Novavax revealed its first profitable quarter following the introduction of the Covid-19 vaccine in several countries around the world, despite its failure to reach the level of profit and revenue expectations.
Novavax net income was $203 million in the first quarter, compared to a net loss of $222.7 million in the same period a year earlier. From Kovacs, an international partnership that buys vaccines for low-income countries, sending Novavax stock down 19% during extended trading.
The company’s chief commercial officer, John Trezzino, told analysts that there will be no raising of revenue guidance in the US market if the vaccine is licensed by the US Food and Drug Administration, as Novavax expects that the organization will grant authorization to give doses to adults starting at age 18 with two initial doses this summer.
Adjusted earnings per share for the first quarter were $2.56, failing to meet expectations of $2.69, according to Wall Street analysts, while Novavax collected revenue of $704 million, compared to expectations of $845 million. The United States shipped more than 42 million doses this year to the European Union, Canada, South Korea, Australia, New Zealand and Indonesia.