Novavax Slashes FY23 Total Revenue Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Thursday, Novavax, Inc. (NVAX) slashed its revenue guidance for the full-year 2023, accounting for some revenue shifting into first quarter of fiscal 2024. The company also provided revenue forecast for the first quarter of fiscal 2024.

For fiscal 2024, the company now projects total revenues between $900 million and $1.10 billion, down from the prior forecast between $1.30 billion and $1.50 billion.

On average, six analysts polled by Thomson Reuters expect the company to report revenues of $1.35 billion for the year. Analysts' estimates typically exclude special items.

The company also expects total revenues of $300 million for the first quarter.

The company said it is prepared to initiate additional cost reduction program to further reduce expenses in 2024 by over $300 million to align company scope and structure with future COVID-19 market opportunity. It expects to deliver an updated COVID-19 vaccine for the upcoming 2023 fall vaccination season.

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