Novavax tumbled nearly 30% in premarket trading after halving sales forecast on low vaccine demand and supply glut.
Novavax said it now expects 2022 total revenue in the range of $2 billion to $2.3 billion, compared with its prior forecast of $4 billion to $5 billion.
The dismal outlook is the latest setback for Novavax that has also faced manufacturing hurdles and regulatory delays amid competition with market leaders Pfizer and Moderna.
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