Novavax news12/16/2023 "We're in the process of assessing the global footprint of Novavax, rationalizing our supply chain, rationalizing the portfolio and rationalizing the company structure and our infrastructure," he said. The CEO said the company has been spending at a "hot rate," and plans to cut back, likely including job cuts. "The sooner we know that, the more clarity we have on our path forward." We don't know what global health authorities may want from a regulatory standpoint on how the new vaccine needs to look," Jacobs said. "We don't know what the strain selection is yet from FDA. However, Jacobs cautioned that there are risks in the near term to that operating plan, including the fact that protein-based vaccines like Novavax's take longer to produce than their messenger RNA-based competitors.Ĭompanies will need to change their vaccine each year to match circulating strains as required by regulatory agencies, including the U.S. Novavax had $1.33 billion of cash on hand at the end of 2022. "If we execute on our operating plan, we'll be in a very strong position not only at the end of this year, but going into next year," Novavax's new Chief Executive John Jacobs, who joined the company in late January, said in an interview. Novavax's shares closed at $9.26 on Tuesday and fell to $6.90 in extended trading after reporting on its financial situation. Novavax also said that depending on the outcome of its arbitration with Gavi, it could be required to refund all or a portion of the roughly $700 million it received from the group, meant to pay for doses of the company's COVID vaccine for low- and middle-income countries. government did not extend its agreement with Novavax beyond December 2023, putting some of the remaining $416 million in that deal at risk. Analysts had expected sales of $383 million, according to Refinitiv data. The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million.
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