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Sep 30, 2020
Novavax Q3 2020 Earnings Report
Reported a net loss due to increased research and development expenses, but revenue increased significantly due to COVID-19 vaccine development activities.
Key Takeaways
Novavax reported a net loss of $197.3 million for Q3 2020, compared to a net loss of $18.0 million for Q3 2019. Revenue increased significantly to $157.0 million, driven by increased development activities related to NVX-CoV2373. The company is progressing with multiple clinical trials for its COVID-19 vaccine candidate and expects initial efficacy data potentially by early first quarter 2021.
Initiated a 15,000-person pivotal Phase 3 trial in the U.K. for NVX-CoV2373, its COVID-19 vaccine candidate.
Expects initial efficacy data potentially by early first quarter 2021.
Made significant progress in large-scale manufacturing and expects to launch a pivotal Phase 3 trial in the U.S. by the end of November.
Formed a new team to lead the NanoFlu program to licensure in the U.S.
Novavax
Novavax
Forward Guidance
Novavax is progressing with clinical development of NVX-CoV2373 and NanoFlu, but faces risks and uncertainties.
Positive Outlook
- Pivotal Phase 3 trial in the UK of NVX-CoV2373 ongoing.
- Initial efficacy data potentially by early first quarter 2021.
- Significant progress in large-scale manufacturing.
- Expects to launch a pivotal Phase 3 trial in the U.S. by the end of November.
- New team formed to lead the NanoFlu program to licensure in the U.S.
Challenges Ahead
- Forward-looking statements are subject to numerous risks and uncertainties.
- Actual results could differ materially from those expressed or implied.
- Risks and uncertainties identified in the Novavax Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
- Business is subject to substantial risks and uncertainties.
- No obligation to update or revise any statements.