Novavax (NVAX) third quarter earnings

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

Cezary Kowalski | Lightrocket | Getty Images

Novavax reported an unexpected loss 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 with a loss of $322 million in the same period last year.

Novavax reported third quarter revenue of $735 million, up more than 300% year over year. The company’s stock rose more than 2% in extended trading.

Here’s how the company fared compared to what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:

  • Adjusted earnings: Loss of $2.15 per stock vs. expected profit of $1.57 per stock
  • Income: $735 million vs. $586.2 million expected

But Novavax also revised its 2022 revenue guidance down to $2 billion, the lower end of its previous forecast. The company previously cut its annual revenue expectations by 50% to a range of $2 billion to $2.3 billion in the second quarter.

The Food and Drug Administration approved a booster dose of Novavax’s Covid vaccine for people age 18 and older last month. The approval was a major milestone for the company because the FDA also allowed people who got Pfizer and Moderna as their primary lines to receive Novavax as their first booster.

The FDA first approved Novavax’s primary vaccination series back in July. Although Novavax was one of the original entrants in the race to produce a Covid vaccine, the company struggled to get its production up and running, falling behind Pfizer and Moderna.

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

CNBC Health & Science

Read CNBC’s latest global health coverage:

Leave a Comment