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Novavax had no sales to report for its June quarter. But the company has a vaccine that has worked well against Covid-19 in trials, and it is awaiting approvals worldwide.
Courtesy of Novavax
Novavax
had no sales to report for its June quarter. But the Gaithersburg, Md.-Based company’s vaccine has performed so well in clinical trials against the Covid-19 virus that its Thursday quarterly report confidently looked at the clearances it expects from governments around the world. .
With studies showing its shots to be over 90% effective in preventing Covid, even against disturbing virus variants, Novavax stock (ticker: NVAX) doubled this year to a close on Thursday of $ 236.20. Shares were down 6%, to $ 220, after the company announced. But this year’s big increases in vaccine stocks have left many people selling their June quarter news. Moderna stock (MRNA) fell 2% on Thursday after posting splendid results.
Novavax achieved $ 300 million in revenue in the June quarter, thanks to its support of the U.S. government’s Covid vaccine program. Large clinical trials and ramping up facilities to produce 150 million monthly doses by the end of the year left the company with a loss of $ 350 million, or $ 4.75 per share. More than $ 2 billion in cash at the end of June means Novavax can complete its vaccine development.
Most of the company’s announcements were about its immunization programs. After completing the phase 3 trial showing the high efficacy of its vaccine in adults, Novavax has fully enrolled a study in adolescents. Like
Pfizer
(PFE),
BioNTech
(BNTX), and
Modern
(MRNA), the company is studying booster injections at six months; he says a booster of his vaccine quadruples antibody levels in people previously vaccinated and generates antibodies that react against newer variants of the Covid virus.
Emergency use authorization applications have been filed by the company’s manufacturing partner, the Serum Institute of India, in India, Indonesia and the Philippines. Novavax plans to file similar filings in the UK during the September quarter, with European and US filings in the months following.
Advance purchase agreements totaling more than a billion doses have been signed with a vaccine alliance representing low-income countries, as well as the European Commission.
Write to Bill Alpert at [email protected]
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