Novavax Inc. (NASDAQ: NVAX) saw a slight increase in premarket trading on Thursday following the release of its third quarter financial results. The company reported a narrower-than-expected net loss of $130.8 million, or $1.26 per share, compared to a loss of $168.6 million, or $2.15 per share, in the same period last year. This beat the FactSet consensus estimate of a loss of $1.80 per share.
In terms of revenue, Novavax generated $187 million in the quarter, down from $734.6 million in the previous year. However, this figure still surpassed the FactSet consensus of $171 million.
Despite the better-than-expected Q3 results, Novavax has adjusted its full-year 2023 sales outlook, reducing it to a range of $900 million to $1.1 billion. This is a revision from its previous guidance of $1.3 billion to $1.5 billion.
Notably, Novavax's updated COVID vaccine received approval from the U.S. Food and Drug Administration (FDA) in early October, although it lagged behind rival vaccines from Pfizer Inc. (NYSE: PFE) and Moderna Inc. (NASDAQ: MRNA) in securing regulatory clearance.
Novavax Continues to Explore Market Opportunities
Cutting Costs and Streamlining Operations
Industry-Wide Trends and Strategies
Looking Ahead: A Promising Pipeline
By staying committed to innovation, cost reduction initiatives, and adaptable strategies, Novavax is poised for continued growth in the competitive vaccine market.
Novavax Shares Show Slight Gain Pre-market
Date: YTD
Novavax shares experienced a modest 1.5% increase premarket on Thursday. However, the stock has witnessed a significant decline of 34% in the year to date, contrasting with the S&P 500 SPX index that has surged by 14%.
