Novavax Shares Fall as Revenue Forecast Slashed Again
The vaccine maker reduces its 2024 guidance amid declining COVID-19 vaccine sales and shifts focus to new licensing deals.
- Novavax has lowered its full-year revenue guidance to $650 million to $700 million, down from previous estimates of $700 million to $800 million.
- The company's COVID-19 vaccine sales fell short of expectations, with third-quarter revenue dropping 55% year-over-year to $85 million.
- Shares of Novavax dropped more than 6% following the announcement of its revised financial outlook.
- Novavax has signed a $1.2 billion licensing deal with Sanofi, aiming to boost revenue through royalties and milestone payments.
- The FDA has approved Novavax to resume testing its experimental COVID-flu combination vaccine, which had been paused due to safety concerns.