(AOF) – Novavax fell more than 30% to 39.9 dollars. In one year, the biotech title has shrunk by 83%, penalized by the company’s inability to quickly produce its Covid vaccine and quickly obtain the green light from the FDA, unlike Pfizer / BioNTech and Moderna. As a result, the group has halved its forecast for annual turnover and unveiled quarterly results below expectations.
The biotech now expects a turnover of 2 to 2.3 billion dollars for 2022, while it had previously announced a target of 4 to 5 billion dollars.
The FDA last month cleared the use of Novavax’s Covid-19 vaccine, which does not use the same technology as vaccines from Pfizer and Moderna. The group spoke of lower-than-expected demand for its vaccine.
For the second quarter, Novavax posted a loss of $510.5 million, or $6.53 per share, compared with a loss of $4.75 per share a year earlier.
Revenue reached $185.9 million, compared to $298 million last year.
Analysts on average had expected earnings of $5.54 per share on sales of $1.02 billion, according to FactSet.
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