Novavax stock plunges after quarterly earnings, but company sees hope in licensing deals

Published On Nov 12, 2024, 2:43 PM

Novavax reported a significant drop in quarterly earnings, lowering its revenue guidance for the year to $650-$700 million from $700-$800 million. The company generated $85 million in revenue for the recent quarter, compared to $187 million the previous year, and reported a smaller loss per share of $0.76 versus $1.26. Targeting profitability, Novavax is shifting its focus towards licensing deals, including a significant contract with Sanofi for its COVID-19 vaccine and adjuvant, Matrix-M. Meanwhile, the company plans to emphasize its early pipeline and reduce R&D expenditure significantly over the next couple of years.