pfizer continues to enroll new participants at those sites in addition to newly added sites in the U.S. and Canada. The original study design and endpoints previously agreed with regulators have not changed. Currently enrolled participants will receive their booster vaccination as planned in the second quarter of 2024 in advance of the 2024 tick season. Additional enrollment for primary immunization will begin in the second quarter of 2023 with overall trial continuation to include the 2025 tick season. As a result, Pfizer is aiming to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) and Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in 2026, subject to positive data. Current projected incremental study execution costs incurred due to the agreed amount of additional enrollment will be borne by Pfizer”. Pre-Clinical Vaccine Candidates Valneva continues to progress select pre-clinical assets and focus on strengthening its future clinical pipeline. The Company is currently focused on VLA2112, a vaccine candidate targeting the Epstein-Barr virus (EBV), which is one of the most common human viruses. EBV can cause infectious mononucleosis17 and is strongly associated with the development of several types of cancer18 and multiple sclerosis19. Valneva is also developing a vaccine candidate targeting the human metapneumovirus (hMPV), which is a major worldwide respiratory pathogen that causes acute upper and lower respiratory tract infection20, and is currently exploring potential partnering opportunities. Additionally, Valneva initiated pre-clinical work on vaccine candidates targeting parvovirus B19, a virus, which can cause hydrops fetalis in pregnant women and aplastic crisis in persons with anemia21, as well as Campylobacter, a bacterium often associated with food poisoning22. Commercial Vaccines JAPANESE ENCEPHALITIS VACCINE (IXIARO®/JESPECT®) IXIARO® is an inactivated Vero cell culture-derived Japanese encephalitis that is the only Japanese encephalitis vaccine licensed and available in the United States, Canada and Europe. IXIARO® is indicated for active immunization against Japanese encephalitis, the most prevalent cause of viral encephalitis in Asia, for adults, adolescents, children and infants aged two months and older. IXIARO®/JESPECT® sales were €17.4 million in the first quarter of 2023 compared to €4.2 million in the first quarter of 2022. This 315.2% sales increase was driven by the significant recovery of the private travel markets following the decline of the COVID-19 pandemic as well as price increases. Valneva has started discussions with the U.S. Department of Defense (DoD) and expects to sign a new contract with the DoD in the coming months. Valneva is also exploring options for its Almeida manufacturing facility in Livingston (Scotland), initially built to produce its COVID-19 vaccine, including a possible sale or a repurposing to produce IXIARO® and its chikungunya vaccine, if approved. CHOLERA / ETEC23-DIARRHEA VACCINE (DUKORAL®) DUKORAL® is an oral vaccine for the prevention of diarrhea caused by Vibrio cholerae and/or heat-labile toxin producing ETEC24, the leading cause of travelers’ diarrhea. DUKORAL® is authorized for use in the European Union and Australia to protect against cholera, and in Canada, Switzerland, New Zealand and Thailand to protect against cholera and ETEC. DUKORAL® sales increased by 302.6% to €10.2 million in the first quarter of 2023 compared to €2.5 million in the first quarter of 2022, also benefitting from the significant recovery in the private travel markets as well as price increases. THIRD-PARTY DISTRIBUTION Valneva distributes certain third-party vaccines in countries where it operates its own marketing and sales infrastructure. In the first quarter of 2023, Valneva’s third party product sales were €4.5 million compared to €5.6 million in the first quarter of 2022. First Quarter 2023 Financial Review (Unaudited, consolidated under IFRS) RevenuesValneva’s total revenues were €33.5 million in the first quarter of 2023 compared to €21.8 million in the first quarter of 2022, an increase of 53.4%.Valneva’s total product sales reached €32.1 million in the first quarter of 2023 compared to €16.2 million in the first quarter of 2022, an increase of 98.6%. This was driven by a continued recovery of travel vaccine sales. On a constant exchange rate (CER) basis, product sales increased by 101.0% in the first quarter of 2023 compared to the first quarter of 2022. No COVID-19 vaccine sales were recorded in the first quarter of 2023 while the previous year’s quarter included €3.8 million. IXIARO®/JESPECT® product sales were €17.4 million in the first quarter of 2023 compared to €4.2 million in the first quarter of 2022, an increase of 315.2% (314.5% at CER) with sales benefitting from the continuing recovery of travel markets and price increases. DUKORAL® sales were €10.2 million in the first quarter of 2023 compared to €2.5 million in the first quarter of 2022, an increase of 302.6% (317.3% at CER), also benefitting from the significant recovery in the private travel markets and price increases. Third Party product sales declined to €4.5 million in the first quarter of 2023 compared to €5.6 million in the first quarter of 2022, a decrease of 19.7%, which was mainly driven by supply constraints of products sold under the distribution agreement with Bavarian Nordic for the sales of Rabipur®/RabAvert® and Encepur®.Other revenues, including revenues from collaborations, licensing and services amounted to €1.4 million in the first quarter of 2023 compared to €5.7 million in the first quarter of 2022. The decline mainly resulted from declining customer services in the Clinical Trial Material (CTM) unit in Sweden and no further revenues recognized from the Pfizer Lyme VLA15 collaboration agreement. Operating Result and adjusted EBITDA Costs of goods and services sold (COGS) were €20.5 million in the first quarter of 2023. The gross margin on commercial product sales excluding COVID-19 sales was 48.4% compared to 68.5% in the first quarter of 2022. COGS of €7.2 million related to IXIARO® product sales yielded a product gross margin of 58.7%. COGS of €6.3 million related to DUKORAL® product sales yielded a product gross margin of 38.3%. Of the remaining COGS for the first quarter of 2023, €3.1 million were related to the Third-Party product distribution business. In the first quarter of 2022, overall COGS were €14.7 million, of which €9.6 million related to cost of goods and €5.1 million related to cost of services.Research and development expenses amounted to €14.1 million in