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Novavax cuts full-year revenue forecast According to Reuters


© Reuters. Vials labeled “VACCINE Coronavirus COVID-19” and a syringe are seen in front of the Novavax logo shown in this illustration taken on December 11, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Novavax Inc cut its full-year revenue forecast on Tuesday, hit by global supply for a COVID-19 vaccine and weakening demand.

The company now expects annual revenue of about $2 billion, down from its previous forecast of $2 billion to $2.3 billion.

However, Novavax Shares of (NASDAQ:) rose about 1% in aftermarket trading, as the company reported revenue of $734.6 million, above analyst estimates of 586, according to Refinitiv data. $3 million, according to Refinitiv data.

In August, Novavax halved its full-year revenue forecast because it did not expect more sales of COVID-19 products this year in the United States.

Novavax says its vaccine brought in $626.1 million in product sales in the third quarter, when the company sold 35 million doses globally.

Although more than 640 million doses of COVID-19 have been administered in the United States, the latest government data shows that only 43,540 Novavax vaccines have been used as of November 2.

The US Food and Drug Administration in October approved Novavax’s COVID-19 vaccine as a booster dose for adults, in addition to earlier clearance as a primary two-shot regimen. for people 12 years of age and older.

Earlier on Tuesday, Novavax said its COVID-19 shot refitted against the Omicron variant BA.1 showed a strong immune response at the fourth dose and a primary target response of change. strains in a late-stage study.

Sales of COVID vaccines are down from pandemic highs as many countries near the end of their primary vaccination campaigns.



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