Novavax Raises Doubts About Remaining in Business, Shares Fall

March 01, 2023

The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million. Analysts had expected sales of $383 million, according to Refinitiv data. Novavax's shares closed at $9.26 on Tuesday and fell to $6.90 in extended trading after reporting on its financial situation.

"We don't know what the strain selection is yet from FDA. We don't know what global health authorities may want from a regulatory standpoint on how the new vaccine needs to look," Jacobs said."The sooner we know that, the more clarity we have on our path forward." Jacobs did not give a target for how deep spending or job cuts would be. Novavax has more than 1,500 employees, according to its website.Novavax is looking at all options that properly value its technology, pipeline and manufacturing capabilities on three continents, from partnerships to licensing deals to"different types of deals that could be much more significant," the CEO said.

Jacobs said outside of the U.S., Novavax has over $2 billion worth of signed contracts with governments that the company intends to collect on. He said the company was in discussions with those governments to collect on those deals through 2024.

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