Shares of Novavax Inc. NVAX, +3.92% wavered between gains and losses in the extended session Monday after the biotech company reported a wider-than-expected fourth-quarter loss but its sales beat Wall Street expectations. Novavax said it lost $177.6 million, or $2.70 a share, in the quarter, compared with a net loss of $31.8 million, or $1.13 a share, for the fourth quarter of 2019. Revenue rose to $279.7 million, from $8.8 million a year ago. The revenue jump was thanks to services rendered in connection with the pandemic, including the U.S.’s Operation Warp Speed, the company said. Analysts polled by FactSet expected Novavax to report a loss of $2.23 a share on sales of $202 million. The company said it continues to make “significant strides” toward bringing its COVID-19 vaccine candidate to market, which has shown positive efficacy results, including against variants, and can be shipped and stored at regular refrigeration. “We believe these attributes support emergency-use authorization and have initiated dialogue with regulators to pursue appropriate regulatory authorization,” it said.
View Article Origin Here
