COVID-19 Vaccine Maker Novavax Trims Annual Outlook As Q2 Sales Take A Hit

On Thursday, Novavax Inc NVAX reported second-quarter 2024 sales of $415 million, compared to $424 million a year, missing the consensus of $458.6 million.

Second quarter 2024 licensing, royalties, and other revenue include $391 million associated with the $500 million upfront payment received under the Sanofi SA SNY agreement.

The COVID-19 vaccine maker reported EPS of $0.99, up from $0.58 a year ago, but it missed the consensus of $1.64.

Net income for the second quarter of 2024 was $162 million, compared to a net income of $58 million in the same period in 2023.

Also Read: Some Breather For Novavax’s COVID-19 Vaccine, Inks Multibillion-Dollar Deal With Sanofi And Erases Doubts About Its Going Concern.

“This is an exciting time for Novavax, and we have been keenly focused on evolving our operating model to leverage our key drivers of value,” said John Jacobs, President and CEO.

“We intend to drive future value for the business through not only the Sanofi partnership but also through our late-stage combination and influenza assets. We plan to unveil a new and expanded clinical pipeline by the end of this year and leverage both the pipeline and our proven technology to drive additional partnerships and deals and to ultimately drive significant, long-term value for our shareholders.”

Guidance: Novavax expects 2024 revenue of $700 million – $800 million, including revenue recognition of Sanofi Payment, compared to the consensus of $936.38 million.

Earlier, the company expected sales of $970 million – $1.17 billion in combined revenue and Sanofi agreement payment.

The company expects 2024 product sales of $275 million – $375 million, reflecting approximately $100 million in Advance Purchase Agreements (APA) dose deliveries in 1H 2024 and $175 million to $275 million of commercial market sales expected in 2H 2024.

Price Action: NVAX stock is up 6.26% at $11.38 at the last check on Thursday.

Read Next:

• Novavax Stock Rallies In Pre-Market As Company Plans To Deliver Covid-19 Vaccine By September.

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