Novavax shares tumbled after it slashed its full-year revenue forecast by half due to tepid demand for its Covid-19 jab, underlining the challenges faced by vaccine makers that came late to market with their pandemic-related shots.
The US drugmaker said on Monday it recorded $55mn in vaccine sales in the second quarter, a sharp fall on the $586mn recorded in the previous three months. It expects to generate between $2bn-$2.3bn in total revenues in 2022, down from an earlier forecast in May of between $4bn-$5bn.
The shares fell more than 30 per cent in after-hours trading following the earnings release.
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