Novavax lifts annual revenue forecast as licensing bets offset weak vaccine demand
NVAX•NVAX•NVAX•NVAX•It reported revenue of $57 million in the quarter ended June 30, down 76% from a year earlier, but still ahead of the $52.51 million analysts had expected, according to LSEG data.
The company posted a net loss of $53 million for the quarter, compared with net income of $107 million a year earlier.
Novavax also said multiple partner-led studies evaluating Matrix-M in infectious diseases and oncology are underway and that its Clostridioides difficile vaccine candidate remains on track to enter clinical testing as early as 2027.
Aug. 6 (Reuters) - Novavax NVAX.O raised its annual revenue forecast after beating quarterly expectations on Thursday, as the vaccine maker's licensing-driven milestone payments helped offset waning demand.
The Maryland-based company has been moving away from direct vaccine commercialization to focus on licensing its protein-based vaccine technology and Matrix-M vaccine adjuvant, alongside a broad cost-cutting effort to restore growth and profitability.
Novavax now expects 2026 adjusted revenue of between $235 million and $275 million, up from its previous expectation of $230 million to $270 million, excluding royalties and sales from the Sanofi deal.
The company is targeting profitability by 2028, mostly relying on a licensing agreement with French drugmaker Sanofi SASY.PA, which acquired rights to commercialize Novavax's COVID-19 vaccine and use its Matrix-M adjuvant - a compound that boosts the body's immune response to vaccines.
Novavax said Sanofi is in advanced discussions with regulators over the timing of a late-stage trial for its COVID-19-influenza combination shot.
The start of that trial in the United States or European Union would trigger a $125 million milestone payment to Novavax, the company said.
Earlier this year, the European Commission approved Moderna's MRNA.O COVID-flu combination shot in adults 50 years of age and older.
Novavax also said completion of a manufacturing technology transfer to Sanofi for its COVID vaccine Nuvaxovid is expected in mid-2027, which would generate a $75 million milestone payment.
