Novavax Inc Faces Revenue Challenges Despite Cost Cuts
Novavax Inc reported mixed financial results for Q4 2023 and full year 2023, with a decrease in revenue and net loss, but significant cost reductions and progress in streamlining operations. The company achieved a 30% headcount reduction and a $1.1 billion cut in operating expenses year-over-year. Despite challenges in the competitive vaccine market, Novavax provided full year 2024 revenue guidance of $800 million to $1 billion and is focusing on expanding its pipeline, with a Phase 3 COVID-19-Influenza Combination vaccine trial expected to begin in the second half of 2024.