Shares of vaccine maker Novavax are trading more than 30% lower in pre-session trading. The company lowered forecasts and reported a quarterly report below analysts' expectations. Novavax shares have already lost nearly 60% since the beginning of the year. Shares of other vaccine makers are falling today, including Moderna (MRNA.US), Biontech (BNTX.US) and Pfizer (PFE.US):
Revenues: $185 million vs. $1.02 bln analyst estimate (FactSet)
EPS: loss - $6.53 in Q2 vs loss - $4.75 in Q2 2021 and $5.54 profit forecast (FactSet)
Research expenses: $290 million vs. $571 million in Q2 2021
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- The company's management halved its annual revenue forecasts, causing a massive surprise to the market. The company first estimated revenues for 2022 in the neighborhood of $4 to $5 billion; in the report it said it would be between $2 and $2.3 billion.
- Investors had expected the company's revenues and profits to increase thanks to the release of a coronavirus vaccine in the US. The company's second-quarter loss was $510 million, while analysts also expected sales of more than $1 billion. This one also surprised negatively, amounting to just over $185 million;
- At the same time, the company expects no change in contracted deliveries of the vaccine, although it assumes that some may extend into 2023. Novavax said it has shipped more than 23 million doses since the beginning of July. The company still has $1.37 billion in collateral in cash and cash equivalents, which should be enough to continue its rapid growth, but the widening loss per share could weigh on the company and affect market perceptions in an environment of rising costs of capital.
Novavax (NVAX.US) stock chart, H4 interval. Currently, the share price in the pre-opening market is oscillating in the area of $38.3. For the demand side, the key level at the moment is the $35 zone, which is an important region of price support. Source: xStation5
