Novavax Q2 Results Trail Street Expectations, Slashes FY22 Outlook By 50%
Novavax, Inc. (NASDAQ: NVAX) reported second-quarter revenue decline of 37.6% year-over-year to $185.9 million.
Revenues include $78 million, comprised of $55 million of product sales from NVX-CoV2373 based on three million doses sold by Novavax and $23 million of royalties, milestone, and adjuvant sales to license partners, and Grant revenue of $108 million.
Research and development expenses were $290 million compared to $571 million for the comparable period in 2021.
EPS loss for the quarter was $(6.53), widened from $(4.75) in 2Q21.
NVAX held cash and cash equivalents of $1.37 billion as of June 30, 2022.
The company is progressing variant program with top-line clinical data for Omicron expected near the end of Q3. It intends to file for authorization of Omicron-containing vaccine with U.S. FDA Q4.
NVAX Announced initial results of the CIC Phase 1/2 trial demonstrating robust immune response with both stand-alone influenza and CIC vaccine candidates. Phase 3 trial to evaluate efficacy on-track to be initiated in 2023.
FY22 Guidance, lowered: Novavax expects revenue of $2 billion to $2.3 billion (down from the prior $4 billion and $5 billion) vs. a consensus of $4.27 billion.
Price Action: NVAX shares are trading lower by 31.88% at $39 during the post-market session on Monday.
Photo by Jernej Furman via Flickr
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