Novavax reports loss in third quarter, but exceeds sales expectations

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

Cezary Kowalski | Light rocket | Getty Images

Novavax posted an unexpected loss on Thursday, but beat Wall Street’s third-quarter revenue expectations.

The Covid-19 vaccine manufacturer reported a net loss of more than $169 million for the third quarter, compared to a loss of $322 million in the same period last year.

Novavax reported third quarter revenue of $735 million, an increase of more than 300% year over year. The company’s shares rose more than 2% in expanded trading.

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Here’s how the company performed compared to what Wall Street expected, based on the average analyst estimates compiled by Refinitiv:

  • Adjusted earnings: Loss of $2.15 per share vs. expected earnings of $1.57 per share
  • Revenue: $735 million vs. $586.2 million expected

But Novavax has also revised its 2022 revenue forecast to $2 billion, the lowest point from its earlier forecast. The company previously cut its annual revenue forecasts by 50% to a range of $2 billion to $2.3 billion in the second quarter.

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The Food and Drug Administration last month approved a booster dose of Novavax’s Covid vaccine for people 18 years and older. The authorization was an important milestone for the company because the FDA also allowed people who received Pfizer and Moderna as their primary series to receive Novavax as their first booster.

The FDA first approved Novavax’s primary vaccination series in July. Although Novavax was one of the original entrants in the race to produce a Covid vaccine, the company struggled to get production going and fell behind Pfizer and Moderna.

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As a result, the small Maryland biotech company is struggling to break into the US market. So far, only 43,000 doses have been administered in the US.

This is the latest news. Come back for updates.

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