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Novavax Loss Widens, Revenue Jumps as COVID Vaccine Effort Progresses

Novavax's loss widened on a big jump in revenue, as the biotech's CEO said it's making 'significant strides' toward bringing a COVID-19 vaccine to market.
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Novavax  (NVAX) - Get Novavax Inc. Report reported a wider fiscal fourth-quarter loss on a big jump in revenue, as the biotech's chief executive said it "continues to make significant strides toward bringing" its COVID-19 vaccine candidate to market.

The loss was wider and the revenue figure was stronger than Wall Street analysts had estimated.

The net loss for the quarter widened to $2.70 a share from $1.13 in the year-earlier quarter. Shares outstanding more than doubled to 65.7 million from 28.1 million.

Revenue leaped to $279.7 million from $8.8 million. A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of $2.23 a share on revenue of $202.4 million.

The revenue jump stems from the Gaithersburg, Md., company's services under an agreement with CEPI, which raises money for and supports vaccine development, and services to the U.S. government's Operation Warp Speed vaccine-development program.

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At last check after hours Novavax shares were trading down 3.2% at $232.63. They closed the regular Monday trading session up 3.9% at $240.29.

"With positive efficacy results, including against evolving variant strains, NVX-Cov2373 offers a highly unique profile, including the ability to ship and store the vaccine at traditional refrigerated temperatures," President and CEO Stanley Erck said in a statement.

"We believe these attributes support emergency-use authorization and have initiated dialogue with regulators to pursue appropriate regulatory authorization," Erck added.

Late last month, Novavax said it had closed a licensing agreement under which Takeda Pharmaceutical  (TAK) - Get Takeda Pharmaceutical Company Limited American Depositary Shares (each representing 1/2 of a share of) Report would make and commercialize the COVID-19 vaccine candidate in Japan. 

Takeda has dosed the first participants in a Phase 2 clinical trial to test the vaccine in the Japanese population, Novavax said.