the first quarter of 2023 compared to €20.7 million in the first quarter of 2022. This decrease was mainly driven by lower spend on Valneva’s COVID-19 vaccine VLA2001. Marketing and distribution expenses in the first quarter of 2023 amounted to €9.0 million compared to €2.0 million in the first quarter of 2022. Marketing and distribution expenses in the first quarter of 2023 notably included €3.4 million of expenses related to the launch preparation costs of the chikungunya vaccine candidate, VLA1553, compared to €1.2 million in the first quarter of 2022. In the first quarter of 2023, general and administrative expenses increased to €10.0 million from €5.8 million in the first quarter of 2022. COGS, research and development, marketing and distribution as well as general and administrative expenses benefited in the first quarter of 2022 from an accrual adjustment income of €11.7 million related to the favorable effect of the Company’s share price development on the employee share-based compensation programs. Other income, net of other expenses, increased to €3.5 million in the first quarter of 2023 from €2.1 million in the first quarter of 2022. This increase was mainly driven by recognizing grant income received from Scottish Enterprise into the income statement in the first quarter of 2023.Valneva recorded an operating loss of €16.6 million in the first quarter of 2023 compared to an operating loss of €18.4 million in the first quarter of 2022. Adjusted EBITDA loss in the first quarter of 2023 was €12.3 million compared to an Adjusted EBITDA loss of €13.3 million in the first quarter of 2022 (as explained further below). Net Result In the first quarter of 2023, Valneva generated a net loss of €18.1 million compared to a net loss of €26.0 million in the first quarter of 2022. Finance expense and foreign currency effects in the first quarter of 2023 resulted in a net finance expense of €1.7 million, compared to a net finance expense of €7.1 million in the first quarter of 2022. This was mainly a result of a foreign exchange gain amounting to €3.2 million in the first quarter of 2023, primarily driven by revaluation results of non-Euro denominated balance sheet positions, compared to a net foreign exchange loss of €2.4 million in the first quarter of 2022. Interest expenses net of interest income were €4.8 million in the first quarter of 2023 compared to €4.7 million in the first quarter of 2022. Cash Flow and Liquidity Net cash used in operating activities amounted to €24.3 million in the first quarter of 2023 compared to €26.9 million of cash used in operating activities in the first quarter of 2022. Cash outflows in the first quarter of 2023 and 2022 mainly resulted from the operating loss generated in both periods.Cash outflows from investing activities amounted to €3.6 million in the first quarter of 2023 compared to €9.4 million in the first quarter of 2022, both mainly related to construction activities at the Scottish production site and purchases of equipment.Net cash used in financing activities amounted to €3.8 million in the first quarter of 2023, which was mainly due to interest payments as well as payments of lease liabilities. Cash inflows in the first quarter of 2022 amounted to €1.0 million and was a result of proceeds from the issuance of new shares in relation to employee stock option and free share programs. Cash, cash equivalents and restricted cash amounted to €254.5 million as at March 31, 2023, compared to €289.4 million as at December 31, 2022. Non-IFRS Financial MeasuresManagement uses and presents IFRS results, as well as the non-IFRS measure of Adjusted EBITDA to evaluate and communicate its performance. While non-IFRS measures should not be construed as alternatives to IFRS measures, management believes non-IFRS measures are useful to further understand Valneva’s current performance, performance trends, and financial condition. Adjusted EBITDA is a common supplemental measure of performance used by investors and financial analysts. Management believes this measure provide additional analytical tools. Adjusted EBITDA is defined as earnings (loss) from continuing operations before interest expense, income taxes, depreciation and amortization. A reconciliation of Adjusted EBITDA to operating loss, which is the most directly comparable IFRS measure, is set forth below: € in million 3 months ending March 31 (unaudited results, consolidated per IFRS) 2023 2022 Net Income (18.1) (26.0) Add: Income tax expense (0.1) 0.5 Total Finance income (0.3) (0.0) Total Finance expense 5.1 4.7 Foreign exchange gain/(loss) – net (3.2) 2.4 Result from investments in associates - - Amortization 1.6 1.6 Depreciation 2.6 3.6 Impairment of Tangible Assets - - Adjusted EBITDA (12.3) (13.3) About Valneva SEWe are a specialty vaccine company focused on the development, manufacturing and commercialization of prophylactic vaccines for infectious diseases. We take a highly specialized and targeted approach to vaccine development by focusing on vaccine solutions addressing unmet medical needs to ensure we can make a difference to peoples’ lives. We apply our deep understanding of vaccine science, including our expertise across multiple vaccine modalities, and our established vaccine development capabilities, to develop vaccines against diseases which are not yet vaccine-preventable, or for which there are limited effective treatment options. Today, we are leveraging our expertise and capabilities to rapidly advance a broad range of vaccines into and through the clinic, including candidates against the chikungunya virus and Lyme disease. Valneva Investor and Media ContactsLaetitia Bachelot-FontaineVP, Global Communications and European Investor RelationsM +33 (0)6 4516 7099investors@valneva.com Joshua Drumm, Ph.D.VP, Global Investor Relations M +001 917 815 4520joshua.drumm@valneva.com Forward-Looking StatementsThis press release contains certain forward-looking statements relating to the business of Valneva, including with respect to expected total revenues and product sales for full fiscal year 2023 and the expected timing for submissions to and responses by regulatory authorities. In addition, even if the actual results or development of Valneva are consistent with the forward-looking statements contained in this press release, those results or developments of Valneva may not be indicative of future results. In some cases, you can identify forward-looking statements by words such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," "aims," "targets," or similar words. These forward-looking statements are based on the current expectations of Valneva as of the date of this press release and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of Valneva could be affected by, among other things, uncertainties involved in the development and manufacture of vaccines, unexpected clinical trial results or delays, unexpected regulatory actions or delays, competition in general, currency fluctuations, the impact of the global and European credit crisis, the ability to obtain or maintain patent or other proprietary intellectual property protection, the cancellation of existing contracts, and the impact of the COVID-19 pandemic, the occurrence of any of which could substantially harm Valneva’s business, financial condition, prospects and results of operations. