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

Key Facts

• Cezary Kowalski | Lightrocket | Getty Images Novavax deeply cut its full year revenue guidance Monday, with no new Covid vaccine sales expected for 2022 in the U.S. or from an international alliance called Covax that represents low and middle income countries.
• Erck said Novavax was originally expecting to book sales from 110 million shots in the U.S. and 350 million shots from Covax this year.
• Novavax received U.S. authorization for its Covid shots for adults earlier this summer, but 77% of people in that age group are already fully vaccinated with Pfizer, Moderna and to a lesser degree Johnson & Johnson’s shots.
• Erck said Novavax has struggled because its shots are not yet approved as a booster or for adolescents in the U.S. yet, the core of the remaining market for Covid vaccination in the U.S. “We’re hopeful that we can get through this in days and weeks, but the absence of these indications slows the global rollout of our vaccine,” he said.

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