On this photo illustration a silhouette of a person holding a medical syringe and a vial seen displayed in front of the Novavax logo on a screen.
Cezary Kowalski | Lightrocket | Getty Images
Novavax posted an unexpected loss on Thursday but beat Wall Street’s revenue expectations for the third quarter.
The Covid-19 vaccine maker reported a net lack of greater than $169 million for the third quarter, in comparison with a lack of $322 million in the identical period last 12 months.
Novavax reported third quarter revenue of $735 million, a greater than 300% increase 12 months over 12 months. The corporate’s stock rose greater than 2% in prolonged trading.
Here’s how the corporate performed compared with what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:
- Adjusted earnings: Lack of $2.15 per share vs. profit of $1.57 per share expected
- Revenue: $735 million vs. $586.2 million expected
But Novavax also revised its 2022 revenue guidance all the way down to $2 billion, the lower end of its previous forecast. The corporate previously slashed its annual revenue expectations by 50% to a variety of $2 billion to $2.3 billion within the second quarter. Covid vaccine demand has softened globally because the pandemic has eased and more individuals are immunized than ever before.
The Food and Drug Administration authorized a booster dose of Novavax’s Covid vaccine for people ages 18 and older last month. The authorization was a serious milestone for the corporate since the FDA also allowed individuals who got Pfizer and Moderna as their primary series to receive Novavax as their first booster.
The FDA first approved the Novavax’s primary vaccination series back in July. Although Novavax was one in all the unique participants within the race to provide a Covid vaccine, the corporate struggled to gets its manufacturing up and running and fell behind Pfizer and Moderna.
As a consequence, the small Maryland biotech company has struggled to interrupt into the U.S. market. Only 43,000 doses have been administered within the U.S. to this point.