# Novavax cuts full-year revenue forecast again amid weak demand
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-11-09
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Novavax cuts full-year revenue forecast on supply glut and
Meta Description: Novavax slashes revenue forecast due to vaccine oversupply and waning demand, pivots to developing Omicron-targeting bivalent vaccine.
URL: https://financedigest.com/novavax-cuts-full-year-revenue-forecast-again-amid-weak-demandhtml

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(Reuters) – Novavax Inc cut its full-year revenue forecast on Tuesday for the second time in three months, hurt by a global supply glut in COVID-19 vaccine and waning demand.

The company now expects annual revenue to be near the low end of its prior forecast range of between $2 billion and $2.3 billion.

In August, Novavax halved its full-year revenue forecast as it did not expect further sales of its COVID-19 shot this year in the United States.

The company is now “pushing forward” on developing a vaccine targeting Omicron subvariants BQ.1 and BQ.1.1 which they would also formulate as a bivalent vaccine with another coronavirus strain, Filip Dubovsky, Novavax’s [chief medical officer](https://www.financedigest.com/iris-software-group-names-matt-tuson-as-chief-revenue-officer.html "IRIS Software Group names Matt Tuson as Chief Revenue Officer"), said on a conference call with investors.

Novavax [plans to have that ready in the second quarter of next year](https://www.financedigest.com/3-factors-to-plan-for-in-2017-a-year-like-none-other.html "3 Factors to Plan for in 2017, A Year Like None Other"), in time for a potential surge of cases in the southern hemisphere, Dubovsky added.

Earlier on Tuesday, Novavax said its [COVID-19 shot retooled against the Omicron BA.1 variant](https://www.financedigest.com/oil-prices-keep-climbing-even-as-omicron-covid-19-variant-fans-out.html "Oil prices keep climbing even as Omicron COVID-19 variant fans out") showed a strong immune response as the fourth dose and met the main goal of a strain change in a late-stage study.

Shares of the Maryland-based company were up about 1% in aftermarket trading, as the company reported revenue above analysts’ estimates for the [third quarter](https://www.financedigest.com/greek-residential-property-price-recovery-picks-up-in-third-quarter.html "Greek residential property price recovery picks up in third quarter").

Last week, larger rival Pfizer Inc raised its annual COVID vaccine sales outlook, with the company looking to offset slowing vaccine sales by roughly quadrupling the [price of the shot in the country once the government stops buying](https://www.financedigest.com/4-for-the-price-of-1-what-you-can-buy-in-the-uks-top-northern-cities-for-the-price-of-a-london-pad.html "4 for the price of 1: What you can buy in the UK’s top northern cities for the price of a London pad") doses and sales shift to the private market.

Even though more than 640 [million COVID-19 doses have been given in the United States](https://www.financedigest.com/wizz-air-loses-fight-against-67-million-in-state-aid-for-romanian-rival.html "Wizz Air loses fight against million in state aid for Romanian rival"), latest government data showed only 43,540 Novavax vaccines have been administered as of Nov. 2.

The U.S. [FDA in October had authorized Novavax’s COVID-19 vaccine as a booster](https://www.financedigest.com/u-s-fda-authorizes-covid-19-vaccine-boosters-for-the-immunocompromised.html "U.S. FDA authorizes COVID-19 vaccine boosters for the immunocompromised") for adults, in addition to the earlier clearance as a primary two-shot regimen for those 12 years and above.

(Reporting by Raghav Mahobe in Bengaluru; Editing by Maju Samuel)


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