Key Takeaways
Novavax (NVAX) reported second-quarter 2024 earnings per share of 99 cents, missing the Zacks Consensus Estimate of $1.82. However, earnings rose 71% year over year. Revenues for the quarter came in at $415.5 million, also falling short of the Zacks Consensus Estimate of $453.7 million. The top line declined 2% year-over-year.
Product sales: $19.9 million, exceeding model estimates of $15 million but missing the Zacks Consensus Estimate of $26 million.
$395.6 million, including $391 million from the upfront payment received for the Sanofi agreement.
$107 million, down 51% year over year due to reduced clinical and manufacturing spending.
$101 million, up 8% year over year due to fees associated with the Sanofi agreement.
$1.1 billion as of June 30, 2024, compared to $496 million as of March 31, 2024.
Total revenues: $700-$800 million for 2024, down from previous guidance of $970 million to $1.17 billion.
$275-$375 million for 2024.
below $500 million for 2025 and below $350 million for 2026.
Novavax signed a multi-billion dollar deal with Sanofi in May 2024.
Sanofi will make an upfront payment of $500 million and up to $700 million in milestone payments.
Sanofi will also pay tiered double-digit percentage royalty payments on sales of Nuvaxovid and other combination vaccines.
Novavax has submitted two regulatory filings with the FDA: one for an EUA for its updated COVID-19 vaccine and another for full approval.
Decisions are expected before the start of the 2024-2025 vaccination season and by April 2025, respectively.
Novavax plans to initiate a late-stage study on its COVID-19-Influenza Combination vaccine and standalone influenza vaccines by the end of 2024.
Data from this study is expected in mid-2025.
Novavax shares rose 9% on August 8, 2024, likely due to the reduction in operating expenses beyond 2024.
Year to date, the stock has surged 143.3% against the industry's 3.5% fall.
Novavax currently carries a Zacks Rank #3 (Hold).
Entrada Therapeutics and Fulcrum Therapeutics are both rated Zacks Rank #1 (Strong Buy).
Entrada Therapeutics has seen improved earnings estimates and a 42.18% four-quarter average earnings surprise.
Fulcrum Therapeutics has also seen improved earnings estimates and a 393.18% four-quarter average earnings surprise.