In this photo illustration a silhouette of a man holding a medical syringe and a vial seen displayed in front of the Novavax logo on a screen.
Cezary Kowalski | Lightrocket | Getty Images
Novavax deeply cut its full year revenue guidance Monday, with no new Covid vaccine sales expected for 2022 in the U.S. or from an international alliance called Covax that represents low and middle income countries.
The Maryland biotech company cut its 2022 sales outlook by about 50% and now expects to generate $2 billion to $2.3 billion in revenue this year. Novavax previously forecast $4 billion to $5 billion in revenue for the year.
Novavax’s stock dropped 33% in after hours trading. The company posted a loss of $6.53 per share and booked revenue of $186 million for the quarter, well below expectations.
“For the quarter revenue was $186 million, a significant shortfall from both the first quarter…