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par VALBIOTIS (EPA:ALVAL)

VALBIOTIS SA: First-half 2026 results

VALBIOTIS SA
VALBIOTIS SA: First-half 2026 results

12-Oct-2026 / 17:40 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

 

 

 

 

 

 

 

 

 

 

First-half 2026 results

 

Sales organization, product offering, international:
three catalysts fully activated to accelerate sales

 

  • France: a sales organization now fully operational (3 regional directors, 19 medical promotion officers), supported by 25 partner pharmacy groups bringing together nearly 4,800 pharmacies; 599 client pharmacies (+26% in six months)
  • A complete ValbiotisPRO® range following the launch of ValbiotisPRO® Foie: four solutions with clinically demonstrated efficacy and first-rate scientific recognition (publication in Nature Communications)
  • International: three key agreements signed; Chinese joint venture ready for first sales by the end of 2026; first product registrations in the Middle East in the first half of 2027
  • Half-year revenue of €0.8M (+130%), in line with the announced range, and a limited increase in operating expenses (+8%, to €5.5M)
  • Cash position of €11.7M as of June 30, 2026, strengthened by the June capital increase, providing a cash runway to the end of 2027
  • Withdrawal of the financial ambitions communicated to the market for the 2026-2030 period;
    Confidence in the acceleration of the growth trajectory as early as the second half of 2026
  • A strengthened strategic direction: to become a reference player in cardiometabolic products on an international scale

 

 

 

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La Rochelle, October 12, 2026 (5:40 PM CEST) – Valbiotis (FR0013254851 – ALVAL, PEA/PME eligible), a French laboratory specializing in cardiometabolic health, announces its results for the first half of 2026 and provides an update on its roadmap and outlook.

 

 

First-half 2026 results: strong business growth and a strengthened financial position

 

Financial statements as of June 30, 2026: controlled expenses amid strong business growth

 

The Company’s half-year financial statements, prepared in accordance with IFRS, were approved by the Management Board on October 9, 2026. They have been subject to a limited review by the Statutory Auditor and are available on the Company’s website (investisseurs.valbiotis.com).

 

 

IFRS, in €K

 

H1 2026

 

H1 2025

 

Operating revenue

 

 

 

 

 

Revenue

 

765

 

332

 

Other income

 

1,531

 

53

 

 

 

 

 

 

 

Total revenue

 

2,296

 

386

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

Cost of sales

 

(936)

 

(966)

 

Research and development

 

(137)

 

(414)

 

Sales and marketing

 

(2,977)

 

(2,567)

 

General and administrative expenses

 

(1,395)

 

(819)

 

Share-based payment expenses

 

(12)

 

(286)

 

 

 

 

 

 

 

Operating income (loss)

 

(3,162)

 

(4,667)

 

 

 

 

 

 

 

Share of income (loss) of equity-accounted companies

 

(178)

 

-

 

 

 

 

 

 

 

Operating income (loss) after share of equity-accounted companies

 

(3,340)

 

(4,667)

 

 

 

 

 

 

 

Net cost of financial debt

 

(25)

 

49

 

Other financial income

 

-

 

29

 

Other financial expenses

 

(3)

 

(3)

 

 

 

 

 

 

 

Income (loss) before tax

 

(3,368)

 

(4,591)

 

 

 

 

 

 

 

Corporate income tax

 

-

 

(2)

 

Deferred taxes

 

-

 

-

 

 

 

 

 

 

 

Net income (loss)

 

(3,368)

 

(4,593)

 

 

 

Revenue for the first half of 2026 amounted to €0.8M, in line with the expected range (€0.8M to €0.9M), representing a 130% year-on-year increase. This growth was driven by a combined increase in the number of customers and in average basket size across both distribution channels (pharmacies and e-commerce). Within the physical distribution network, which comprised a total of 599 client pharmacies as of June 30, 2026 (+26% in six months), the average basket reached €555 in the first half of the fiscal year, compared with €471 in the fourth quarter of 2025. In the e-commerce channel, the number of customers rose by 49% compared with the end of 2025, reaching 6,022 at mid-year, with an average basket of €91.5 (compared with €88.9 in the fourth quarter of 2025).

 

Other operating income for the period (€1.5M) derives almost entirely from the non-cash gain related to the contribution of licenses on Valbiotis’ patents and trademarks to its Chinese joint venture, Hangzhou Valbiotis Life Health Technology.

 

The strong business growth was accompanied by a limited increase in operating expenses (+8%, to €5.5M), reflecting tight control of the cost structure. Sales and marketing expenses rose by 16% (to €3.0M), in connection with the strengthening of the sales force (medical promotion officers) and investments in sales tools and digital communications. General and administrative expenses increased by 70% (to €1.4M) as a result of non-recurring expenses related to structuring projects: legal and regulatory procedures in Asia, as well as the recruitment and upskilling of the sales force.

 

The cost of sales (logistics and manufacturing) represented 17% of operating expenses (excluding share-based payments), i.e. €0.9M. R&D expenses continued to decline (-67%, to €0.1M) following the completion of the clinical programs: they now account for 3% of expenses, compared with 44% two years earlier, in favor of sales and marketing expenses (55% of expenses, compared with 24% in the first half of 2024).

 

The net loss amounted to €3.4M at mid-year, compared with €4.6M in the first half of 2025. It includes a €0.2M loss in respect of the share of income of the Chinese joint venture, which is in a structuring phase ahead of its commercial launch, expected in the second half of 2026.

 

 

Financial position: a cash runway to the end of 2027

 

 

In thousands of euros

 

H1 2026

 

H1 2025

 

Net cash flow from operating activities

 

(4,746)

 

(3,916)

 

Net cash flow from investing activities

 

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