Aug 8 (Reuters) - Novavax Inc on Monday halved its full-year revenue forecast as it does not expect further sales of its COVID-19 shot this year in the United States in the face of a global supply glut, sending its shares down 32%.
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.
Novavax's protein-based vaccine got U.S. authorization last month for use among adults and health officials had hoped the shot's more traditional technology would convince people skeptical of messenger RNA technology used by Pfizer and Moderna to get vaccinated.
However, only 7,381 doses of Novavax's vaccine have been administered in the United States so far, according to the latest government data.
The company's executives admitted on a conference call that they were late to the market in the United States and are now projecting no new revenue from the country in the year.
Novavax said it sold 3 million doses of the vaccine in the second quarter ended June 30, recording $55 million in sales. This compares to $586 million in the first quarter.
Novavax also said it does not expect to receive an order in 2022 from the COVAX facility, which is backed by the World Health Organization, the global vaccine alliance Gavi and the Coalition for Epidemic Preparedness Innovations.
Last week, Moderna maintained its full-year COVID-19 vaccine sales forecast as canceled orders from low- and middle-income nations through the COVAX program offset gains from new booster dose orders.
Moderna's shares dropped 2%, while Novavax fell 33% to $38.80 in extended trading.