2023-11-09 08:30:31 ET
COVID-19 vaccine maker Novavax ( NASDAQ: NVAX ) reported better than expected financials for Q3 2023 on Thursday as its grants from the U.S. government reached $164.9M, marking ~55% growth from last year due mainly to support activities and milestones.
However, Maryland-based biotech’s total product sales slumped to $2.2M during the quarter from $626.1M in the prior year period, leading to a ~75% YoY decline in the top line, which reached $187.0M compared to $163.2M in the consensus.
Its net loss per share also dropped to $1.26 with a ~41% YoY decline as R&D expenses slumped ~65% YoY to $106.2M amid cost reductions related to COVID-19 vaccine development.
Novavax ( NVAX ) estimated COVID-19 vaccine uptake in the U.S. to reach 30M–50M doses during the 2023–2024 season and said its updated vaccine is available at about 14K pharmacy locations nationwide.
The company intends to start a pivotal Phase 3 trial for a flu and COVID combo vaccine in H2 2024, targeting accelerated approval and launch in 2026.
Novavax ( NVAX ) also announced a new cost reduction program to reduce its 2024 expenses by more than $300M, with an over 50% reduction targeted for SG&SA and R&D expenses compared to last year.
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Novavax posts Q3 beat as government grants boost topline