Maryland Based Novavax Inc. shares dropped in the extended session on Thursday after the biotech’s wider-than-expected loss on the quarter overshadowed positive results for its COVID-19 vaccine booster.Novavax shares fell 10% after hours, following a 5.5% gain in the regular session to close at $236.20.
The company reported a second-quarter loss of $352.3 million, or $4.75 a share, compared with a loss of $17.5 million, or 30 cents a share, in the year-ago period. Revenue rose to $298 million from $35.5 million in the year-ago quarter because of services performed for the U.S. government and under Coalition for Epidemic Preparedness Innovations agreements.
Maryland Based Novavax Inc said it filed with regulators in India, Indonesia, and the Philippines to have an emergency use approval for its NVX-CoV2373 vaccine. Stanley Erck, Novavax president, and chief executive said that they view these submissions as the first of many filings to come, which will allow NVX-CoV2373 to be made available on a global scale. They continue to see the circulation of new variants and inequitable access to vaccines globally, demanding that we bring our COVID-19 vaccine to market as swiftly as possible. Maryland Based Novavax inc secured up to 200 million doses, with the first batch of the two-shot vaccines ready for shipment ahead of the winter.