Novavax (NVAX) shares plunged lower Tuesday after the drugmaker slashed its full-year revenue forecast and warned that it does not expect to sell any more of its Covid vaccines in the United States this year.
The Gaithersburg, Maryland-based drugmaker also posted a wider-than-expected third quarte loss of $6.53 per share for the three months ending in June, with revenues slowing 37.6% from last year to just $185.9 million.
Novavax halved its 2022 sales forecast to between $2 billion and $2.3 billion, citing the late entry of its Covid vaccine to a glutted domestic market, adding it doesn't expect a new order this year from the World Health Organization-backed COVAX facility, as government buyers work through supply purchased earlier in the year.
The U.S. Food and Drug Administration recommended granting Emergency Use Authorization for the group's Covid vaccine -- known as NVX-CoV2373 -- to patients over the age of eighteen in early June, adding to previous authorizations given to Pfizer (PFE), Johnson & Johnson (JNJ) and Moderna (MRNA).
Pfizer, in fact, said sales of both its Comirnaty vaccine and Paxlovid oral treatment should combine for around $54 billion this year.
"With over 23 million doses delivered since the start of the third quarter, we are distributing our vaccine globally and have gained positive momentum as we move into the remainder of 2022 and into 2023," said CEO Stanley Erck.
"Through continued expansions to our label for adolescents and boosting and our vaccine's competitive product profile, we are confident it will play an important role in the long-term COVID-19 landscape," he added.
Novavax shares were marked 24.7% lower in early Tuesday trading at $40.40 each, a move that would extend the stock's year-to-date decline to around 68%.
