(Novavax) Shares of Novavax fell more than 25% in premarket on Tuesday after reporting adjusted earnings per share of $2.56 in the first quarter of 2022. The earnings missed expectations of $2.69 per share.
Novavax also missed an expectation of $845 million revenue in the quarter, after reporting sales of $704 million.
Novavax’s stock was further weighed down by an announcement by CFO Jim Kelly that it is yet to get an order from Covax, the international partnership that sources vaccines for lower-income countries.
Novavax still reported its first quarter profit of $203 million, compared to a loss of $222.7 million in the prior year.
The company reiterated an FY22 guidance revenue of between $4 billion and $5 billion.
NVAX: NASDAQ is down -25.84%.
