Novavax cuts 2022 revenue guidance in half, stocking in after-hours trading

In this illustration, the silhouette of a man holding a medical syringe and a vial is shown in front of the Novavax logo on the screen.

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Novavax deeply cut its full-year revenue guidance on Monday as sales of its Covid-19 vaccine slowed significantly in the second quarter.

The company cut its 2022 sales outlook by about 50% and now expects to generate $2 billion to $2.3 billion in revenue this year. Novavax had previously forecast revenue of $4 to $5 billion this year.

Novavax shares fell 33% in after-hours trading. The company posted a net loss of $6.53 per share and posted revenue of $186 million for the quarter, much lower than expectations.

Chief Financial Officer Jim Kelly told analysts last quarter that Novavax’s revenue guidance could suffer due to uncertainty around the timing and number of orders from Covax, an international consortium. specializes in purchasing goods for lower-income countries.

The Maryland biotech company’s Covid-19 vaccine sales fell to $55 million in the second quarter from nearly $585 million in the first half of the year. CEO Stanely Erck said Novavax is gaining momentum in the third quarter with 23 million doses delivered to date. But the company admits delivery of some vaccine orders could be pushed up to 2023.

The company posted a net loss of $510.5 million overall in the second quarter compared to a net loss of $352.3 million in the same period last year — before its vaccine was authorized anywhere. Novavax posted first-quarter profits earlier this year.

This is an evolving story. Please check back for updates.

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