By Novavax, a vaccine maker based in Gaithersburg, Md., managed to decrease its losses in the fourth quarter by cutting its headcount.
In the period ended Dec. 31, Novavax reported a loss of $178.39 million, or $1.44 per share, which was an improvement compared to the loss of $182.25 million, or $2.28 per share, from the same period a year ago. Despite this positive development, analysts surveyed by FactSet had forecasted a loss of 48 cents per share.
Sales also saw a decline, dropping to $291.34 million from $357.4 million in the previous year. This figure was below the expected $322 million forecasted by analysts.
To achieve these results, Novavax reduced its workforce by 30% since the first quarter of 2023.
Optimistic Outlook
Looking ahead to the first quarter, Novavax is anticipating revenue of approximately $100 million. Furthermore, for the full fiscal year of 2024, the company is projecting revenue to fall between $800 million and $1 billion.
Chief Executive John Jacobs expressed that 2023 marked a “transition year” for Novavax. He emphasized the company’s commitment to enhancing commercial performance in 2024 and 2025, alongside diversifying revenue opportunities with the potential launch of a combination vaccine in the fall of 2026.
These strategic moves aim to position Novavax as a more efficient and adaptable organization in the competitive landscape of vaccine manufacturing.
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