Novavax Swings to 1Q Profit; Revenue Jumps on Covid-19 Vaccine Sales

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By Jeffrey T. Lewis

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Novavax Inc. reported a profit in the first quarter, after posting a loss in the year-earlier period, boosted by revenue from sales of its Covid-19 vaccine.

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The Gaithersburg, Md.-based vaccine maker reported net income of $203.4 million, compared with a loss of $222.7 million in the first quarter of 2021. Novavax had earnings per share of $2.56, compared with a loss per share of $3.05 a year earlier.

Revenue was $704 million, up from $447 million a year earlier.

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The company repeated its guidance for revenue in 2022 between $4 billion and $5 billion.

Novavax’s vaccine for Covid-19, known as NVX-CoV2373, has been authorized for use in the European Union, Canada and other countries, and is under review in the US. The company said it has an advisory meeting scheduled for June 7 with the US Food and Drug Administration regarding an emergency use authorization for the Covid vaccine.

Write to Jeffrey T. Lewis at [email protected]

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Credit: www.marketwatch.com /

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