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made during this presentation will in fact be realized. Valneva is providing the information in this press release as of the date hereof and disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Annex 1. UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) € in thousand Three months ended March 31, (except per share amounts) 2023 2022 Product sales 32,100 16,162 Other revenues 1,408 5,686 Revenues 33,508 21,847 Cost of goods and services (20,480) (13,860) Research and development expenses (14,065) (20,689) Marketing and distribution expenses (8,986) (2,034) General and administrative expenses (10,038) (5,770) Other income and expenses, net 3,488 2,084 OPERATING LOSS (16,574) (18,422) Finance income 253 13 Finance expenses (5,096) (4,718) Foreign exchange gain/(loss), net 3,170 (2,412) LOSS BEFORE INCOME TAX (18,247) (25,539) Income tax income/(expense) 120 (502) LOSS FOR THE PERIOD (18,127) (26,041) Losses per share for profit/loss for the period attributable to the equity holders of the Company, expressed in € per share - basic (0.13) (0.24) - diluted (0.13) (0.24) 1.2 Unaudited Interim Condensed Consolidated Statement of Comprehensive Income (Loss) € in thousand Three months ended March 31, 2023 2022 Loss for the period (18,127) (26,041) Other comprehensive income/(loss) Items that may be reclassified to profit or loss Currency translation differences 1,628 (244) Other comprehensive income/(loss) for the period, net of tax 1,628 (244) TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE COMPANY (16,500) (26,285) 2. UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS € in thousand March 31, December 31, 2023 2022 ASSETS Non-current assets 200,671 196,685 Intangible assets 27,896 28,711 Right of use assets 43,640 41,603 Property, plant and equipment 114,399 112,435 Deferred tax assets 6,146 5,637 Other non-current assets 8,590 8,299 Current assets 389,329 424,660 Inventories 38,999 35,104 Trade receivables 27,018 23,912 Other current assets 66,693 74,079 Cash and cash equivalents 254,485 289,430 Assets classified as held for sale 2,134 2,134 TOTAL ASSETS 590,000 621,344 EQUITY Capital and reserves attributable to the Company’s equity holders 204,783 219,797 Share capital 20,752 20,755 Share premium 594,043 594,043 Other reserves 58,369 55,252 Retained earnings/(Accumulated deficit) (450,253) (306,974) Loss for the period (18,127) (143,279) LIABILITIES Non-current liabilities 121,958 124,156 Borrowings 83,228 87,227 Lease liabilities 29,556 28,163 Refund liabilities 6,684 6,635 Provisions 1,326 1,320 Deferred tax liabilities 1,057 694 Other liabilities 107 116 Current liabilities 263,260 277,392 Borrowings 14,157 11,580 Trade payables and accruals 33,520 41,491 Income tax liability 420 532 Tax and Employee-related liabilities 15,875 15,738 Lease liabilities 25,787 25,411 Contract liabilities 9,159 9,411 Refund liabilities 135,294 136,450 Provisions 24,037 31,257 Other liabilities 5,010 5,523 TOTAL LIABILITIES 385,217 401,547 TOTAL EQUITY AND LIABILITIES 590,000 621,344 3. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS € in thousand Three months ended March 31, 2023 2022 Cash flows from operating activities Loss for the period (18,127) (26,041) Adjustments for non-cash transactions 8,438 (6,922) Changes in non-current operating assets and liabilities (269) (4,763) Changes in working capital (13,935) 11,193 Cash generated from/(used in) operations (23,893) (26,533) Income tax paid (433) (318) Net cash generated from/(used in) operating activities (24,326) (26,851) Cash flows from investing activities Purchases of property, plant and equipment, net of proceeds from sale (3,814) (9,385) Purchases of intangible assets, net of proceeds from sale — (76) Interest received 253 13 Net cash used in investing activities (3,561) (9,447) Cash flows from financing activities Proceeds from issuance of common stock, net of costs of equity transactions (194) 3,726 Payment of lease liabilities (933) (835) Interest paid (2,689) (1,909) Net cash generated from/(used in) financing activities (3,816) 982 Net change in cash and cash equivalents (31,703) (35,316) Cash and cash equivalents at beginning of the period 286,532 346,642 Exchange gains/(losses) on cash (344) (107) Restricted cash — 45 Cash and cash equivalents at end of the period 254,485 311,264 1 For additional information on Adjusted EBITDA, please refer to the “Non-IFRS Financial Measures” section at the end of the PR2 https://www.who.int/news-room/fact-sheets/detail/chikungunya3https://www.paho.org/en/documents/epidemiological-alert-chikungunya-increase-region-americas4 FDA Accepts Valneva’s Chikungunya Vaccine License Application for Priority Review - Valneva5 Valneva Initiates Rolling Submission of FDA Biologics License Application for its Single-Shot Chikungunya Vaccine Candidate - Valneva6 This statement refers to Valneva and its predecessor Intercell7 Tropical Disease Priority Review Voucher Program | FDA8 Valneva Successfully Completes Pivotal Phase 3 Trial of Single-Shot Chikungunya Vaccine Candidate9 Valneva Successfully Completes Lot-to-Lot Consistency Trial for its Single-Shot Chikungunya Vaccine Candidate10 Valneva Reports Positive 12-Month Antibody Persistence Data for Single-Shot Chikungunya Vaccine Candidate - Valneva11 Valneva Announces Initiation of Adolescent Phase 3 Trial for its Single-Shot Chikungunya Vaccine Candidate – Valneva12 Valneva Completes Enrollment for Adolescent Phase 3 Trial of Single-Shot Chikungunya Vaccine Candidate - Valneva13 Valneva and Pfizer Report Six-Month Antibody Persistence Data in Children and Adults for Lyme Disease Vaccine Candidate - Valneva14Pfizer and Valneva Initiate Phase 3 Study of Lyme Disease Vaccine Candidate VLA15 - Valneva15 Valneva and Pfizer Report Further Positive Phase 2 Results, Including Booster Response, for Lyme Disease Vaccine Candidate - Valneva16 Pfizer and Valneva Initiate Phase 3 Study of Lyme Disease Vaccine Candidate VLA15 - Valneva17 https://www.cdc.gov/epstein-barr/index.html#:~:text=EBV%20can%20cause%20infectious%20mononucleosis,common%20among%20teens%20and%20adults.18 https://www.cancer.org/healthy/cancer-causes/infectious-agents/infections-that-can-lead-to-cancer/viruses.html#:~:text=EBV%20infection%20increases%20a%20person's,some%20cases%20of%20stomach%20cancer.19 https://www.nih.gov/news-events/nih-research-matters/study-suggests-epstein-barr-virus-may-cause-multiple-sclerosis#:~:text=Infection%20with%20Epstein%2DBarr%20virus,could%20help%20prevent%20multiple%20sclerosis20 https://www.cdc.gov/ncird/human-metapneumovirus.html21 Macri A, Crane JS. Parvoviruses. 