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Covid Vaccine Maker Novavax Drops After Cutting Sales Outlook 50% (NVAX)


Novavax Inc. shares had their biggest loss in more than three years as the drugmaker slashed its 2022 revenue forecast late Monday on disappointing demand for its Covid-19 vaccine that trailed competitors getting to market. Sales for the year will be as much as $2.3 billion, less than half the previous expected peak of $5 billion, the company said in a statement. Novavax also reported a second-quarter loss of $6.53 a share, wider than analysts’ average estimate of $5.24.

Bloomberg - August 9, 2022

View the full story here: https://www.bloomberg.com/news/articles/2022-08-08/novavax-cuts-annual-sales-outlook-50-after-huge-quarterly-miss