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    NVAX   US6700024010

NOVAVAX, INC.

(NVAX)
  Report
Delayed Nasdaq  -  04:00 2022-12-06 pm EST
16.78 USD   -4.71%
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Gavi says it is not in breach of Novavax vaccine deal

11/22/2022 | 09:51am EST
FILE PHOTO: FILE PHOTO: Vials and medical syringe are seen in front of Novavax logo in this illustration

(Reuters) - Global vaccine alliance Gavi said on Tuesday it was not in breach of a deal to buy Novavax's COVID-19 vaccine and that it reserved all rights, including the recovery of advance payments to the company.

Novavax said on Monday it delivered a notice to Gavi to terminate the COVID-19 vaccine sale agreement with immediate effect, citing the alliance's failure to procure the 350 million doses it had agreed to buy in May last year for the COVAX facility, a global vaccine distribution program.

"It is clear that Novavax will not be able to meet its commitment to manufacture" the doses under the agreement for COVAX before the end of 2022, a Gavi spokesperson told Reuters.

More than 18 months after signing the advance purchase agreement, Novavax has not been able to make a single dose available to COVAX from the contractually stipulated sites to-date, Gavi said.

Novavax had received a non-refundable advance payment of $350 million from Gavi last year and an additional $350 million this year after the vaccine got the World Health Organization's emergency use listing.

Novavax also has a pact with Serum Institute of India for manufacturing a version of the vaccine under the brand Covovax, which would also be supplied to the COVAX facility.

Gavi's spokesperson said Serum Institute had a 300 million dose commitment for Covovax, with options for 750 million more doses if needed.

Novavax is facing poor demand for its shot amid a global supply glut for COVID-19 vaccines and waning demand. It had earlier this month cut its full-year forecast yet again, hurt by late authorizations of its vaccine globally.

Novavax did not immediately respond to a request for comment on Gavi's response to the termination.

(Reporting by Raghav Mahobe and Leroy Leo in Bengaluru; Editing by Anil D'Silva)


ę Reuters 2022
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Financials (USD)
Sales 2022 2 011 M - -
Net income 2022 -565 M - -
Net cash 2022 1 455 M - -
P/E ratio 2022 -2,27x
Yield 2022 -
Capitalization 1 317 M 1 317 M -
EV / Sales 2022 -0,07x
EV / Sales 2023 -0,10x
Nbr of Employees 1 541
Free-Float 98,6%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 16,78 $
Average target price 78,17 $
Spread / Average Target 366%
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Managers and Directors
Stanley C. Erck President, Chief Executive Officer & Director
James Patrick Kelly Chief Financial Officer, Treasurer & Executive VP
James F. Young Chairman
Gregory M. Glenn President-Research & Development
Biegie Lee Chief Information Officer & Senior Vice President
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