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Novavax Posts First Quarterly Profit, but Misses Expectations

Dow Jones2022-05-10

Vaccine maker keeps 2022 revenue guidance intact

Shares of Novavax Inc. dropped more than 18% in the extended session Monday after the biotech company reported its first profitable quarter, but not by as much as Wall Street expected, and its sales were also below estimates.

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 a 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.

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Comment32

  • DragonKC
    ·2022-05-10
    Got earnings is a good sign of more to come. But investors still not satisfied n sell-off.  The reason , greed is the culprit. Loss will prevail if greed overcome them. 
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  • XLMM
    ·2022-05-10
    Get the approval from FDA and bring in the revenue that dont dip the share price!
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  • TaiWoeiHaur
    ·2022-05-10
    Good morning 
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  • ccwee
    ·2022-05-10
    read
    Reply
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  • ccwee
    ·2022-05-10
    read
    Reply
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  • Leont
    ·2022-05-10
    Hi
    Reply
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  • Cvt
    ·2022-05-10
    Ok
    Reply
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  • Remotecam
    ·2022-05-10
    21% drop is no joke.  $Novavax(NVAX)$
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  • hiryan
    ·2022-05-10
    Buy 
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  • Worpeng2002
    ·2022-05-10
    Ok
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  • LWayne
    ·2022-05-10
    Selloff looks continue...
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  • XLMM
    ·2022-05-10
    Sigh....
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  • leeinvest
    ·2022-05-10
    ...
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  • HCLim
    ·2022-05-10
    Ok
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  • TSY123
    ·2022-05-10
    Okay 
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  • Will101
    ·2022-05-10
    Ok
    Reply
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  • Will101
    ·2022-05-10
    Ok
    Reply
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  • Dragon1976
    ·2022-05-10
    Roar
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  • Dragon1976
    ·2022-05-10
    Roar
    Reply
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  • Dragon1976
    ·2022-05-10
    Roar
    Reply
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