Novavax cuts losses and approaches 100 million COVID-19 doses

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 to $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 to $408 million a year earlier.

The company’s net loss for the quarter was $169 million, compared to 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.