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    NVAX   US6700024010

NOVAVAX, INC.

(NVAX)
  Report
Delayed Nasdaq  -  04:00 2022-10-03 pm EDT
18.60 USD   +2.20%
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Novavax tumbles 30% as waning COVID-19 vaccine demand hits outlook

08/09/2022 | 05:41pm EDT

Aug 9 (Reuters) - Shares of U.S. vaccine maker Novavax fell about 30% on Tuesday after it cut its annual revenue forecast by half over falling demand for its COVID-19 shot from low- and middle-income nations.

Demand for its vaccine is also waning in the United States, where it was authorized for use among adults last month and was expected to be preferred by the skeptics of messenger RNA-based shots from Moderna Inc and Pfizer Inc.

But only 7,381 Novavax vaccine doses have been administered so far in the country and Chief Executive Stanley Erck said that its late launch could have hampered demand.

The company now expects 2022 revenue between $2 billion and $2.3 billion, compared with its prior forecast of $4 billion to $5 billion when it was hoping to benefit from the demand for its shots as part of the COVAX vaccine sharing program.

Novavax shares fell 29.6% to close down at $40.28 a share.

"Timing continues to be our enemy," Novavax Chief Business Officer John Trizzino said in an interview.

He said the company does not expect to pick up significant market share of booster shots this fall as other vaccine makers roll out new shots designed to target newer COVID-19 variants.

Still, he said that developing its own updated version of the vaccine will help as the company gears up to compete next year.

"All of the obstacles that have been in our way in 2022 will not be there in '23," he said.

Analysts still expect the company to capture a small but meaningful share of a fast-developing market for COVID-19 re-vaccinations.

It could still be a viable COVID vaccine player in the future $5-10 billion market as it has shown a comparable or better clinical profile versus mRNA vaccines, Jefferies analyst Roger Song said in a note. (Reporting by Mrinalika Roy in Bengaluru and Michael Erman in New Jersey; Editing by Arun Koyyur and Deepa Babington)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MODERNA, INC. 2.32% 120.99 Delayed Quote.-52.36%
NOVAVAX, INC. 2.20% 18.6 Delayed Quote.-87.28%
PFIZER, INC. 0.87% 44.14 Delayed Quote.-25.25%
All news about NOVAVAX, INC.
10/03Codexis Announces Appointment of Rahul Singhvi, Sc.D., to Board of Directors
AQ
09/28Global markets live: Tesla, Biogen, Lyft, Ford, Toyota...
MS
09/28Novavax Makes One Million Doses of Nuvaxovid Available for Use in the United Kingdom
AQ
09/28Drugmakers Siegfried, Novavax Extend Aseptic Fill-finish Deal for COVID-19 Jab Until 20..
MT
09/27Novavax Makes One Million Doses of Nuvaxovid™ Available for Use in the United Kin..
PR
09/23North American Morning Briefing: Stock Futures -2-
DJ
09/22Novavax Shares Decline After JPMorgan Downgrade
MT
09/22JPMorgan Downgrades Novavax to Underweight from Neutral, Adjusts Price Target to $27 fr..
MT
09/19Novavax Seeks WHO's Emergency Use Nod for Nuvaxovid as COVID-19 Booster
MT
09/16Novavax COVID-19 Vaccine Now Available for Adolescents in Taiwan, Israel
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More news
Analyst Recommendations on NOVAVAX, INC.
More recommendations
Financials (USD)
Sales 2022 2 039 M - -
Net income 2022 -13,6 M - -
Net cash 2022 1 455 M - -
P/E ratio 2022 -88,7x
Yield 2022 -
Capitalization 1 455 M 1 455 M -
EV / Sales 2022 0,00x
EV / Sales 2023 0,00x
Nbr of Employees 1 541
Free-Float 98,8%
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Technical analysis trends NOVAVAX, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 18,60 $
Average target price 105,83 $
Spread / Average Target 469%
EPS Revisions
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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