Novavax Reduces Full-Year Forecast As Vaccine Sales Decline

Monday night, Novavax (NASDAQ:NVAX), an American biotechnology company, reported earnings after the market closed.

The company's loss per share was $6.53, which was $12.03 worse than the average estimate of $5.50 and climbed from $4.75 in the same quarter of 2021. Vaccine sales declined, resulting in a revenue fall of $186 million year-over-year, from $298 million in the same time in 2021, and substantially below the average expectation of $1.02 billion.

The loss in revenue was attributed to a decrease in activity under the company's contracts with the U.S. government and the Coalition for Epidemic Preparedness Innovations.

"We are pleased with our achievements since the beginning of the second quarter, which include bringing our vaccine to the U.S. market and launching immunizations," said Stanley Erck, president and chief executive officer of Novavax. Since the beginning of the third quarter, we have delivered more than 23 million doses of our vaccine and have gained significant momentum for the remainder of 2022 and into 2023.

Novavax reduced their sales projection for the entire year of 2022 from $4 billion to $5 billion to $2 billion to $2.3 billion, which is also below the $4.27 billion consensus estimate.