Novavax (NASDAQ:NVAX) saw its shares plunge more than 13% in premarket trading today after reporting second-quarter results that fell short of analyst expectations and revising its full-year revenue guidance downward. However, the share price recovered during the day and is currently trading more than 10% higher.
The vaccine maker posted adjusted earnings per share of $0.99, significantly below the $1.67 Street estimate. Revenue for the quarter was $415 million, missing the $464.83 million analysts had forecasted and slightly down from $424 million in the same period last year.
In a notable revision, Novavax lowered its total revenue forecast for 2024 to a range of $700 million to $800 million, down from the previous outlook of $970 million to $1.17 billion. The company also reduced its expected product sales for the year to a range of $275 million to $375 million, from the earlier estimate of $400 million to $600 million.
Despite the disappointing financial results, CEO John Jacobs maintained an optimistic tone, emphasizing the company’s strategic focus on leveraging key value drivers.
Novavax highlighted its recent partnership with Sanofi, which included a $500 million upfront payment and an equity investment of approximately $70 million. The company recognized $391 million in revenue from the Sanofi deal in the second quarter.