2022 May 23. In: StatPearls [Internet]. Treasure Island (FL): StatPearls Publishing; 2023 Jan–. PMID: 29489222.22https://www.cdc.gov/campylobacter/faq.html#:~:text=Campylobacter%20infection%2C%20or%20campylobacteriosis%2C%20is,year%20for%20every%20100%2C000%20people.23 Indications differ by country - Please refer to Product / Prescribing Information (PI) / Medication Guide approved in your respective countries for complete information, incl. dosing, safety and age groups in which this vaccine is licensed, ETEC = Enterotoxigenic Escherichia coli (E. Coli) bacterium.24 Enterotoxigenic Escherichia coli (ETEC) is a type of Escherichia coli and one of the leading bacterial causes of diarrhea in the developing world, as well as the most common cause of travelers’ diarrhea. Attachment 2023_05_04_Q1_Results_PR_EN_Final

Total revenuesof €361.3 million in 2022compared to €348.1 million in 2021 Driven by product sales of €114.8 million (82.3% increase compared to 2021), including €85.2 million of travel vaccine sales and €29.6 million of COVID-19 vaccine sales €246.5 million of Other Revenues, primarily driven by revenue recognition related to previous COVID-19 vaccine supply agreements Strong cash position of €289.4million atDecember 31, 2022 Raised over €190 million in equity: €102.9 million of gross proceeds from an upsized global offering1 in a challenging economic environment €90.5 ($95) million equity investment by Pfizer Included drawing a total of $40 million from the Deerfield & OrbiMed loan agreement2 2023 financial guidance Expected total revenues and other income between €220 million and €260 million: €130 million to €150 million of product sales, including marginal COVID-19 vaccine sales under an existing supply agreement with the Kingdom of Bahrain Between €90 million and €110 million of other income R&D expenses expected between €70 million and €90 million Financial Information (Audited3 2022 results, consolidated per IFRS) € in million 12 months ending December 31 2022 2021 Total revenues 361.3 348.1 Product sales 114.8 63.0 Net profit/(loss) (143.3) (73.4) Adjusted EBITDA (loss) (69.2) (47.1) Cash 289.4 346.7 Saint-Herblain(France), March23, 2023 – Valneva SE (Nasdaq: VALN; Euronext Paris: VLA) a specialty vaccine company, today reported its consolidated financial results for the year ending December 31, 20224 and provided corporate updates. Valneva will provide a live webcast of its full-year 2022 results conference call beginning at 3 p.m. CET/10 a.m. EDT today. This webcast will also be available on the Company’s website. Please refer to this link: Peter Bühler, Valneva’s Chief Financial Officer, commented, “In 2022, Valneva successfully executed on key strategic objectives despite a difficult economic environment. After achieving clinical and regulatory success, we decided to wind-down our COVID-19 activities and focus on our lead programs. We were agile in reactivating production of our commercial vaccines to capitalize on the travel industry recovery. We also managed to strengthen our cash level and shareholder base, attracting leading investors and maintaining the support of existing shareholders. With close to €290 million in cash, we entered 2023 in a strong position to support expected commercial growth and R&D programs.” Clinical Stage Vaccine Candidates CHIKUNGUNYA VACCINE CANDIDATE – VLA1553 FDA Priority Review of vaccine license application granted VLA1553 is a live-attenuated, single-dose vaccine candidate against the chikungunya virus (CHIKV), a mosquito-borne virus that has spread to more than 100 countries with the potential to rapidly expand further. The Pan American Health Organization (PAHO) issued an epidemiological alert last month as the number of cases and deaths due to chikungunya continues to rise in the Americas5. With no preventive vaccine or specific treatment yet available, chikungunya is considered a major public health threat. Valneva announced last month that the U.S. Food and Drug Administration (FDA) accepted the filing of a Biologics License Application (BLA)6 for approval of VLA1553 in persons aged 18 years and above and granted priority review for the application7. Under this priority review, VLA1553 has currently been assigned a Prescription Drug User Fee Act (PDUFA) review goal date at the end of August 2023, which is the date by which the FDA intends to take action on the application subject to progress of the BLA review. VLA1553 is currently the only chikungunya vaccine candidate worldwide for which a regulatory review process is underway8 and, if approved, it could become the first chikungunya vaccine available to address this unmet medical need. Valneva’s BLA application follows final pivotal Phase 3 data in March 20229, final lot-to-lot consistency results in May 202210 and positive twelve-month persistence data in December 202211. A clinical study of VLA1553 in adolescents is ongoing in Brazil12, for which Valneva reported enrollment and vaccination completion in February 202313. This trial, conducted by Valneva’s partner Instituto Butantan and funded by the Coalition for Epidemic Preparedness Innovations (CEPI), may support future regulatory submissions in this age group, if VLA1553 is initially approved in adults, as well as licensure of the vaccine in Europe and Brazil, which would be the first potential approval for use in an endemic population. Topline results are expected mid-2023. The program received FDA Fast Track and Breakthrough Therapy designations in 2018 and 2021, respectively. VLA1553 was also granted PRIority MEdicine (PRIME) designation by the European Medicines Agency (EMA) in 2020. Valneva currently plans to make additional regulatory submissions for VLA1553 in the second half of 2023. The sponsor of the first chikungunya vaccine approved in the U.S. is eligible to receive