Novavax tumbles as it slashes revenue outlook
US biotech Novavax (Nasdaq: NVAX), which is dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, has announced its financial results for the second quarter ended June 30, 2022.
Total revenue for the second quarter of 2022 was $186 million, compared to $298 million for the comparable period in 2021. Net loss for the quarter was $510 million compared to $352 million for the comparable period in 2021. Total revenue reflects all sources, including product sales of Nuvaxovid by Novavax, grants revenue, royalties and other revenue.
Novavax shares fell in after-hours trading following the earnings release and closed down nearly 30% at $40.28 yesterday.
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