© Reuters. FILE PHOTO: Valneva logo and stock graph are seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration
(Reuters) – Vaccine developer Valneva on Thursday cut its full-year revenue outlook to account for lower orders of its COVID-19 vaccine after both the European Union and the UK walked away from supply contracts worth more than $1 billion combined.
The French drugmaker, based in southwest France, expects its revenues for the year to reach between 340 million euros and 360 million euros ($369.90 million), against its earlier forecast of 430 million euros and 590 million euros.
($1 = 0.9732 euros)