Novavax $NVAX: The vaccine maker cut its full-year revenue forecast and missed second-quarter estimates, sending shares plunging more than 30% in after hours trading. Novavax now sees full year revenue between $2 billion to $2.3 billion, down from its previous view of $4 billion to $5 billion. For the second quarter, Novavax posted a loss per share of $6.53 on revenue of $185.93 million, down from $298 million from a year ago.
WSJ headline: Poor Demand for Its Covid Vaccine Prompts Novavax to Cut Sales Forecast
Sub-headline: The vaccine maker reduced its 2022 guidance to a maximum of $2.3 billion, down from its previous estimate for as much as $5 billion
Novavax Inc. slashed its full-year revenue outlook in half on Monday, citing a lack of demand for its Covid-19 vaccine from an international initiative to vaccinate lower-income countries and delays in winning expanded authorizations in the U.S.
Novavax said Monday it now expects 2022 sales between $2 billion and $2.3 billion, down from its previous forecast of $4 billion to $5 billion.
The new guidance reflects an unexpected shortfall in demand for Covid-19 vaccines, Novavax Chief Executive Stanley Erck said in an interview. Covax, the international vaccine initiative, has backed away from an order of 350 million doses of the Novavax vaccine because of a glut of other vaccines it has received from other companies, he said.
$NVAX daily chart
$NVAX weekly chart
$NVAX monthly chart