Novavax announced fourth-quarter earnings that fell below analysts’ projections, but the company could make more than 2 billion doses of its COVID-19 vaccine annually.
The company’s vaccine demonstrated 90% efficacy in a Phase 3 trial in the U.K.
The company’s outlook for the rest of the year depends largely on FDA’s authorization of its COVID-19 vaccine. It is also developing a flu vaccine.
The company’s CEO Stanley C. Erck says authorization could come as soon as May.
The Gaithersburg, Md.–based vaccine developer announced revenue of $276.7 million, which was more than 3000% more year-over-year. The company, however, still had a loss of –$2.70 per share, representing a fall of 138.94% over a year earlier.
Analysts had expected negative EPS of –$1.49 and revenue of $304.9 million.
“The past year has been a whirlwind. We have completely changed the company in ways that would normally take several years to accomplish,” said Novavax CEO Stan Erck in an earnings call. “While many businesses in the world have slowed down due to the pandemic, we’ve done the opposite. Everything about our company has changed.”
While the company did not release guidance, the company’s president of R&D, Gregory Glenn, said he expected to complete the filing for an EUA in the second quarter of the year.
Last year, the U.S. Health and Human Services Dept. and Defense Dep. agreed to support Novavax worth $1.6 billion to support the development and manufacture of its COVID-19 vaccine candidate.
Since Monday, the company’s stock has fallen about $34 per share, dropping –14.27% to $205.99 per share.