2023-11-08 11:30:02 ET
Novavax ( NASDAQ: NVAX ) remains a distant third in the COVID immunization drive as the company prepares to release its Q3 2023 results on Thursday before the opening bell, with investors closely watching updates on its recently launched COVID shot.
In October, the U.S. and EU greenlighted the company's updated protein-based vaccine to prevent COVID-19 in individuals aged 12 and older.
While Maryland-based biotech is not expected to release its latest sales numbers in the Q3 release, management is likely to comment on its uptake.
However, according to latest CDC data, the company trails its larger peers, Pfizer ( PFE )/ BioNTech ( BNTX ), and Moderna ( MRNA ), in the U.S. COVID-19 immunization drive with only ~89.2K of its Nuvaxovid shots administered in the U.S.
With its Q2 financials in August, the company exceeded Wall Street forecasts and swung to profits amid a sharp increase in its COVID-19 vaccine sales.
However, analysts are not upbeat about its Q3 prospects. Over the past three months, earnings per share estimates for the company's upcoming quarter have undergone one upward and three downward revisions, while revenue estimates have seen one upward and four downward resets.
Over the past two years, NVAX has beaten Wall Street's estimates for revenue and earnings per share only 25% of the time.
Consensus estimates for the company suggest -$1.71 EPS for the quarter, an increase of ~20% from the prior-year period, and ~$163.2M in revenue, a decline of ~78% YoY.
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Novavax COVID vaccine in focus ahead of Q3 earnings