![]() The rollout of Novavax's shot was plagued by manufacturing snags, regulatory delays and sluggish uptake.Īs the company worked to develop the shot, its shares traded as high as $330, a more than $20 billion market value. Novavax was founded in 1986, but the Covid-19 vaccine is its first commercially available product. Novavax is looking at all options that properly value its technology, pipeline and manufacturing capabilities on three continents, from partnerships to licensing deals to "different types of deals that could be much more significant," the CEO said. Novavax has more than 1,500 employees, according to its website. Jacobs did not give a target for how deep spending or job cuts would be. "We're in the process of assessing the global footprint of Novavax, rationalizing our supply chain, rationalizing the portfolio and rationalizing the company structure and our infrastructure," he said. The CEO said the company has been spending at a "hot rate," and plans to cut back, likely including job cuts. ![]() "The sooner we know that the more clarity we have on our path forward." We don't know what global health authorities may want from a regulatory standpoint on how the new vaccine needs to look," Jacobs said. "We don't know what the strain selection is yet from FDA. However, Jacobs cautioned that there are risks in the near term to that operating plan, including the fact that protein-based vaccines like Novavax's take longer to produce than their messenger RNA-based competitors.Ĭompanies will need to change their vaccine each year to match circulating strains as required by regulatory agencies, including the U.S. Novavax had $1.33 billion of cash on hand at the end of 2022. "If we execute on our operating plan, we'll be in a very strong position not only at the end of this year, but going into next year," Novavax's new Chief Executive John Jacobs, who joined the company in late January, said in an interview. Analysts had expected sales of $383 million, according to Refinitiv data. The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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