Tag: $Novavax

Vaccine maker Novavax on Wednesday reported fourth-quarter revenue and earnings that missed Wall Street’s estimates and reiterated plans to cut costs as it fights to stay afloat. 

Novavax Inc said on Tuesday its updated protein-based COVID-19 vaccine generated an immune response against the “Eris” subvariant in preclinical studies.

Novavax on Tuesday posted an unexpected second-quarter profit on earlier-than-expected revenue from its COVID-19 vaccine, but still trimmed its full-year forecast for sales of the shot.

Shares of Covid-19 manufacturer Novavax were surging after the company said it will receive $350 million from Canada to settle forfeited vaccine doses that were supposed to be delivered.

Novavax said Tuesday that it would cut around a quarter of its workforce as it reported a steeper fall in revenue than expected for the first quarter of the year. Shares surged as investors bet the move could save enough money to to allow the Covid-19 vaccine manufacturer to bring new shots to the market.