Novavax Inc (NASDAQ:NVAX) is trading higher Tuesday after the company reported fourth-quarter financial results and issued guidance expecting a surge in revenue.
Novavax reported quarterly revenue of $222.2 million, which was down from $279.66 million year-over-year. The company reported a quarterly earnings loss of $11.18 per share, which was worse than the loss of $2.70 per share in the fourth quarter of 2020.
"NVX-CoV2373 has now received regulatory authorizations globally, representing the potential to reach more than six billion lives," said Stanley Erck, president and CEO of Novavax.
"We are confident in NVX-CoV2373's potential as a vital vaccine option due to its reassuring safety profile and demonstrated efficacy against variants with the benefits of refrigerator-stable storage."
NVX-CoV2373 is a protein-based vaccine engineered from the genetic sequence of the first strain of SARS-CoV-2, the virus that causes COVID-19.
Novavax expects full-year 2022 revenue to be between $4 billion and $5 billion versus the $4.7 billion estimate. Revenue totaled $1.1 billion in 2021.
NVAX Price Action: Novavax has traded as low as $66.38 and as high as $277.79 over a 52-week period.
The stock was up 6.87% at $89.10 at time of publication.
Photo: Jernej Furman from Flickr.
