December 4, 2022

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Novavax lowers Reuters full-year revenue guidance

2 min read

©Reuters. Vials reading VACCINE Coronavirus COVID-19 and a syringe are seen in front of a displayed Novavax logo in this December 11, 2021 illustration. REUTERS/Dado Ruvic/Illustration

(Reuters) – Novavax Inc on Tuesday lowered its full-year sales guidance, hurt by a global glut of COVID-19 vaccines and slowing demand.

The company now expects annual sales of about $2 billion, the low end of its previous guidance of $2 billion to $2.3 billion.

However, shares of Novavax (NASDAQ:) rose about 1% in aftermarket trading as the company reported revenue of $734.6 million, which was above analysts’ estimates of $586.3 million, according to Refinitiv data -dollar lies.

In August, Novavax halved its full-year sales guidance as it expected no further sales of its COVID-19 vaccine in the United States this year.

Novavax said its vaccine brought in $626.1 million in product sales in the third quarter as the company sold 35 million doses worldwide.

Although more than 640 million doses of COVID-19 have been administered in the United States, the latest government data showed that as of November 2, only 43,540 Novavax vaccines had been administered.

The U.S. Food and Drug Administration in October approved Novavax’s COVID-19 vaccine as a booster dose for adults, in addition to its previous approval as a primary two-shot regimen for those 12 years and older.

Earlier on Tuesday, Novavax said its COVID-19 shot, which was retooled against the Omicron BA.1 variant, showed a strong immune response as a fourth dose and achieved the main goal of a strain change in a late-stage study.

Sales of COVID vaccines have fallen from pandemic highs as many countries near the end of their first vaccination campaigns.

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