a Priority Review Voucher (PRV)14. LYME DISEASE VACCINE CANDIDATE – VLA15 Phase 3 study initiated Valneva and Pfizer are developing VLA15, a Lyme disease vaccine candidate that targets the outer surface protein A (OspA) of Borrelia burgdorferi, the bacterium that causes Lyme disease. VLA15 is a multivalent recombinant protein vaccine that targets six serotypes of Borrelia representing the most common strains found in North America and Europe. VLA15 is the only Lyme disease vaccine program in advanced clinical development today and has received Fast Track designation from the FDA. Valneva and Pfizer reported results for three Phase 2 clinical trials of VLA15 in both adult and pediatric populations, in which high levels of antibodies against all six strains were observed15,16,17. In August 2022, the companies initiated a Phase 3 clinical study, "Vaccine Against Lyme for Outdoor Recreationists (VALOR)", to investigate the efficacy, safety and immunogenicity of VLA15 in participants five years of age and older in highly endemic regions in the United States and Europe18. In February 2023, Pfizer, as the study sponsor, decided to discontinue half of the total enrolled participants in the trial following violations of Good Clinical Practice (GCP) at certain clinical trial sites run by a third-party clinical trial site operator19. The clinical trial remains ongoing at sites not operated by the third party. The companies intend to work with regulatory authorities and, as previously announced, aim for Pfizer to potentially maintain the original submission timelines, pending successful completion of the Phase 3 studies and subject to the agreement of these regulatory agencies to proposed modifications of the clinical trial plan. According to the terms of Valneva’s collaboration with Pfizer, Pfizer leads late phase development of VLA15 and, if approved, Pfizer will have sole control over its commercialization with Valneva eligible to receive up to $408 million in milestones, plus royalty payments. In June 2022, the terms of this collaboration were updated, and Pfizer invested €90.5 ($95) million in Valneva as part of an equity subscription agreement20. As per the terms of the collaboration agreement, Valneva received a $25 million milestone payment from Pfizer in 2022 following initiation of the Phase 3 study. Pre-Clinical Vaccine Candidates Valneva continues to progress select pre-clinical assets and focus on strengthening its future clinical pipeline. The Company is currently focused on VLA2112, a vaccine candidate targeting the Epstein-Barr virus (EBV), which is one of the most common human viruses. EBV can cause infectious mononucleosis21 and is strongly associated with the development of several types of cancer22 and multiple sclerosis23. Valneva has also been working on a vaccine candidate targeting the human metapneumovirus (hMPV), which is a major worldwide respiratory pathogen that causes acute upper and lower respiratory tract infection24 and is currently exploring potential partnering opportunities. Additionally, Valneva initiated pre-clinical work on vaccine candidates targeting parvovirus B19, a virus most commonly causing fifth disease25, and Campylobacter, a bacterium often associated with food poisoning26. Commercial Vaccines JAPANESE ENCEPHALITIS VACCINE (IXIARO®/JESPECT®) IXIARO® is an inactivated Vero cell culture-derived Japanese encephalitis that is the only Japanese encephalitis vaccine licensed and available in the United States, Canada and Europe. IXIARO® is indicated for active immunization against Japanese encephalitis, the most prevalent cause of viral encephalitis in Asia, for adults, adolescents, children and infants aged two months and older. IXIARO®/JESPECT® sales were €41.3 million in 2022 compared to €45.1 million in 2021. This decrease was the result of lower sales to the U.S. Department of Defense. The significant recovery of the private travel markets partly offset this impact, with IXIARO®/JESPECT® private sales reaching €28.8 million in 2022 compared to €7.1 million in 2021. CHOLERA / ETEC27-DIARRHEA VACCINE (DUKORAL®) DUKORAL® is an oral vaccine for the prevention of diarrhea caused by Vibrio cholerae and/or heat-labile toxin producing ETEC28, the leading cause of travelers’ diarrhea. DUKORAL® is authorized for use in the European Union and Australia to protect against cholera, and in Canada, Switzerland, New Zealand and Thailand to protect against cholera and ETEC. DUKORAL® sales increased to €17.3 million in 2022 compared to €2.4 million in 2021, also benefitting from the significant recovery in the private travel markets. SARS-CoV-2 INACTIVATED WHOLE-VIRUS VACCINE Valneva’s COVID-19 vaccine, VLA2001, is the only inactivated whole-virus COVID-19 vaccine approved in Europe29 and was the first COVID-19 vaccine to receive a full marketing authorization from the EMA. In addition to its marketing approval in Europe, Valneva’s COVID-19 vaccine received conditional marketing authorization in the United Kingdom30 and emergency use authorization in the United Arab Emirates31 and the Kingdom of Bahrain32. In 2022, sales of VLA2001 to the Kingdom of Bahrain and certain EU Member States amounted to €29.6 million. Valneva will provide additional doses to the Kingdom of Bahrain in 2023 pursuant to the advance purchase agreement signed in December 2021. In July 2022, Valneva entered into an amendment to the purchase agreement originally entered into in November 2021 with the European Commission.33 In light of the reduced order volume of 1.25 million doses, which were delivered to Germany, Austria, Denmark, Finland, and Bulgaria in 2022, Valneva suspended manufacturing of the vaccine in August 2022 and has been reshaping the Company to increase efficiency and focus on its operational and strategic business objectives. The Company is continuing to explore potential additional supply agreements to deploy the remaining eight to ten million doses of inventory. However, these inventories were fully written down as of December 31, 2022. Earlier this month, Valneva provided clinical and regulatory updates for VLA200134. VLA2001’s shelf life was notably extended to 21 months compared to 18 months previously. The Company will continue to submit data to further extend it. THIRD-PARTY DISTRIBUTION Valneva distributes certain third-party vaccines in countries where it operates its own marketing and sales infrastructure. In September 2022, Valneva announced a partnership with VBI Vaccines for the marketing and distribution of the only 3-antigen Hepatitis B vaccine, PreHevbri®, in select European markets35. In 