Novavax posts third quarter loss but beats revenue expectations

Novavax posted an unexpected nonaccomplishment connected Thursday but bushed Wall Street's gross expectations for the 3rd quarter.

The Covid-19 vaccine shaper reported a nett nonaccomplishment of much than $169 cardinal for the 3rd quarter, compared to a nonaccomplishment of $322 cardinal successful the aforesaid play past year.

Novavax reported 3rd 4th gross of $735 million, a much than 300% summation twelvemonth implicit year. The company's banal roseate much than 2% successful extended trading.

Here's however the institution performed compared with what Wall Street expected, based connected analysts' mean estimates compiled by Refinitiv:

• Adjusted earnings: Loss of $2.15 per stock vs. nett of $1.57 per stock expected
• Revenue: $735 cardinal vs. $586.2 cardinal expected

But Novavax besides revised its 2022 gross guidance to $2 billion, the little extremity of its erstwhile forecast. The institution antecedently slashed its yearly gross expectations by 50% to a scope of $2 cardinal to $2.3 cardinal successful the 2nd quarter.

The Food and Drug Administration authorized a booster dose of Novavax's Covid vaccine for radical ages 18 and older past month. The authorization was a large milestone for the institution due to the fact that the FDA besides allowed radical who got Pfizer and Moderna arsenic their superior bid to person Novavax arsenic their archetypal booster.

The FDA archetypal approved the Novavax's superior vaccination bid backmost successful July. Although Novavax was 1 of the archetypal participants successful the contention to nutrient a Covid vaccine, the institution struggled to gets its manufacturing up and moving and fell down Pfizer and Moderna.

As a consequence, the tiny Maryland biotech institution has struggled to interruption into the U.S. market. Only 43,000 doses person been administered successful the U.S. truthful far.

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