Novavax Plans to Cut Costs by Another $300 Million
- Third-quarter revenue beat expectations, but dropped 75%
- Start of vaccination season delayed, executives said
Vials of Novavax Covid-19 vaccines.
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Covid-19 vaccine maker Novavax Inc. slashed its sales forecast and said it’s ready to cut at least another $300 million in costs next year amid sagging demand for its shots.
Novavax already announced a restructuring plan in May amid concerns about whether the company could stay in business as it faces a reversal of demand for Covid shots, its main product. As part of efforts to strengthen the company’s finances, it’s prepared to initiate a new cost reduction program to reduce 2024 expenses, Novavax Chief Executive Officer John C. Jacobs said in its third-quarter report Thursday.