Novavax said it now expects total revenue for 2022 to be between $2 billion and $2.3 billion, compared to its prior forecast of $4 billion to $5 billion.
Novavax said it now expects total revenue for 2022 to be between $2 billion and $2.3 billion, compared to its prior forecast of $4 billion to $5 billion.
Novavax Inc. cut its full-year revenue forecast in half on Monday as the vaccine maker grapples with lower demand for its COVID-19 shot, sending its shares down 32% in extended trading.
Novavax said it now expects total revenue for 2022 to be between $2 billion and $2.3 billion, compared to its prior forecast of $4 billion to $5 billion.
The company’s protein-based COVID-19 vaccine was authorized for use among adults in the United States in July.
Health officials hope the more traditional shot’s technique will convince those skeptical of Pfizer’s and Moderna’s messenger RNA technology to get the vaccine.
Only 7,381 doses given in the US
However, according to the latest government data, only 7,381 doses of the vaccine have been given in the United States so far.
The company sold three million doses of the vaccine in the second quarter ended June 30, recording sales of $55 million. This compared to $586 million in the first quarter.
Novavax has also faced manufacturing bottlenecks and regulatory delays, and vaccine uptake has been sluggish in key markets such as Europe.
In May, Novavax had maintained its full-year revenue guidance despite shipping less than a quarter of its total vaccine deliveries targeted for 2022, banking on increased sales of shots in key markets in the coming quarter.
Novavax said it expects to file for authorization of its COVID-19 vaccine, in line with the Omicron version, for US health regulators in the fourth quarter of this year.
Novavax is developing an Omicron-compliant vaccine to protect against BA.4 and BA.5, which are currently the two major subvariants, and previously said it expects to provide the shot in the fourth quarter.
Novavax shares were trading at $38.80 in extended trading. The stock has fallen more than 60% so far in the year.