(Provides particulars on forecast and background all through)
Aug 8 (Reuters) – Novavax reported a second-quarter revenue on Tuesday, helped by robust income from its COVID-19 vaccines, however nonetheless trimmed its full-year forecast for gross sales of the shot.
The biotech firm additionally entered right into a inventory buy settlement with SK Bioscience Co, underneath which Novavax will situation 6.5 million shares to the South Korean firm at $13 per share.
Shares of Novavax have been up 19% at $8.95 in premarket buying and selling.
The vaccine maker posted internet earnings of $58 million, or $0.58 per share, for the quarter, in contrast with a internet lack of $510 million, or $6.53 a share, a 12 months earlier.
The corporate reported income of $424 million, in contrast with analysts’ estimates of $240 million, based on Refinitiv IBES information.
It lower its gross sales forecast for its COVID-19 vaccines on decrease income than it beforehand anticipated from abroad buy contracts for the COVID shot that it dedicated to ship this 12 months.
The corporate now expects between $1.3 billion and $1.5 billion in COVID-19 vaccine gross sales and grants this 12 months, in contrast with its earlier forecast of $1.4 billion to $1.6 billion.
The corporate is relying on promoting an replace model of its shot within the fall season, particularly in america.
The corporate final month stated it had developed an up to date vaccine candidate focusing on the XBB.1.5 coronavirus variant, and is manufacturing at industrial scale with the intent to fulfill the U.S. authorities’s timeline for regulatory motion in September.
Novavax’s inventory has misplaced round 95% of its worth since final 12 months as the corporate grappled with weak demand for its COVID-19 vaccines after being a late entrant in a market already dominated by the likes of Pfizer-BioNTech , Moderna and AstraZeneca. (Reporting by Leroy Leo in Bengaluru; Enhancing by Varun H Okay, Shounak Dasgupta and Maju Samuel)