Novavax Cuts FY24 Revenue View Below Market; Stock Drops In Pre-market - Update

(RTTNews) - Drug maker Novavax Inc. (NVAX), while reporting narrower net loss in its third quarter, on Tuesday trimmed its fiscal 2024 forecast for revenues below market estimates.

In pre-market activity on the Nasdaq, Novavax shares were losing around 7.8 percent to trade at $8.31.

For fiscal 2024, the company now expects total revenue of $650 million to $700 million, lower than previously expected $700 million to $800 million.

Analysts on average expect the company to report reveneus of $761.46 mllion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Product sales would be $175 million to $225 million, while previous estimate was $275 million to $375 million.

In its third quarter, Novavax's net loss was $121.30 million, or $0.76 loss per share, compared to net loss of $130.78 million or $1.26 per share a year ago.

Analysts had expected the company to report loss of $0.83 per share.

The company's revenue for the quarter fell 54.8 percent to $84.51 million from $186.99 million last year. The Street was looking for revenues of $65.77 million for the quarter.

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