Covid Vaccine Maker Novavax Shares Remain Volatile On Surprise Q2 Profit: The Details
Portfolio Pulse from Vandana Singh
Novavax Inc (NVAX) reported Q2 revenue of $424 million, beating the consensus of $257.62 million. The company is on track with its global restructuring and cost reduction plan, targeting to reduce annual combined R&D and SG&A expenses by 20%-25% in 2023 and 40%-50% in 2024. Novavax reported an EPS income of $0.58, a turnaround from an EPS loss of $(6.53) a year ago. However, the company lowered its FY23 revenue guidance to $1.3-$1.5 billion. Novavax also executed a new strategic partnering agreement with SK Bioscience.
August 08, 2023 | 8:02 pm
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NEUTRAL IMPACT
Novavax reported better than expected Q2 results and is on track with its cost reduction plan. However, it lowered its FY23 revenue guidance and announced a new partnership with SK Bioscience.
Novavax's better than expected Q2 results and ongoing cost reduction plan are positive for the stock. However, the lowered FY23 revenue guidance is a negative factor. The new partnership with SK Bioscience could have both positive and negative impacts depending on the terms of the agreement.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100