Novavax's 2024 Sales Forecast Disappoints, Stock Plummets
Novavax, Inc. reported fourth quarter and full year 2023 financial results, achieving revenues of $291 million and $1.0 billion, respectively, and provided full year 2024 total revenue guidance of $800 million to $1 billion. The company also announced a 30% reduction in total headcount compared to Q1 2023, settled a dispute with Gavi, and plans to initiate a pivotal Phase 3 trial for a COVID-19-Influenza Combination vaccine candidate in the second half of 2024 with a potential launch in 2026. Novavax aims to improve its commercial performance in 2024 and 2025 and diversify its revenue opportunities.