Novavax cuts 2022 revenue guidance in half, stock tanks in after-hours trading

3 yıl önce

In this photo illustration a silhouette of a man holding a medical syringe and a vial seen displayed in front of the Novavax logo on a screen.

Cezary Kowalski | Lightrocket | Getty Images

Novavax deeply cut its full year revenue guidance Monday as sales of its Covid-19 vaccine slowed significantly in the second quarter.

The company cut its 2022 sales outlook by about 50% and now expects to generate $2 billion to $2.3 billion in revenue this year. Novavax previously forecast $4 billion to $5 billion in revenue for the year.

Novavax's stock dropped 33% in after hours trading. The company posted a net loss of $6.53 per share and posted revenue of $186 million for the quarter, well below expectations.

Chief Financial Officer Jim Kelly told analysts last quarter that Novavax's revenue guidance could take a hit due to uncertainty surrounding the timing and quantity of orders from Covax, an international alliance that procures shots for lower-income countries.

The Maryland biotech company's Covid-19 vaccine sales slowed to $55 million in the second quarter from nearly $585 million in the first part of the year. CEO Stanely Erck said Novavax is gaining momentum in the third quarter with 23 million doses delivered so far. But the company acknowledged deliveries of some vaccine orders could be pushed to 2023.

The company suffered a net loss of $510.5 million overall in the second quarter compared to a net loss of $352.3 million in the same period last year â before its vaccine was authorized anywhere. Novavax turned its first quarterly profit earlier this year.

This is a developing story. Please check back for updates.