After racking up 41 Covid jab nods outside US, Novavax hits first profitable quarter but still disappoints investors
About four weeks before FDA’s outside advisors are slated to review Novavax’s Covid-19 jab after a long, federally-funded and winding journey that was all but Warp Speed in the US, Novavax provided an update on its first-quarter results.
It was the first three-month stretch in which the multi-decade-old Maryland biotech was not in the red as a commercial-stage company, after generating $704 million in revenue at a net income of $203 million. The investor reaction was steeply in the red, though, with shares $NVAX down nearly 22% before Tuesday’s opening bell.
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