Novavax Posts Unexpected Q3 Loss, But Revenue Surpass Expectations

Novavax Inc NVAX revised its FY22 sales forecast for the second time in three months amid waning demand for COVID-19 vaccines.
The company now expects annual revenue to be approximately $2.0 billion, the low end of its prior forecast range of $2 billion - $2.3 billion.
In August, Novavax halved its full-year revenue forecast from $4-5 billion.
Novavax reported a Q3 net loss of $168.6 million compared to a loss of $(322.4) million in the same period last year.
EPS loss came in at $(2.15), down from $(4.31) a year ago but missing the consensus of earnings of $1.57.
Revenue increased over 300% to $734.58 million, beating the consensus of $586.25 million.
Earlier on Tuesday, Novavax said its COVID-19 shot retooled against the Omicron BA.1 variant showed a robust immune response as the fourth dose and met the primary goal of a strain change in a late-stage study.
Even though over 640 million COVID-19 doses have been given in the U.S., citing the latest government data Reuters reported that only 43,540 Novavax vaccines had been administered as of November 2.
In October, the FDA authorized Novavax's COVID-19 vaccine as a booster for adults, in addition to the earlier clearance as a primary two-shot regimen for those 12 years and above.
Price Action: NVAX shares are down 2.54% at $19.15 during the premarket session on the last check Wednesday.
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