Novavax’s troubles continue as Covid vaccine maker plans another $300M+ in cost-cutting
Novavax, which has been reeling from a slow rollout of its Covid-19 vaccine compared to the mRNA makers, said it will once again cut costs.
Like Pfizer, BioNTech and Moderna, the Gaithersburg, MD-based company is adjusting to a world in which the virus turns endemic and vaccine uptake isn’t as swift as it was in the early years of the pandemic. Now, Novavax is “prepared to initiate” more than $300 million in cost-cutting next year to “align company scope and structure with future Covid-19 market opportunity,” the company said Thursday in its third-quarter update.
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