(Novavax) Shares of Novavax Inc. dropped by more than 7% on Tuesday after reporting a revenue of $222 million in the fourth quarter of 2021, compared to $280 million in the prior year.
For FY21, the revenue was reported at $1.1 billion, an increase from $476 million in the previous year.
The company widened its net loss in the fourth quarter to $846 million, compared to a loss of $178 million in the previous year. FY21 loss was $1.7 billion, higher than a loss of $418 million in the previous year.
The increase in losses was largely contributed by an uptick in expenses on research and development, which hit $963 million in the fourth quarter, up from $401 million in the prior year’s comparable quarter.
Novavax said it expects revenue of $4 billion and $5 Billion in FY22.
NVAX: NASDAQ is down -7.27% on premarket.
