Novavax Lowers 2024 Revenue Forecast, Reduces European Operations

The vaccine maker anticipates lower COVID-19 vaccine sales and will focus on its U.S. market while scaling back in Europe.

Novavax now expects $275 million to $375 million in product sales for the year, down from $400 million to $600 million.
The company has sought authorization for its updated COVID-19 shot targeting the JN.1 variant from U.S. and European regulators.
A $1.2 billion licensing deal with Sanofi has provided Novavax with essential liquidity.
Novavax's stock has plummeted over 95% since its peak during the pandemic.
The company's Q2 revenue and profit both fell short of analysts' expectations.