Novavax posts first quarter profit but misses expectations

Shares of Novavax Inc. fell more than 6% in Monday’s extended session after the biotech reported its first profitable quarter, but not as sharply as Wall Street was expecting, and its selling also came in below estimates .

Novavax NVAX,
said it made $203 million, or $2.56 per share, for the quarter after a net loss of $223 million, or $3.05 per share, in the year-ago period.

Revenue increased to $704 million from $447 million a year ago.

Analysts polled by FactSet expected Novavax to report earnings of $2.69 per share on sales of $845 million.

Novavax said it has been “successful” in bringing its COVID-19 vaccine to the global market and is on track to expand use of its label.

“As new variants have emerged, we have advanced our strategy to be ready to address the dynamic environment and continue development beyond COVID-19 with our COVID-19 influenza combination vaccine candidate,” said Chief Executive Stanley C. Erck in a statement.

Novavax also reiterated its 2022 revenue guidance of $4 billion to $5 billion.

The company has filed an Emergency Use Authorization Application for its COVID-19 vaccine, with the U.S. Food and Drug Administration Advisory Committee scheduled for June 7. The vaccine is approved in some other countries. Novavax posts first quarter profit but misses expectations

Brian Lowry

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