2022, Valneva’s third party product sales increased by 72.1% to €26.5 million from €15.4 million in 2021. Full Year 2022 Financial Review (Audited36, consolidated under IFRS) Revenues Valneva’s total revenues were €361.3 million in 2022 compared to €348.1 million in 2021, an increase of 3.8%. Valneva’s total product sales reached €114.8 million in 2022 compared to €63.0 million in 2021, an increase of 82.3%. This was driven by a continued recovery of travel vaccine sales that surpassed expectations (€85.2 million versus guidance of €70 to €80 million) complemented by COVID-19 vaccine sales in Europe and Bahrain (€29.6 million). On a constant exchange rate (CER) basis, product sales increased by 66.7% in 2022 as compared to 2021. IXIARO®/JESPECT® sales were €41.3 million in 2022 compared to €45.1 million in 2021, a decrease of 8.4% (18.6% at CER), driven by lower sales to the U.S. Department of Defense. This decrease was partly offset by the significant recovery of the private travel markets, with IXIARO®/JESPECT® private sales reaching €28.8 million in 2022 compared to €7.1 million in 2021. DUKORAL® sales were €17.3 million in 2022 compared to €2.4 million in 2021, an increase of 610.3% (629.2% at CER), also benefitting from the significant recovery in the private travel markets. Third-party product sales grew to €26.5 million in 2022 compared to €15.4 million in 2021, an increase of 72.1%. This increase was primarily due to the marketing and distribution partnership with Bavarian Nordic. Other Revenues, including revenues from collaborations, licensing and services, amounted to €246.5 million in 2022 compared to €285.1 million in 2021. These were mainly driven by revenue recognition related to previous COVID-19 vaccine supply agreements. Operating Result and adjusted EBITDA Costs of goods and services sold (COGS) were €324.4 million in 2022. The gross margin on commercial product sales amounted to 45.5% compared to 36.5% in 2021. COGS of €15.6 million related to IXIARO® product sales, yielding a product gross margin of 62.2%. COGS of €14.2 million related to DUKORAL® product sales, yielding a product gross margin of 18.2%. The DUKORAL® gross margin was impacted by €8.3 million of impairment charges for Valneva Sweden’s manufacturing facilities following suspension of the COVID-19 vaccine fill and finish activities at that site. Of the remaining COGS in 2022, €16.7 million related to the third-party products distribution business, €267.1 million to the COVID-19 vaccine business and €9.7 million to cost of services. COGS of the COVID-19 vaccine program included effects from the significant reduction of sales volumes to the European Union Member States which resulted in impairment of fixed assets and inventories. In 2021, overall COGS were €187.9 million, of which €162.9 million related to cost of goods and €25.1 million related to cost of services. Research and development expenses amounted to €104.9 million in 2022, compared to €173.3 million in 2021. This decrease was mainly driven by lower clinical trial costs for Valneva’s chikungunya vaccine program advancing towards licensure as well as reduced spend on the COVID-19 program. Marketing and distribution expenses in 2022 amounted to €23.5 million compared to €23.6 million in 2021. Marketing and distribution expenses in 2022 notably included €7.3 million of expenses related to launch preparation costs for Valneva’s chikungunya vaccine candidate, VLA1553, compared to €3.8 million in 2021. In 2022, general and administrative expenses declined to €34.1 million from €47.6 million in 2021. COGS, research and development, marketing and distribution as well as general and administrative expenses benefited from a non-cash accrual adjustment related to the positive effect of the Company’s share price development on employee share-based compensation programs. This income compares to an expense in 2021. Other income, net of other expenses, reduced to €12.2 million in 2022 from €23.0 million in 2021. This decrease was mainly driven by reduced R&D tax credits directly resulting from lower R&D spending and an increase of other expenses related to the provision for the ongoing Vivalis/Intercell merger litigation proceedings. Valneva recorded an operating loss of €113.4 million in 2022 compared to an operating loss of €61.4 million in 2021, of which the COVID-19 program contributed a loss of €42.8 million in 2022 and a profit of €3.9 million in 2021. The other segments represented an operating loss of €70.6 million in 2022 compared to an operating loss of €65.3 million in 2021. Adjusted EBITDA (as defined below) loss in 2022 was €69.2 million compared to an adjusted EBITDA loss of €47.1 million in 2021. Net Result In 2022, Valneva generated a net loss of €143.3 million compared to a net loss of €73.4 million in 2021. Finance expense and foreign currency effects in 2022 resulted in a net finance expense of €31.4 million, compared to a net finance expense of €8.6 million in 2021. This was mainly a result of a foreign exchange loss amounting to €12.6 million in 2022, primarily driven by non-cash revaluation results of non-Euro denominated balance sheet positions, compared to a net foreign exchange gain of €8.1 million in 2021. Interest expenses net of interest income were €18.8 million in 2022 compared to €16.7 million in 2021. Cash Flow and Liquidity Net cash used in operating activities amounted to €245.3 million in 2022 compared to €76.9 million of cash generated by operating activities in 2021. Cash outflows in 2022 were mainly related to the operating loss generated in the period and non-cash revenues (cash received in previous periods), while during 2021 cash inflows mainly resulted from pre-payments received under the vaccine supply agreement signed with the UK government. Cash outflows from investing activities amounted to €29.1 million in 2022 compared to €93.1 million in 2021, both mainly a result of COVID-19-related construction activities across production sites in Scotland and Sweden, as well as equipment purchases. Net cash generated from financing activities amounted to €215.1 million in 2022, which was mainly a result of proceeds from the equity subscription agreement with Pfizer, proceeds from a global offering as well as a draw-down of the credit facility provided by Deerfield Management Company & OrbiMed37. Cash inflows in 2021 amounted to €154.5 million which was mainly a result of proceeds from issuance of new shares in the U.S. initial public offering and European private placement in May as well as an additional global offering in November 2021. Cash and cash