Stanley Erck, Novavax CEO (Lee Jin-wook/Yonhap via AP Images)

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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