Novavax shares lost a third of their value after the drugmaker slashed its 2022 revenue forecast as its COVID-19 vaccine -- which already trailed competitors getting to market -- failed to live up to expectations.
Novavax Inc. shares lost a third of their value after the drugmaker slashed its 2022 revenue forecast as its COVID-19 vaccine -- which already trailed competitors getting to market -- failed to live up to expectations.
The Gaithersburg, Maryland-based company’s shares cratered, falling as much as 36 per cent after US markets closed. They were trading down 32 per cent at US$39.10 at 5:15 p.m. “In the case of the US, I believe we were late to the market and US vaccination was driven by what was available and shown to work: mRNA vaccines,” Erck said.
The company “adjusted guidance for 2022 to account for several evolving market dynamics,” according to an emailed statement. “We have shipped over 23 million doses since the beginning of July and, while in some cases delivery timing may be pushed into 2023, we do not expect total contracted demand to change under the majority of our advance purchase agreements.”
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