Novavax (NVAX) Third Quarter Results

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

Cézary Kowalski | Light flare | Getty Images

Novavax posted an unexpected loss on Thursday but beat Wall Street’s third-quarter revenue expectations.

The Covid-19 vaccine maker reported a net loss of more than $169 million for the third quarter, compared to a loss of $322 million in the same period last year.

Novavax posted third-quarter revenue of $735 million, an increase of more than 300% year-over-year. Shares of the company rose more than 2% in extended trading.

Here’s how the company performed against Wall Street expectations, based on average analyst estimates compiled by Refinitiv:

  • Adjusted profit: Loss of $2.15 per share vs expected profit of $1.57 per share
  • Revenue: $735 million vs $586.2 million expected

But Novavax also revised its 2022 revenue forecast to $2 billion, the lower limit of its previous forecast. The company previously cut its annual revenue forecast by 50% to a range of $2 billion to $2.3 billion in the second quarter. Demand for Covid vaccines has eased globally as the pandemic has subsided and more people are being vaccinated than ever before.

The Food and Drug Administration last month authorized a booster dose of Novavax’s Covid vaccine for people ages 18 and older. The clearance was an important milestone for the company, as the FDA also allowed people who received Pfizer and Moderna as their primary series to receive Novavax as their first booster.

The FDA first approved Novavax’s series of primary vaccinations in July. Although Novavax was an early entrant in the race to produce a Covid vaccine, the company has struggled to get its manufacturing up and running and has fallen behind Pfizer and Moderna.

As a result, the small Maryland biotech company struggled to break into the US market. Only 43,000 doses have been administered in the United States so far.

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