Novavax's Quarterly Performance Disappoints, Stock Falls

Novavax stock fell over 20% after reporting fourth-quarter revenue and earnings that missed estimates, with expectations of flat or lower 2024 sales. The company's net loss was $178.4 million, or $1.44 per share, for the quarter, and it expects 2024 revenue between $800 million and $1 billion. Novavax plans to slash expenses and focus on developing a combination vaccine targeting Covid and the flu, with a late-stage trial expected in the second half of the year. The stock recently received a boost after settling a dispute with Gavi, a global vaccine organization, over a canceled Covid vaccine purchase agreement.