Valneva (INRLF.US) fell 2.16% to US $37.05 before trading, with a total market capitalization of US $2 billion. Valneva on Thursday reported a full-year net loss of 73.4 million euros for fiscal 2021, compared with 64.4 million euros in 2020, an operating loss of 61.4 million euros and 55.1 million euros in 2020, a loss of 47.1 million euros before interest, tax, depreciation and amortization, compared with 45.2 million euros in 2020, and revenue of 348.1 million euros, an increase of 216 percent in 2020. The revenue includes 253.3 million euros from COVID-19 's vaccine-related income (which is part of the contract with the UK, which has been terminated). Product sales fell 4.5% year-on-year to 63 million euros. Looking ahead to fiscal year 2022, the company expects total revenue of between 430 million euros and 590 million euros, including sales of COVID-19 vaccines ranging from 350 million euros to 500 million euros.