On Tuesday, Novavax Inc NVAX reported third-quarter 2024 gross sales of $84.5 million, in comparison with $186.99 million a yr, beating the consensus of $65.78 million.
Product gross sales of $38 million for the third quarter of 2024 had been primarily associated to U.S. market business gross sales. Licensing, royalties, and different income of $46 million within the third quarter of 2024 associated to a mix of actions below the Sanofi Settlement and adjuvant gross sales.
In September, the FDA granted Emergency Use Authorization to Novavax’s COVID-19 Vaccine, Adjuvanted (2024-2025 Formulation) (NVX-CoV2705), for energetic immunization to forestall COVID-19 in people aged 12 and older.
The COVID-19 vaccine maker reported an EPS lack of 76 cents, up from a $1.26 loss a yr in the past, beating the consensus of 83 cents loss.
The web loss for the third quarter of 2024 was $121 million, in comparison with $131 million in the identical interval in 2023.
“Novavax continues to deal with our company development technique of driving worth from further enterprise improvement actions and natural R&D utilizing our confirmed know-how platform,” mentioned John C. Jacobs, President and CEO of Novavax.
“Along with progress on our different worth drivers, this previous quarter, we made important progress defining our R&D technique as we glance to broaden past COVID-19 and influenza.”
Lately, the FDA eliminated the scientific maintain on Novavax’s Investigational New Drug software for its COVID-19-influenza mixture and stand-alone influenza vaccine candidates.
Final week, Novavax and the U.Ok. Well being Safety Company, representing the U.Ok. Secretary of State for Well being and Social Care, signed a Termination and Settlement Settlement and an modification to resolve disputes over their up to date COVID-19 vaccine provide contract from July 1, 2022.
Steerage: Novavax expects 2024 revenues of $650 million—$700 million, in comparison with prior steering of $700 million—$800 million and a consensus of $761.5 million.
The corporate says full-year 2024 product gross sales steering of $175 million-$225 million (vs. prior steering of $275 million-$375 million) displays roughly $100 million in APA dose deliveries in 1H 2024 and $75 million-$125 million in business market gross sales in 2H 2024.
Worth Motion: NVAX inventory is down 11.20% at $8.01 on the final test on Tuesday.
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