Investing.com -- Shares of Novavax (NASDAQ:NVAX) rose about 1.75% in premarket trading after reporting a smaller-than-expected quarterly loss but it missed revenue estimates. The company is transitioning away from direct commercialization of its COVID-19 vaccine.
The vaccine maker posted a fourth-quarter loss per share of $0.51, beating analysts’ expectations of a 60-cent loss on each share. Revenue came in at $88.31 million, below the consensus estimate of $102.74 million.
Novavax said it was transitioning away from commercial responsibilityof its COVID-19 vaccine, Nuvaxovid, giving it to Sanofi (NASDAQ:SNY) starting with the 2025-2026 season.
The company also secured a $50 million milestone payment under its Sanofi agreement and completed the $200 million sale of its Czech Republic manufacturing facility to Novo Nordisk (NYSE:NVO), a move expected to reduce annual costs by about $80 million.
The company ended 2024 with over $1 billion in cash and accounts receivables and provided 2025 financial guidance. CEO John C. Jacobs said Novavax is shifting its focus toward pipeline expansion and partnerships for its vaccine candidates and adjuvant technology.
Related Articles
Novavax shares up on fourth quarter earnings beat
India's economic growth faces challenges, IMF suggests reforms
Goldman Sachs tweaks its diversity policy
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.