In this photograph illustration a silhouette of a person holding a medical syringe and a vial seen displayed in entrance of the Novavax emblem on a display screen.
Cezary Kowalski | Lightrocket | Getty Images
Novavax posted an surprising loss on Thursday however beat Wall Street’s income expectations for the third quarter.
The Covid-19 vaccine maker reported a internet lack of greater than $169 million for the third quarter, in comparison with a lack of $322 million in the identical interval final 12 months.
Novavax reported third quarter income of $735 million, a greater than 300% enhance 12 months over 12 months. The firm’s inventory rose greater than 2% in prolonged buying and selling.
Here’s how the corporate carried out in contrast with what Wall Street anticipated, primarily based on analysts’ common estimates compiled by Refinitiv:
- Adjusted earnings: Loss of $2.15 per share vs. revenue of $1.57 per share anticipated
- Revenue: $735 million vs. $586.2 million anticipated
But Novavax additionally revised its 2022 income steering to $2 billion, the decrease finish of its earlier forecast. The firm beforehand slashed its annual income expectations by 50% to a variety of $2 billion to $2.3 billion within the second quarter.
The Food and Drug Administration approved a primary booster dose of Novavax’s Covid vaccine for folks ages 18 and older final month. The FDA first authorized the corporate’s main vaccination sequence again in July.
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Source: www.cnbc.com