Few areas of healthcare have saved more lives, or generated more debate, than vaccines. For Thomas Lingelbach, CEO of Valneva, the case remains unequivocal: vaccination is still the most effective, economical, and impactful health intervention humanity has ever developed.
In a recent conversation, Lingelbach shared a clear-eyed perspective on the current vaccine landscape, from rising political and public skepticism in the U.S. to Europe’s potential to lead the next era of vaccine innovation.
Vaccines: The Strongest Health Economic Tool We Have
More than a century of data backs a simple truth.
“There is no better health economical benefit, and no health intervention has prevented more lives, than vaccination.”
Vaccines are not just scientifically effective; they are cheap, scalable, and globally impactful. For vaccine-preventable diseases, no alternative intervention comes close in terms of lives saved or cost efficiency.
Despite this track record, Lingelbach warns that the current environment, particularly in the U.S., is increasingly concerning.
When Politics and Perception Undermine Public Health
Unlike Europe, where vaccination sentiment has remained relatively stable, the U.S. has seen growing resistance fueled by political narratives and public mistrust.
The consequences are not theoretical.
Diseases once close to eradication are returning. Health systems are under strain. And ultimately, lives will be lost.
“That is of course alarming, especially for someone like me who has devoted his entire life to vaccines.”
Yet Lingelbach remains optimistic. His conviction rests on a belief that science ultimately prevails, even if progress is temporarily slowed by political and perceptual barriers.
Europe’s Opportunity to Lead the Next Vaccine Wave
Interestingly, Lingelbach sees the current U.S.-centric turbulence as a potential strategic opening for Europe.
He believes Europe can emerge as a pioneer in:
- Novel vaccine technologies
- Modern development approaches
- Innovative regulatory pathways
- New vaccine indications
In the coming years, vaccine development, especially for novel vaccines and indications, may become more Europe-focused than at any point in recent history.
This would mark a significant shift from the past decade, which was heavily dominated by U.S.-led innovation and capital.
Capital Markets, Sentiment, and Vaccine Stocks
Negative sentiment around vaccines hasn’t only impacted public perception, it has also weighed on capital markets.
Even well-established vaccine companies have faced:
- Lower demand forecasts
- Reduced financial guidance
- Sector-wide valuation pressure
From an investor standpoint, uncertainty breeds caution.
But Lingelbach notes that long-term capital often sees these moments differently.
“When a sector gets under pressure and nothing is fundamentally wrong, that’s often a great opportunity to enter.”
As a result, large institutional investors are increasingly using the current environment to build positions in vaccine companies, betting on fundamentals over headlines.
Valneva: Volatility, Catalysts, and Long-Term Value
As a publicly listed company, Valneva is not immune to market volatility, especially ahead of major clinical milestones.
The company’s upcoming Lyme disease vaccine data represents a classic biotech catalyst:
- It could significantly re-rate the stock upward
- Or introduce short-term downside risk
This dynamic naturally creates volatility. Even so, Valneva is up nearly 80% year-to-date, underscoring growing investor confidence.
While Valneva, like many peers, experienced a COVID-era valuation spike, Lingelbach is quick to dismiss that period as a distortion rather than a benchmark.
“The COVID bubble was not a relevant indication for enterprise valuation.”
Instead, he points to fundamentals.
Today, Valneva trades at roughly a 50% discount to analyst consensus, a gap he views as a more meaningful measure of intrinsic value.
Science Will Win — Even If It Takes Time
For Lingelbach, the long-term outlook remains clear.
Vaccines work. The science is proven. The health economic case is overwhelming.
While politics, perception, and short-term market sentiment may slow progress, they won’t stop it.
“I strongly believe that science will win again.”
For the vaccine industry, and for global public health, that belief may be the most important catalyst of all.
Watch it in video form here:
A veteran in the development of more than ten vaccines, Thomas Lingelbach has spent over 30 years in the vaccine space and has served in senior roles at the companies Intercell, Novartis and Chiron. Thomas was with Intercell since 2006 and was the CEO when the company merged with Vivalis to form Valneva in 2013. Watch the full interview here: https://flot.bio/episode/thomas-lingelbach-valneva-vaccines/
