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.
  • Photo Via Flickr
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Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CareSmall CapGeneralBriefsCOVID-19 CoronavirusCOVID-19 Vaccine
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