Novavax reported lighter-than-expected sales and profit from its protein-based Covid vaccine, leading NVAX stock to crash on Tuesday.
The vaccine uses older technology and could offer an alternative to those nervous about the newer messenger RNA platforms utilized by Pfizer and Moderna. But during the first quarter, Novavax pulled in just $704 million, missing projections by $141 million.
For the first time ever, Novavax reported a profit. The company earned $2.56 per share, minus some items. That turned around from a $3.05 per-share loss in the year-earlier period. But profit missed forecasts for $2.69.
Still, it's important to note the Novavax shot isn't as broadly available as Pfizer's and Moderna's. It's allowed for emergency use in a handful of countries, but not the U.S. A committee of Food and Drug Administration experts plans to meet June 7 to discuss Novavax's shot.
In midday trading on today's stock market, NVAX stock tumbled 7.2% near 49.40. That continued a dive from Monday when shares lost more than 7%.
NVAX Stock: Guidance Reiterated
Novavax Chief Executive Stanley Erck noted that the company has launched its vaccine around the world. It's also working to expand authorization to children and hopes to offer booster shots.
"Importantly, as new variants have emerged, we have progressed our strategy to be ready to address the dynamic environment and continue development beyond Covid-19 with our Covid-19-influenza vaccine candidate," Erck said in a written statement.
The company reiterated its expectation for $4 billion to $5 billion in full-year revenue. The midpoint of the outlook is in line with NVAX stock analyst estimates for $4.49 billion. Analysts also call for the company to earn $22.88 per share, minus some items.
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