Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Novavax cuts 2024 revenue forecast again on lower COVID vaccine sales

admin by admin
November 12, 2024
in Stock
0
Novavax cuts 2024 revenue forecast again on lower COVID vaccine sales
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

By Patrick Wingrove

(Reuters) -Novavax cut its annual revenue forecast on Tuesday, citing lower-than-expected sales of its COVID-19 vaccine, ahead of handing over the rights to sell the shot to French drugmaker Sanofi (NASDAQ:SNY).

Shares of the U.S. biotech firm dropped about 8.2% to $8.28 in premarket trading.

The U.S. vaccine maker now expects between $175 million and $225 million for full-year sales of its COVID vaccine, its only product on the market, down from the $275 million to $375 million it previously forecast.

“We were hopeful to get a larger market share this year,” Novavax (NASDAQ:NVAX) CEO John Jacobs said in an interview, adding that the company was averaging about 3% of the market weekly.

If the company doesn’t see the sales trend turn more positive in the current quarter, Jacobs said, “we would be under what we were hoping to get in the U.S. on revenue, so we took that number down to be conservative.”

The company also cut its sales projection when it reported second-quarter earnings in August.

Novavax’s COVID vaccine brought in sales of $38.21 million for the third quarter, ahead of analysts’ average expectations of $29 million, according to LSEG data.

Total (EPA:TTEF) revenue for the quarter was $84.51 million, beating analysts’ expectations of $65.78 million, but down nearly 55% from the previous year.

Novavax also cut its 2024 total revenue forecast to between $650 million and $700 million, from $700 million to $800 million previously. The company at the start of the year said it expected to make as much as $1 billion in revenue.

Jacobs acknowledged that Novavax does not have the market leverage and scale of French drugmaker Sanofi, with which it signed a licensing deal earlier this year to sell its COVID vaccine from 2025 in several markets, including the U.S. and Europe.

Novavax has struggled to keep pace with rival vaccine makers Moderna (NASDAQ:MRNA) and Pfizer (NYSE:PFE), which reported more than $3 billion in combined sales for their mRNA COVID shots for the third quarter.

The company is banking on revenue from its Sanofi deal and vaccines in development, including an experimental COVID-flu combination shot, which Novavax said this week got the green light from the U.S. FDA to resume clinical testing.

Novavax posted a net loss of $121 million for the quarter, less than the loss of $133 million estimated by analysts. It said it ended the quarter with $1 billion in cash and receivables.

This post appeared first on investing.com

Previous Post

Airbnb downgraded as ‘valuation remains expensive’

Next Post

When will Germany hold its federal election? Key dates and more

admin

admin

Next Post
When will Germany hold its federal election? Key dates and more

When will Germany hold its federal election? Key dates and more

Trending News

Singapore dissolves parliament ahead of election as cost and trade worries mount

Singapore dissolves parliament ahead of election as cost and trade worries mount

April 15, 2025
AT&T strikes $850 million property deal with Reign Capital

AT&T strikes $850 million property deal with Reign Capital

January 24, 2025
How far will the FTSE 100 go in 2025? Analysts weigh in

How far will the FTSE 100 go in 2025? Analysts weigh in

December 31, 2024
Subscribe to Insightful Word


    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025
    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    June 5, 2025
    Why Bank of America sees 13% upside on Roblox (RBLX)

    Why Bank of America sees 13% upside on Roblox (RBLX)

    June 5, 2025

    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025

    Latest News

    • ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant
    • Ripple releases $2.18B in XRP, price dips 2%
    • Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.