alexsl Novavax ( NASDAQ: NVAX ) shares lost ~16% in the premarket Thursday after the company, with its Q2 2024 results, fell short of expectations and slashed its revenue outlook, citing a lower uptake of its COVID-19 vaccine. The Maryland-based biotech reported $415.5M in revenue for the quarter, a ~2% YoY drop even as its product sales slumped ~93% YoY to $19.
9M amid a decrease in the quantity of COVID-19 vaccine sold. However, a recent licensing agreement with Sanofi ( SNY ) for the protein-based vaccine, branded as Nuvaxovid, boosted revenue. As part of the deal, the French drugmaker paid $500M upfront, improving NVAX’s licensing, royalties, and other revenue to $395.
6M compared to $2.1M a year ago and lifting the company’s bottom line by ~180% YoY to $162.4M.
However, indicating lower COVID vaccine deliveries in 2024, NVAX cut its full-year revenue outlook to $700M—$800M, compared to $970M—$1,170M in the previous projection and $937.2M in the consensus. More on Novavax Novavax Ahead Of Q2 Earnings - Picking Apart The Sanofi Deal Novavax: New Chapter, Questions Remain Novavax: Bird Flu And COVID-19 Headlines Trigger Rally Novavax Q2 2024 Earnings Preview Novavax drops as J.
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