The biotechnology company that focuses on discovering, developing and commercialization of vaccines reported figures for the first quarter of 2021
Novavax revealed revenue of $447 million, beating the $213.3 million consensus. Part of it came as payment from the US government for its COVID-19 vaccine research. For overall research and development, it spent $593 million in the quarter. At the same time, its net loss came in at $223 million. Despite posting a loss per share of $3.05, it still managed to top by $0.55 the consensus.
The results came on the same day as it announced that it is postponing the timeline for ramping up the COVID-19 vaccine production. Moreover, it doesn’t expect to seek regulatory approval for the shot in Europe, Britain, and the US until Q3 2021. The Maryland-based company has repeatedly pushed back the production forecasts as it struggled to get the raw materials and equipment needed to make the vaccine.
Moreover, Novavax said it doesn’t expect to reach the target production of 150 million doses/ month until Q4 2021, revised upwards from an initial third quarter.
Following the news, Novavax stock price plummeted almost 9%.
Sources: reuters.com, seekingalpha.com
This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com
JME Financial Services (Pty) Ltd trading as ZA.CAPEX.COM acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via ZA.CAPEX.COM, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15. Magnasale Trading Ltd is the principal to the CFD purchased by investors.