Novavax posted a fiscal fourth-quarter loss that’s wider than anticipated by analysts. However, the vaccine development company’s revenue came in higher than expected.
The net loss for the quarter widened to -$2.70 a share from -$1.13 in the year-earlier quarter. FactSet poll shows consensus estimates of a GAAP net loss of -$2.23 a share
Revenue rose $279.7 million from $8.8 million. That's higher than analysts' forecast of $202.4 million. The increase in revenue can be attributed to the company's services under an agreement with CEPI, which raises money for and supports vaccine development, and services to the U.S. government's Operation Warp Speed vaccine-development program.
"With positive efficacy results, including against evolving variant strains, NVX-Cov2373 offers a highly unique profile, including the ability to ship and store the vaccine at traditional refrigerated temperatures," President and CEO Stanley Erck said in a statement.
These attributes, according to Erck , should support emergency-use authorization. The company has initiated talks with regulators to pursue appropriate regulatory authorization, Erck indicated.