Novavax Lowers 2024 Forecast Despite Q3 Revenue Beat, Stock Falls

On Tuesday, Novavax Inc (NASDAQ:NVAX) reported third-quarter 2024 sales of $84.5 million, compared to $186.99 million a year, beating the consensus of $65.78 million.

Product sales of $38 million for the third quarter of 2024 were primarily related to U.S. market commercial sales. Licensing, royalties, and other revenue of $46 million in the third quarter of 2024 related to a combination of activities under the Sanofi Agreement and adjuvant sales.

In September, the FDA granted Emergency Use Authorization to Novavax’s COVID-19 Vaccine, Adjuvanted (2024-2025 Formula) (NVX-CoV2705), for active immunization to prevent COVID-19 in individuals aged 12 and older.

The COVID-19 vaccine maker reported an EPS loss of 76 cents, up from a $1.26 loss a ...