On Tuesday, Novavax Inc (NASDAQ:NVAX) reported third-quarter 2024 sales of $84.5 million, compared to $186.99 million a year, beating the consensus of $65.78 million.
Product sales of $38 million for the third quarter of 2024 were primarily related to U.S. market commercial sales. Licensing, royalties, and other revenue of $46 million in the third quarter of 2024 related to a combination of activities under the Sanofi Agreement and adjuvant sales.
In September, the FDA granted Emergency Use Authorization to Novavax’s COVID-19 Vaccine, Adjuvanted (2024-2025 Formula) (NVX-CoV2705), for active immunization to prevent COVID-19 in individuals aged 12 and older.
The COVID-19 vaccine maker reported an EPS loss of 76 cents, up from a $1.26 loss a year ago, beating the consensus of 83 cents loss.
The net loss for the third quarter of 2024 was $121 million, compared to $131 million in the same period in 2023.
“Novavax continues to focus on our corporate growth strategy of driving value from additional business development activities and organic R&D using our proven technology platform,” said John C. Jacobs, President and CEO of Novavax.
“In addition to progress on our other value drivers, this past quarter, we made significant progress defining our R&D strategy as we look to expand beyond COVID-19 and influenza.”
Recently, the FDA removed the clinical hold on Novavax’s Investigational New Drug application for its COVID-19-influenza combination and stand-alone influenza vaccine candidates.
Last week, Novavax and the U.K. Health Security Agency, representing the U.K. Secretary of State for Health and Social Care, signed a Termination and Settlement Agreement and an amendment to resolve disputes over their updated COVID-19 vaccine supply contract from July 1, 2022.
Guidance: Novavax expects 2024 revenues of $650 million—$700 million, compared to prior guidance of $700 million—$800 million and a consensus of $761.5 million.
The company says full-year 2024 product sales guidance of $175 million-$225 million (vs. prior guidance of $275 million-$375 million) reflects approximately $100 million in APA dose deliveries in 1H 2024 and $75 million-$125 million in commercial market sales in 2H 2024.
Price Action: NVAX stock is down 11.20% at $8.01 at the last check on Tuesday.
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