Novavax Stock Fell 20% in Premarket Trading. The biotech company reported its first profitable quarter, but not by as much as Wall Street expected.
Novavax said it earned $203 million, or $2.56 a share, in the quarter, swinging from a net loss of $223 million, or $3.05 a share, in the year-ago period.
Revenue rose to $704 million, from $447 million a year ago.
Analysts polled by FactSet expected Novavax to report earnings of $2.69 a share on sales of $845 million.
Novavax said it has been "successful" in launching its COVID-19 vaccine worldwide and it is on track to expand its label use.
"Importantly, as new variants have emerged, we have progressed our strategy to be ready to address the dynamic environment and continue development beyond COVID-19 with our COVID-19-influenza combination vaccine candidate," Chief Executive Stanley C. Erck said in a statement.
Novavax also reiterated its 2022 revenue guidance of between $4 billion and $5 billion.
The company has submitted an emergency-use authorization request for its COVID-19 vaccine, with the U.S. Food and Drug Administration's advisory committee scheduled to meet June 7. The vaccine is authorized in a few other countries.