Novavax swings to a broader than expected loss in the fourth quarter
- Novavax swings to a broader than expected loss in the fourth quarter.
- The biotech firm reports £200.88 million of revenue in fiscal Q4.
- Novavax shares were about 6% down in after-hours trading on Monday.
Novavax Inc. (NASDAQ: NVAX) said on Monday that its sales in the fiscal fourth quarter beat Wall Street estimates. The company, however, swung to a quarterly loss that was broader than what analysts had anticipated.
Novavax shares were reported about 6% down in after-hours trading on Monday. Including the price action, the stock now has a per-share price of £161 versus £81 per share at the start of the year 2021. If you want to invest in the stock market online, you will need a reliable stockbroker – here’s a list of the top few to make selection easier for you.
Novavax Q4 financial results versus analysts’ estimates
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Novavax reported £127.55 million of loss in the fourth quarter that translates to £1.94 per share. In the same quarter last year, its net loss had come in at a significantly lower £22.84 million, or 81 pence per share.
The biotech firm valued its revenue in Q4 at £200.88 million versus the year-ago figure of £6.32 million. Novavax attributed the increase in its revenue to the COVID-19-related services in recent months.
The novel flu-like virus has so far infected more than 110 million people worldwide and caused over 2.5 million deaths. In separate news from the United States, home eCommerce retailer, Wayfair said on Monday that its customer base jumped ahead by two years during the Coronavirus pandemic.
According to FactSet, experts had forecast the company to record £145.08 million of sales in the fourth quarter. Their estimate for per-share loss stood at £1.60 per share.
Update on the Novavax candidate COVID-19 vaccine
Novavax candidate vaccine for the treatment of COVID-19 has shown promising results, including against variants. The vaccine is also easier to handle as it only required regular refrigeration during shipping and for storage. The company reaffirmed its commitment on Monday towards bringing its Coronavirus vaccine to the market in the near future. Novavax said:
“We believe these attributes support emergency-use authorisation and have initiated dialogue with regulators to pursue appropriate regulatory authorisation.”
In an announcement in September, Novavax said that its candidate Coronavirus vaccine will be manufactured by Endo International as both companies signed a non-exclusive agreement.
Novavax performed massively upbeat in the stock market last year with an annual gain of close to 2,500%. At the time of writing, the American vaccine development company has a market cap of £10.99 billion.