Summary by Futu AI
On August 8, 2024, Novavax, Inc. reported its financial results for the second quarter ended June 30, 2024. The company announced total revenue of $415 million for the quarter and ended the period with $1.1 billion in cash. Novavax has filed for authorization of its updated 2024-2025 COVID-19 vaccine with the U.S. FDA and EMA and has received a significant upfront payment and equity investment from Sanofi as part of a collaboration agreement. The company is also preparing for Phase 3 trials for its COVID-19-Influenza Combination and standalone influenza vaccines, expected to begin in Q4 2024. Novavax has implemented a cost reduction program, resulting in a 34% reduction in combined R&D and SG&A expenses compared to the same period in 2023. The company expects to deliver its updated COVID-19 vaccine by the start of the 2024-2025 vaccination season and has submitted an EUA amendment to the FDA. Novavax's financial guidance for the full year 2024 reflects total revenue between $700 million and $800 million, with combined R&D and SG&A expenses remaining between $700 million and $750 million.
