The 2021-2020 Outlook for Novavax, Inc.: An Overview of the Company’s First Three Year Revenue and Product Developments
Pfizer said in its earnings release that sales from Covid products are expected to rise again in 2024 “after reaching a low point in 2023 due to significant government supply on hand to start the year.”
Public health care agencies have an ample supply of vaccine and pills to prevent the spread of Covid, which is a problem for both Pfizer and Moderna.
The company also is now factoring in zero revenue for Paxlovid from China after April 1, since the Chinese government is removing the antiviral pill from its list of treatments that are eligible for reimbursement as part of its national insurance program.
He said the company needed to put out a competitive product for the upcoming fall season, reduce expenditures and find ways to boost sales beyond its Nuvaxovid vaccine alone.
The Gaithersburg, Maryland-based company said its forecast “is subject to significant uncertainty,” particularly with regard to future sales and funding from the US government, the company said in its latest earnings report after the closing bell Tuesday.
Novavax had over a billion dollars on its balance sheet. But that’s down from more than $1.5 billion at the end of 2021. The company continues to hemorrhage money, losing $182 million in the fourth quarter alone and $658 million for all of last year. That’s on top of a net loss of $1.7 billion in 2021.
“Much has been achieved over the past three years, and based on the foundation that has been laid to date, I believe that Novavax has significant potential for a bright future,” said Novavax CEO John Jacobs, a veteran biotech executive who joined the company in January.