Shares of Novavax (NVAX) soared 5.19% in pre-market trading on Thursday, following the company's better-than-expected fourth quarter results and outlook as it transitions away from direct commercialization of its COVID-19 vaccine Nuvaxovid.
For the quarter, Novavax reported an adjusted loss per share of $0.51, narrower than the $1.44 loss a year ago and in line with analysts' estimates. Revenue came in at $88.3 million, beating consensus forecasts of $84.4 million. Sales of the COVID vaccine totaled $49.8 million, down 80% year-over-year as the company ramps down its commercial operations.
Novavax has signed a $1.2 billion licensing deal with Sanofi to hand over rights to sell Nuvaxovid in several markets including the U.S. and Europe starting with the 2025-2026 vaccination season. For 2025, the company expects adjusted licensing, royalties and other revenue to range between $300 million and $350 million, but did not provide forecasts for royalties or milestone payments from Sanofi as it transitions the commercial lead.
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