By Elsa Ohlen
Vaccine maker Novavax stock jumped double digits on Thursday after the company reported its quarterly sales had more than fivefold.
Shares rose as much 30% at the opening bell, but later pared backs its gains. In midmorning trading the stock was up 17% at $6.93.
First-quarter earnings were $2.93 a share on sales of $667 million. The numbers trounced Wall Street's expectation of a loss of 42 cents a share on sales of $92 million, according to a small group of analysts surveyed by FactSet.
Novavax also said it is in discussions with the Food and Drug Administration about full approval for its Covid-19 vaccine, Nuvaxovid, which has only the emergency approval it received in the pandemic. The FDA delayed full approval in April.
The earnings beat was primarily due to a $603 million revenue post related to the termination of two advanced purchase agreements. Licensing and royalties revenue related to its partnership with European pharma giant Sanofi were also higher than last year.
Novavax, which has a market value of just under $1 billion, raised its 2025 adjusted revenue outlook to $975 million to $1.03 billion, up from $300 million to $350 million previously.
Novavax has seen its stock plummet since peaking around $300 in 2021 because of lessening demand for Covid-19-related products.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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May 08, 2025 11:12 ET (15:12 GMT)
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