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Sep 30, 2023
Novavax Q3 2023 Earnings Report
Reported third quarter 2023 financial results and operational highlights.
Key Takeaways
Novavax reported Q3 2023 revenue of $187 million, compared to $735 million in the same period in 2022. The company is initiating an additional cost reduction program, targeting over $300 million in 2024.
Received authorization from the U.S. FDA and approval from the European Commission for the Company’s updated COVID-19 vaccine, and launched the only protein-based non-mRNA vaccine option.
Secured broad access to Novavax’s COVID-19 vaccine in the U.S.
R21/Matrix-M malaria vaccine received recommendation from WHO, resulting in initial sales of Matrix-M for launch.
Anticipate Phase 3 COVID-19-Influenza Combination vaccine trial to commence in 2024, with potential for accelerated approval and launch in 2026.
Revenue by Segment
Forward Guidance
Novavax is updating its Full Year 2023 guidance and providing First Quarter 2024 total revenue guidance. The company anticipates reducing 2024 R&D and SG&A expenses and supply network costs.
Positive Outlook
- Full year 2023 and first quarter 2024 guidance reflects APAs based on committed dose delivery schedules of over $700 million.
- Secured new orders and U.S. market sales of $50 million to $150 million, subject to updated variant manufacturing and regulatory approvals.
- Expect some portion of revenue recognition will extend into the first quarter of 2024 due to the delayed start to and expectation for a longer season in the U.S.
- Some portion of APA dose deliveries may extend into the first quarter of 2024 outside of the U.S.
- Anticipate reducing 2024 R&D and SG&A expenses by over $200 million compared to prior targets to reflect $750 million or lower spend for 2024, representing a greater than 50% reduction compared to 2022.
Challenges Ahead
- Expect to deliver total revenue at low end of guidance range for season, when accounting for some revenue shifting into first quarter 2024.
- The first quarter 2024 total revenue guidance reflects the balancing amount to achieve our expected combined full year 2023 and first quarter 2024 product sales and total revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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