On November 12, 2024, Novavax, Inc., a biotechnology company specializing in vaccine development, released its financial results for the third quarter ending September 30, 2024. The company reported total revenue of $85 million, a decrease from $187 million in the same period the previous year. Product sales contributed $38 million, primarily from U.S. commercial sales, while licensing, royalties, and other revenue accounted for $46 million, largely due to activities under the Sanofi Agreement. Novavax ended the quarter with $1 billion in cash and receivables. The company also announced the U.S. FDA's removal of the clinical hold on its Investigational New Drug application for COVID-19-Influenza Combination and stand-alone influenza vaccine candidates. Additionally, Novavax received authorization for its updated 2024-2025 formula COVID-19 vaccine for individuals aged 12 and...Show More

On November 12, 2024, Novavax, Inc., a biotechnology company specializing in vaccine development, released its financial results for the third quarter ending September 30, 2024. The company reported total revenue of $85 million, a decrease from $187 million in the same period the previous year. Product sales contributed $38 million, primarily from U.S. commercial sales, while licensing, royalties, and other revenue accounted for $46 million, largely due to activities under the Sanofi Agreement. Novavax ended the quarter with $1 billion in cash and receivables. The company also announced the U.S. FDA's removal of the clinical hold on its Investigational New Drug application for COVID-19-Influenza Combination and stand-alone influenza vaccine candidates. Additionally, Novavax received authorization for its updated 2024-2025 formula COVID-19 vaccine for individuals aged 12 and older from both the U.S. FDA and the European Commission. The company outlined its R&D strategy, leveraging its proven technology platform, and updated its full-year 2024 financial guidance. Novavax is set to host a conference call to discuss these updates. The company's cost reduction efforts are on track, with a 26% reduction in combined R&D and SG&A expenses compared to the same quarter in 2023, and it targets further reductions for the coming years. Novavax's net loss for the quarter was $121 million, an improvement from a net loss of $131 million in the third quarter of 2023.