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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Novavax raises doubts about its ability to remain in businessCOVID-19 vaccine maker Novavax Inc on Tuesday raised doubts about its ability to remain in business and announced plans to slash spending as it works to prepare for a fall vaccination campaign. Did they mention the dreaded 'going concerns'?
Source: Reuters - 🏆 2. / 97 Read more »

Novavax raises doubts about ability to remain in business, shares fallCOVID-19 vaccine maker Novavax Inc on Tuesday raised doubts about its ability to remain in business and announced plans to slash spending as it works to prepare for a fall vaccination campaign, and its shares plunged more than 25%. In USA. Shame. Novavax has been a good alternative for some of us to Pfizer. covid19nz NO VAlue VAX
Source: Reuters - 🏆 2. / 97 Read more »

Novavax Stock Plunges 25% As Vaccine Maker Has ‘Substantial Doubt’ About Staying In BusinessShares of the pharmaceutical company have slipped below $7 after trading well above $300 at points in 2021.
Source: Forbes - 🏆 394. / 53 Read more »

Stocks making the biggest moves after the bell: Novavax, First Solar, Rivian and moreThese are the stocks posting the largest moves in after-hour trading.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks making the biggest moves premarket: Rivian, Kohl's, Novavax and moreKohl's stock price dropped more than 8% in premarket trading after the retailer reported a surprise loss for the fourth quarter.
Source: CNBC - 🏆 12. / 72 Read more »