cnbc.com/2022/08/08/novavax-cuts-2022-revenue-guidance-in-half-stock-tanks-in-after-hours-trading.html
Novavax does not expect any new sales in the U.S. market or from Covax, an international vaccine alliance, in 2022. Novavax stock dropped 33% in extended trading. The Maryland biotech company cut its 2022 sales outlook by about 50% and now expects to generate $2.3 billion in revenue.

Novavax posted a loss of $6.53 per share and booked revenue of $186 million for the second quarter. CEO Stanley Erck said Novavax was originally expecting to book sales this year from 110 million shots in the U.S. and 350 million shots from Covax. Erck: "We are now projecting that we will have no new revenues in '22"

Novavax received U.S. authorization for its Covid shots for adults earlier this summer. But 77% of people in that age group are already fully vaccinated with Pfizer, Moderna and to a lesser degree Johnson & Johnson's shots. Novavax was late to the U.s. market, where people are still overwhelmingly getting vaccinated.

The U.S. has so far ordered only 3.2 million doses of the Novavax vaccine. The shots are not yet approved as a booster or for adolescents in the U.N. yet. Covax has struggled to distribute its current inventory to low- and middle-income countries.

The company took a net loss of $510.5 million overall in the second quarter. Novavax was one of the original participants in the U.S. race to develop a Covid vaccine in 2020. The company received $1.8 billion in taxpayer funding.
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