Novavax Cuts Full-Year Forecast as Vaccine Sales Decline
2022.08.09 00:09
Novavax (NVAX) Cuts Full-Year Forecast as Vaccine Sales Decline
American biotechnology company Novavax (NASDAQ:NVAX) reported earnings after the market closed on Monday.
The company reported a loss per share of $6.53, $12.03 worse than the analyst estimate of $5.50, and widening from the loss of $4.75 per share during the same period in 2021. Meanwhile, revenue fell year-over-year to $186 million, from the $298 million in the comparable period in 2021, and well below the consensus estimate of $1.02 billion as vaccine sales slowed.
The fall in revenue was put down to a decrease in activity under the company’s agreements with the U.S. government and the Coalition for Epidemic Preparedness Innovations.
“We are pleased with our progress since the start of the second quarter, which importantly included delivering our vaccine to the U.S. market with immunizations underway,” said Stanley Erck, president and chief executive officer of Novavax. “With over 23 million doses delivered since the start of the third quarter, we are distributing our vaccine globally and have gained positive momentum as we move into the remainder of 2022 and into 2023.”
Novavax cut full-year 2022 total revenue guidance to between $2 billion and $2.3 billion, from the previously expected $4 billion to $5 billion, also below the consensus estimate of $4.27 billion.