equivalents amounted to €289.4 million as at December 31, 2022, compared to €346.7 million as at December 31, 2021. This included €102.9 million of gross proceeds from an upsized global offering completed in October 2022, €90.5 ($95) million from an equity investment by Pfizer completed in June 2022 as well as drawing of a total $40 million from the Deerfield Management Company & OrbiMed loan agreement. Non-IFRS Financial Measures Management uses and presents IFRS results, as well as the non-IFRS measure of Adjusted EBITDA to evaluate and communicate its performance. While non-IFRS measures should not be construed as alternatives to IFRS measures, management believes non-IFRS measures are useful to further understand Valneva’s current performance, performance trends, and financial condition. Adjusted EBITDA is a common supplemental measure of performance used by investors and financial analysts. Management believes this measure provides additional analytical tools. Adjusted EBITDA is defined as earnings (loss) for the period before income tax, finance income/expense, foreign exchange gain/(loss), results from investments in associates, amortization, depreciation, and impairment. A reconciliation of Adjusted EBITDA to net loss for the period, which is the most directly comparable IFRS measure, is set forth below: € in million Twelve months ending December 31 (consolidated per IFRS) 2022 2021 Loss for the period (143.3) (73.4) Add: Income tax expense (1.5) 3.4 Total Finance income (0.3) (0.2) Total Finance expense 19.1 17.0 Foreign exchange gain/(loss) – net 12.6 (8.1) Result from investments in associates - - Amortization 7.0 6.6 Depreciation 14.0 7.7 Impairment 23.2 - Adjusted EBITDA (69.2) (47.1) About Valneva SE Valneva is a specialty vaccine company focused on the development, manufacturing and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical need. The Company takes a highly specialized and targeted approach to vaccine development and then applies its deep understanding of vaccine science to develop prophylactic vaccines addressing these diseases. Valneva has leveraged its expertise and capabilities both to commercialize three vaccines and to rapidly advance a broad range of vaccine candidates into and through the clinic, including candidates against Lyme disease and the chikungunya virus. Valneva Investor and Media Contacts Laetitia Bachelot-Fontaine VP, Global Communications and European Investor Relations M +33 (0)6 4516 7099 investors@valneva.com Joshua Drumm, Ph.D. VP, Global Investor Relations M +001 917 815 4520 joshua.drumm@valneva.com Forward-Looking Statements This press release contains certain forward-looking statements relating to the business of Valneva, including with respect to expected total revenues and product sales for full fiscal year 2023. In addition, even if the actual results or development of Valneva are consistent with the forward-looking statements contained in this press release, those results or developments of Valneva may not be indicative of future results. In some cases, you can identify forward-looking statements by words such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," "aims," "targets," or similar words. These forward-looking statements are based on the current expectations of Valneva as of the date of this press release and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of Valneva could be affected by, among other things, uncertainties involved in the development and manufacture of vaccines, unexpected clinical trial results, unexpected regulatory actions or delays, competition in general, currency fluctuations, the impact of the global and European credit crisis, the ability to obtain or maintain patent or other proprietary intellectual property protection, the cancellation of existing contracts, including but not limited to the HMG Supply Agreement, and the impact of the COVID-19 pandemic, the occurrence of any of which could substantially harm Valneva’s business, financial condition, prospects and results of operations. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made during this presentation will in fact be realized. Valneva is providing the information in this press release as of the date hereof and disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Annex 1. CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) 1.1 Consolidated Statements of Income (Loss) (€ in thousand) (except per share amounts) Year ended December 31, 2022 2021 2020 Product sales 114,797 62,984 65,938 Other revenues 246,506 285,101 44,383 REVENUES 361,303 348,086 110,321 Cost of goods and services (324,441) (187,920) (54,302) Research and development expenses (104,922) (173,283) (84,454) Marketing and distribution expenses (23,509) (23,643) (18,264) General and administrative expenses (34,073) (47,606) (27,539) Other income and expenses, net 12,199 22,976 19,117 OPERATING LOSS (113,443) (61,390) (55,120) Finance income 260 249 516 Finance expenses (19,054) (16,964) (10,738) Foreign exchange gain/(loss), net (12,587) 8,130 173 Result from investments in associates 9 (5) (133) LOSS BEFORE INCOME TAX (144,815) (69,979) (65,302) Income tax benefit/(expense) 1,536 (3,446) 909 LOSS FOR THE PERIOD (143,279) (73,425) (64,393) Losses per share for loss for the period attributable to the equity holders of the Company (expressed in € per share) Basic (1.24) (0.75) (0.71) Diluted (1.24) (0.75) (0.71) "Foreign exchange gain/(loss), net" was reclassified from the categories "Finance income" and "Finance expenses" for period starting January 1, 2022. The comparable periods were adjusted accordingly to maintain the comparability. 