Gaithersburg, Maryland-based Novavax turned in better-than-expected third quarter results, cutting quarterly losses, reporting higher revenue and trimming research-and-development spending.
Novavax also reported that to date, it has distributed 94 million doses of its COVID-19 vaccine worldwide.
Novavax had $735 million in third quarter revenue, compared with $179 million in the same quarter a year earlier. During the quarter, 85% of its revenue came from COVID-19 vaccine sales, with the balance in grants and royalties. Research-and-development spending was $304 million, compared with $408 million a year earlier.
The company’s net loss for the quarter was $169 million, compared with a net loss of $322 million a year ago.
Novavax updated its guidance for full year sales to $2 billion, the lowest range of its previous forecast.
With its COVID-19 vaccine now approved for use in the U.S. and dozens of other countries, Novavax continues research on new experimental COVID vaccines, including a combination vaccine for influenza and a prototype vaccine for the BA1 strain.
Last month, Novavax received federal approval for its existing vaccine to be used as a booster dose as well.