Novavax (NVAX) 2020 Q4 Earnings Results

Novavax Inc. (NASDAQ:NVAX) has been around for more than 33 years now. However, the biotech company has so far struggled to develop an approved vaccine in its decades-long history. Novavax was struggling in 2020 until it received government funding for developing a vaccine against Covid-19. Much of its growth over the past year has been fueled by the developments related to its coronavirus vaccine.

NVAX’s share price skyrocketed from $4.50 in January to nearly $120 in December 2020. Today, it is very close to receiving approval for NVX-CoV2373, its COVID-19 vaccine candidate, which will further drive its stock price.

Novavax on Monday reported better-than-expected revenue for the fourth quarter, though its quarterly loss was wider than expectations. The company posted revenue of $279.7 million for the three months ended December 31, significantly higher than $8.8 million in the year-ago quarter, thanks to the external funding Novavax received for its Covid-19 vaccine program.

However, its Q4 loss increased to $2.70 per share, as compared to a loss of $1.13 per share in the comparable period of 2019. Analysts on average were expecting Novavax to report a loss of $2.23 per share on revenue of $202 million.

Speaking on the results, CEO Stanley Erck said in a statement, “Novavax continues to make significant strides towards bringing NVX-CoV2373, our COVID-19 vaccine candidate, to market. With positive efficacy results, including against evolving variant strains, NVX-CoV2373 offers a highly unique profile, including the ability to ship and store the vaccine at traditional refrigerated temperatures. We believe these attributes support emergency use authorization and have initiated dialogue with regulators to pursue appropriate regulatory authorization.”

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Novavax shares fell more than 14 percent in the mid-day trading Tuesday after reporting its fourth-quarter results. Nevertheless, the stock is up more than 85 percent on a year-to-date basis.

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