1.2 Comprehensive Income (Loss) € in thousand Year ended December 31, 2022 2021 2020 Loss for the period (143,279) (73,425) (64,393) Other comprehensive income/(loss) Items that may be reclassified to profit or loss Currency translation differences (73) (2,877) 2,438 Items that will not be reclassified to profit or loss Defined benefit plan actuarial gains/(losses) 178 205 (78) Other comprehensive income/(loss) for the year, net of tax 105 (2,672) 2,360 TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE COMPANY (143,174) (76,097) (62,033) CONSOLIDATED BALANCE SHEETS (In € thousand) As at December 31, 2022 2021 ASSETS Non-current assets 196,685 231,520 Intangible assets 28,711 32,700 Right of use assets 41,603 48,285 Property, plant and equipment 112,435 125,545 Investments in associates — 2,124 Deferred tax assets 5,637 3,582 Other non-current assets 8,299 19,282 Current assets 424,660 585,832 Inventories 35,104 124,098 Trade receivables 23,912 44,013 Other current assets 74,079 71,036 Cash and cash equivalents 289,430 346,686 Assets classified as held for sale 2,134 — TOTAL ASSETS 621,344 817,352 EQUITY Capital and reserves attributable to the Company’s equity holders 219,797 170,581 Share capital 20,755 15,786 Share premium 594,043 409,258 Other reserves 55,252 52,512 Retained earnings/(Accumulated deficit) (306,974) (233,549) Loss for the period (143,279) (73,425) LIABILITIES Non-current liabilities 124,156 277,791 Borrowings 87,227 50,726 Lease liabilities 28,163 53,687 Contract liabilities — 4,741 Refund liabilities 6,635 158,970 Provisions 1,320 8,308 Deferred tax liabilities 694 1,290 Other liabilities 116 69 Current liabilities 277,392 368,979 Borrowings 11,580 7,107 Trade payables and accruals 41,491 68,119 Income tax liability 532 83 Tax and Employee-related liabilities 15,738 17,249 Lease liabilities 25,411 3,135 Contract liabilities 9,411 124,017 Refund liabilities 136,450 95,611 Provisions 31,257 48,708 Other liabilities 5,523 4,950 TOTAL LIABILITIES 401,547 646,771 TOTAL EQUITY AND LIABILITIES 621,344 817,352 CONSOLIDATED STATEMENTS OF CASH FLOWS € in thousand Year ended December 31, 2022 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Loss for the year (143,279) (73,425) (64,393) Adjustments for non-cash transactions 44,070 56,476 37,941 Changes in non-current operating assets and liabilities (147,713) 59,353 88,472 Changes in working capital 1,732 36,127 77,740 Cash generated from operations (245,189) 78,532 139,759 Income tax paid (154) (1,631) (2,021) NET CASH GENERATED FROM OPERATING ACTIVITIES (245,343) 76,901 137,738 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property, plant and equipment (29,246) (92,229) (18,936) Proceeds from sale of property, plant and equipment 8 — — Purchases of intangible assets (76) (942) (535) Proceeds from sale of intangible assets — — 24 Interest received 260 54 107 NET CASH USED IN INVESTING ACTIVITIES (29,054) (93,116) (19,340) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of common stock, net of costs of equity transactions 189,837 166,614 75 Disposal of treasury shares — 209 215 Proceeds from borrowings, net of transaction costs 39,331 859 50,266 Repayment of borrowings (1,793) (1,956) (21,995) Payment of lease liabilities (3,048) (2,805) (2,111) Interest paid (9,211) (8,417) (4,711) NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES 215,116 154,504 21,740 NET CHANGE IN CASH AND CASH EQUIVALENTS (59,282) 138,288 140,138 Cash and cash equivalents at beginning of the year 346,642 204,394 64,439 Exchange gains/(losses) on cash (828) 3,960 (183) Restricted cash 2,898 44 41 CASH AND CASH EQUIVALENTS AT END OF THE YEAR 289,430 346,686 204,435 1Valneva Announces Closing of Upsized €102.9 Million Global Offering - Valneva 2Valneva Announces Upsized Financing Arrangement with Leading US Healthcare Funds Deerfield and OrbiMed - Valneva 3The audit procedures on the consolidated financial statements have been performed. The audit report will be issued upon finalization of procedures regarding the filing. 4 The audit procedures on the consolidated financial statements have been performed. The certification report is in the process of being issued. 5 6FDA Accepts Valneva’s Chikungunya Vaccine License Application for Priority Review - Valneva 7FDA Accepts Valneva’s Chikungunya Vaccine License Application for Priority Review - Valneva 8Valneva Initiates Rolling Submission of FDA Biologics License Application for its Single-Shot Chikungunya Vaccine Candidate - Valneva 9Valneva Successfully Completes Pivotal Phase 3 Trial of Single-Shot Chikungunya Vaccine Candidate 10Valneva Successfully Completes Lot-to-Lot Consistency Trial for its Single-Shot Chikungunya Vaccine Candidate 11Valneva Reports Positive 12-Month Antibody Persistence Data for Single-Shot Chikungunya Vaccine Candidate - Valneva 12Valneva Announces Initiation of Adolescent Phase 3 Trial for its Single-Shot Chikungunya Vaccine Candidate – Valneva 13Valneva Completes Enrollment for Adolescent Phase 3 Trial of Single-Shot Chikungunya Vaccine Candidate - Valneva 14Tropical Disease Priority Review Voucher Program | FDA 15Valneva and Pfizer Report Six-Month Antibody Persistence Data in Children and Adults for Lyme Disease Vaccine Candidate - Valneva 16Pfizer and Valneva Initiate Phase 3 Study of Lyme Disease Vaccine Candidate VLA15 - Valneva 17Valneva and Pfizer Report Further Positive Phase 2 Results, Including Booster Response, for Lyme Disease Vaccine Candidate - Valneva 18Pfizer and Valneva Initiate Phase 3 Study of Lyme Disease Vaccine Candidate VLA15 - Valneva 19Pfizer and Valneva Issue Update on Phase 3 Clinical Trial Evaluating Lyme Disease Vaccine Candidate VLA15 - Valneva 20Valneva and Pfizer Enter into an Equity Subscription Agreement and Update Terms of Collaboration Agreement for Lyme Disease Vaccine Candidate VLA15 21 . 22 's,some%20cases%20of%20stomach%20cancer. 23 24 25 Parvovirus B19 and Fifth Disease | CDC 26 . 27 Indications differ by country - Please refer to Product / Prescribing Information (PI) / Medication Guide approved in your respective countries for complete information, incl. dosing, safety and age groups in which this vaccine is licensed, ETEC = Enterotoxigenic Escherichia coli (E. Coli) bacterium. 28Enterotoxigenic Escherichia coli (ETEC) is a type of Escherichia coli and one of the leading bacterial causes ofdiarrhea in the developing world, as well as the most common cause of travelers’ diarrhea. 29Valneva Receives Marketing Authorization in Europe for Inactivated Whole-Virus COVID-19 Vaccine VLA2001 30Valneva Receives Conditional Marketing Authorization from UK MHRA for its Inactivated COVID-19 Vaccine – Valneva 31Valneva Receives Emergency Use Authorization from the United Arab Emirates for its Inactivated COVID-19 Vaccine 32Valneva Receives Emergency Use Authorization from Bahrain for its Inactivated COVID-19 Vaccine VLA2001 – Valneva 33Valneva Confirms Amendment of Advance Purchase Agreement with European Commission for Valneva’s Inactivated COVID-19 Vaccine - Valneva 34Valneva Provides Clinical and Regulatory Updates for its COVID-19 Vaccine VLA2001 - Valneva 35Valneva and VBI Vaccines Announce European Partnership for Marketing and Distribution of PreHevbri® - Valneva 36The audit procedures on the consolidated financial statements have been performed. The audit report will be issued upon finalization of procedures regarding the filing. 37 Valneva Announces Upsized Financing Arrangement with Leading US Healthcare Funds Deerfield and OrbiMed - Valneva Attachment 2023_03_23_VLA_FY2022_Results_PR_EN_Final