GAITHERSBURG, Md. - Novavax Inc. (NASDAQ:NVAX) reported third-quarter results that beat analyst expectations, but shares fell sharply after the company lowered its full-year revenue guidance.
The vaccine maker posted a loss of $0.76 per share on revenue of $85 million for the quarter ended September 30. This topped Wall Street estimates for a loss of $0.83 per share on revenue of $65.8 million.
However, Novavax cut its 2024 revenue forecast to $650-$700 million, down from its previous outlook of $700-$800 million and below the $761.5 million analysts were expecting.
Revenue of $85 million declined 55% YoY from $187 million in Q3 2023. Product sales totaled $38 million, primarily from U.S. commercial sales of its COVID-19 vaccine. Licensing and other revenue came in at $46 million.
The company ended the quarter with $924 million in cash and marketable securities.
"Novavax continues to focus on our corporate growth strategy of driving value from additional business development activities and organic R&D using our proven technology platform," said CEO John C. Jacobs.
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