Novavax tumbles 31 percent as waning COVID vaccine demand hits revenue forecast
But only 7,381 Novavax vaccine doses have been administered so far in the country, with Chief Executive Stanley Erck saying that its late launch could have hampered demand.;
U.S.: Vaccine maker Novavax slumped nearly 31% on Tuesday as falling demand for its COVID-19 shot from low- and middle-income nations led the company to cut its annual revenue expectation by half.
Demand for its vaccine is also waning in the United States, where it was authorized for use among adults last month and was expected to be preferred by the skeptics of messenger RNA-based shots from Moderna Inc and Pfizer Inc.
But only 7,381 Novavax vaccine doses have been administered so far in the country, with Chief Executive Stanley Erck saying that its late launch could have hampered demand.
The company now expects 2022 revenue between $2 billion and $2.3 billion, compared with its prior forecast of $4 billion to $5 billion when it was hoping to benefit from the demand for its shots as part of the COVAX vaccine sharing program.
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