The Clap
Novavax (NASDAQ: NVAX) lowered its revenue expectations by half for 2022.
The Deets
Novavax cut their expected sales for 2022 by 50%, expecting to generate $2 billion – $2.3 billion instead of $4 billion – $5 billion.
Novavax recorded a loss of $6.53 per share, with revenue at $186 million for Q2 2022.
They justified slashing this forecast as no new COVID-19 vaccine sales are expected for 2022.
More about Novavax
Novavax was one of the companies in the race to create a COVID-19 vaccine. They fell behind in that race when they struggled to set up a manufacturing base.
The demand for COVID-19 shots has significantly faltered as most people have already been vaccinated. This hurt Novavax’s revenue for Q2 2022.
Novavax loses its optimism for 2022 📉
