Novavax, Inc. (NASDAQ:NVAX) shares fell over 27% on Wednesday as the Covid-19 vaccine maker warned of slowing sales ahead after missing earnings expectations in the final quarter.
Revenue for the three months to December fell over 18% to US$291.3 million, the firm said on Wednesday, with analysts having expected the figure to sit at US$322 million, as per LSEG data.
A net loss of US$178.4 million was also worse than expected, sitting at US$1.44 per share, against market forecasts of US$0.44.
Losses did narrow however, having sat at $182.2 million, or $2.28 per share, a year earlier.
Novavax has been hit from falling demand for Covid-19 products worldwide, with jabs against the virus among the firm’s only marketable goods.
“Moving into the next chapter of our business journey as a more lean and agile organization, we are laser-focused on improving our commercial performance,” chief executive John C. Jacobs commented.
This includes by “diversifying our revenue opportunity with our potential combination vaccine launch, which we expect in the fall of 2026," he added.
Novavax forecast 2024 revenue to come in flat between US$800 million and US$1 billion, though, with analysts expecting the figure to sit at US$969.6 million.
Shares fell 27.4% to US$4.37.