Novavax Inc. shares fell in the extended session Thursday after the biotech’s wider-than-expected loss on the quarter overshadowed positive results for its COVID-19 vaccine booster.
Novavax NVAX,
The company reported a second-quarter loss of $352.3 million, or $4.75 a share, compared with a loss of $17.5 million, or 30 cents a share, in the year-ago period.
Revenue soared to $298 million from $35.5 million in the year-ago quarter because of services performed for the U.S. government and under Coalition for Epidemic Preparedness Innovations agreements.
Analysts surveyed by FactSet, however, had forecast a loss of $3.63 a share on revenue of $387.9 million.
The company also announced its COVID-19 vaccine booster given at six months after an initial two-dose regimen increased virus-fighting antibodies by four times, and by six times for those that fought the delta variant, according to results from a recent study.
Novavax said it filed with regulators in India, Indonesia, and the Philippines to have an emergency use approval for its NVX-CoV2373 vaccine.
“We view these submissions as the first of many filings to come, which will allow NVX-CoV2373 to be made available at a global scale,” said Stanley Erck, Novavax president and chief executive, in a statement. “We continue to see the circulation of new variants and inequitable access to vaccine globally, demanding that we bring our COVID-19 vaccine to market as swiftly as possible.”
