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Covid Vaccine Maker Novavax Tumbles After Cutting Annual Sales Forecast 50%

  • Top end of sales forecast cut to $2.3 billion from $5 billion
  • Second-quarter loss was wider than analysts estimated
A vial of the Novavax Inc. Nuvaxovid Covid-19 vaccine.

A vial of the Novavax Inc. Nuvaxovid Covid-19 vaccine.

Photographer: Liesa Johannssen-Koppitz/Bloomberg
Updated on

Novavax Inc. shares had their biggest loss in more than three years as the drugmaker slashed its 2022 revenue forecast late Monday on disappointing demand for its Covid-19 vaccine that trailed competitors getting to market.

Sales for the year will be as much as $2.3 billion, less than half the previous expected peak of $5 billion, the company said in a statement. Novavax also reported a second-quarter loss of $6.53 a share, wider than analysts’ average estimate of $5.24.