(CercleFinance.com) – Novavax announces that the transformation plan initiated in 2023 will continue this year, focusing primarily on product delivery, financial performance and portfolio expansion.
The company also confirms its desire to reduce its R&D expenses and its general & administrative expenses (SG&A) below $750 million in 2024.
‘These efforts aim to strengthen the financial profile of the company and focus on the implementation of our Covid strategy in priority markets and on the development of the combined COVID-19-Influenza vaccine,’ says Novavax.
Still with a view to reducing expenses, the laboratory announces that it has made ‘the difficult decision’ to reduce its total global workforce by around 12%. Ultimately, the company’s workforce will be around 30% of that at the end of the first quarter of 2023.
“Our immediate goal is to execute these changes with empathy and support for those leaving Novavax, with gratitude for their efforts,” emphasized Director John C. Jacobs.
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