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Novavax Reduces Its Full-year Revenue Forecast Due to Sluggish Demand

Haiden Holmes

Nov 09, 2022 15:55

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Novavax (NASDAQ:NVAX) decreased its full-year revenue guidance for the second time in three months on Tuesday as a result of a global supply glut in COVID-19 vaccine and declining demand.


The company now expects its annual revenues to fall within the lower half of its earlier forecast range of $2 billion to $2.3 billion.


Novavax reduced its revenue forecast for the year in August, since the business did not expect to sell any additional COVID-19 vaccine in the United States this year.


Filip Dubovsky, the chief medical officer of Novavax, stated on a conference call with investors that the company is "moving forward" with the development of a vaccine against Omicron sub variants BQ.1 and BQ.1.1, which would also be formulated as a bivalent vaccination with another coronavirus strain.


Dubovsky noted that Novavax intends to get the vaccine ready by the second quarter of 2019 in time for an expected surge in cases in the southern hemisphere.


Novavax stated Tuesday morning that its COVID-19 vaccine has been modified for the Omicron BA.


In advanced study, one variant generated a substantial immune response at the fourth dose, meeting the strain swift's main purpose.


The shares of the Maryland-based firm surged by nearly 1 percent in afternoon trading after the company reported third-quarter revenues that were above analyst projections.


Last week, Pfizer Inc. (NYSE:PFE) increased its annual COVID vaccination sales projection. After the government ceases buying doses and sales move to the private sector, the company intends to almost double the price of the vaccine injection in the United States in order to combat declining sales.


Even though more than 640 million COVID-19 doses have been distributed in the United States, just 43,540 Novavax vaccines have been delivered as of November 2, according to the most current government figures.


In October, the U.S. Food and Drug Administration authorized the COVID-19 vaccine as a booster for adults, in addition to its existing clearance as a primary two-shot regimen for those 12 and older.

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