Opportunities and Challenges of Being a Dual-Listed Company

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In conversation with – Peter Bühler, CFO of Valneva

At Valneva, our journey as a dual-listed company has been marked by both unique opportunities and notable challenges. Recently, our Chief Financial Officer, Peter Bühler, shared his perspective on what it means to operate in this dynamic environment, drawing on his extensive experience in public accounting and the pharmaceutical and biotech sectors.

Peter’s journey to CFO

My career journey began in public accounting, where I earned my credentials as a certified accountant in Switzerland and later completed an MBA. About 25 years ago, I transitioned into the pharmaceutical and biotech industries, working across large multinational pharma companies and mid-sized biotech companies. Today, as Chief Financial Officer at Valneva, I draw on these experiences, both the technical skills and the understanding of what it means to operate in a highly scrutinised, fast-moving sector.

What it means to be a dual-listed company

Being dual listed means that we are accountable to a much broader audience as we’re listed on both Euronext in France and NASDAQ in the United States (US). There is a continual sense of heightened visibility with many more individuals outside the company observing our actions and offering perspectives on our performance and approach. This direct engagement is invaluable, as it encourages us to uphold robust checks and balances. I view this as a positive influence that ensures we remain transparent and accountable. For our team, it necessitates operating with a constant sense of responsibility and openness, fully aware that our actions are under close scrutiny across continents.

The dual listing advantage

Valneva’s dual listing brings with it a unique blend of challenges and advantages. On one hand, having a dual presence significantly boosts our visibility, especially with US investors. Our NASDAQ listing has placed us on the radar for a wider range of investors, some who knew of us before, and many who discovered Valneva thanks to our presence on the US stock market. This expanded profile is an opportunity to strengthen our investor base and foster new partnerships.

On the flip side, being dual listed means we must also ensure our disclosures and reporting meet the standards of both regulatory authorities in France and the US. This can be complex and requires precision and flexibility as we manage two sets of expectations and rules. An example of this is our adherence to the rigorous framework established by the Sarbanes-Oxley Act (SOX). This isn’t just a US regulatory requirement; it’s a commitment to our investors and our team. SOX provides assurance that we uphold high standards of internal controls and governance. For us, it’s both a challenge – given the complexity and demands of the framework – and an opportunity to showcase our dedication to excellence and ethical leadership. It’s about setting the bar high, not just meeting the expected level.

Navigating market differences

When we talk to stakeholders in the US and France, the differences in their interests and expectations are quite noticeable. In the US, we primarily speak to healthcare specialists, while in Europe, many of our investors are more generalists, so not necessarily focusing on healthcare. That means that our US investors tend to appreciate the long timelines involved in developing and bringing a vaccine to market. They’re generally more interested in how we’re building for the future and what kind of innovation we can advance, rather than focusing on immediate profitability. On the other hand, with our more generalist European stakeholders, their questions often revolve around when we’ll become profitable, or when we might pay dividends. In other words, while US investors are looking at our potential to generate future growth, many European stakeholders are more focused on near-term financial results and returns. Recognising these differences helps us shape our communications and strategies, ensuring we’re speaking to what matters most for each group.

Communicating the value of long-term vaccine R&D to investors

Effectively conveying the value of long-term vaccine R&D to investors involves highlighting both the significant upfront investment and the substantial potential returns if a vaccine is successful. A prime example of this is our advanced Lyme disease vaccine candidate developed together with Pfizer, as Lyme disease poses a significant and increasing health burden both across Europe and the US. By clearly articulating the scale of investment required to bring such an innovation to fruition, alongside the potential opportunity and public health impact of when the product reaches the market, we help investors understand the long-term value of our R&D efforts and our vision to reduce the burden of vaccine-preventable diseases. I believe this really means something to our investors.

Balancing financial responsibility with innovation

As a company, it is vital that we build a sustainable financial foundation and, from my perspective as CFO, I fully recognise the importance of achieving self-sufficiency when it comes to our cash position. At the same time, I believe it’s equally crucial to maintain our commitment to innovation. Vaccines represent one of the most powerful tools in medicine, not only because they prevent diseases but because they protect entire populations. They have a significantly positive impact on global public health and have successfully alleviated the burden of many infectious diseases where treatment is not available. This is where we see Valneva making a real difference. By developing meaningful, first of their kind vaccines, we not only contribute to the greater good of society but also create value for our investors. Our mission to innovate and address global health challenges goes hand in hand with our responsibility to ensure long-term financial stability.

Looking ahead

The intersection of increased scrutiny and expanding opportunity is where we, at Valneva, thrive. As we continue to grow, our dual listing will remain a source of strength, driving us to innovate, evolve, and uphold the highest standards. We see these challenges not as obstacles, but as integral to our journey. They keep us resilient and focused as we work to advance our mission and expand our global reach. At Valneva, being dual listed is more than a regulatory status; it’s a daily commitment to accountability, visibility, and excellence. It’s what enables us to keep building trust, attracting new partners, and delivering value for all our stakeholders.

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