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Bharat Bhatia
Aug 13, 2022 11:44PM ET
I took novavax its much better than mrna
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Novavax tumbles 30% as waning COVID-19 vaccine demand hits outlook
Published Aug 09, 2022 07:36AM ET
Updated Aug 09, 2022 06:40PM ET
© Reuters. FILE PHOTO: Vials with a sticker reading, "COVID-19 / Coronavirus vaccine / Injection only" and a medical syringe are seen in front of a displayed Novavax logo in this illustration taken October 31, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Shares of U.S. vaccine maker Novavax (NASDAQ:NVAX) fell about 30% on Tuesday after it cut its annual revenue forecast by half over falling demand for its COVID-19 shot from low- and middle-income nations.
Demand for its vaccine is also waning in the United States, where it was authorized for use among adults last month and was expected to be preferred by the skeptics of messenger RNA-based shots from Moderna (NASDAQ:MRNA) Inc and Pfizer Inc. (NYSE:PFE)
But only 7,381 Novavax vaccine doses have been administered so far in the country and Chief Executive Stanley Erck said that its late launch could have hampered demand.
The company now expects 2022 revenue between $2 billion and $2.3 billion, compared with its prior forecast of $4 billion to $5 billion when it was hoping to benefit from the demand for its shots as part of the COVAX vaccine sharing program.
Novavax shares fell 29.6% to close down at $40.28 a share.
"Timing continues to be our enemy," Novavax Chief Business Officer John Trizzino said in an interview.
He said the company does not expect to pick up significant market share of booster shots this fall as other vaccine makers roll out new shots designed to target newer COVID-19 variants.
Still, he said that developing its own updated version of the vaccine will help as the company gears up to compete next year.
"All of the obstacles that have been in our way in 2022 will not be there in '23," he said.
Analysts still expect the company to capture a small but meaningful share of a fast-developing market for COVID-19 re-vaccinations.
It could still be a viable COVID vaccine player in the future $5-10 billion market as it has shown a comparable or better clinical profile versus mRNA vaccines, Jefferies analyst Roger Song said in a note.
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Comments (3)
Sylvia Doloff
Aug 09, 2022 7:51PM ET
novanax was ruined when the news of the heart type side-effects would you take a vaccine that could cause an unknown heart situation/problem altering uour cardio Eurythma think on that you would actually risk what Noone can even explain it not do this to your heart but what if long-term it could are you willing to do pot luck
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Santosh Oak
Aug 09, 2022 8:59AM ET
Pharma companies getting fat on Covid vaccines are now feeling the pinch. INSPITE OF TAKING MULTIPLE SHOTS JOE caught the virus multiple times. So why take the vaccine? It provides NO PROTECTION.
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Adrian White
Aug 09, 2022 8:59AM ET
Why? Simple. The vaccines don't prevent you from getting Covid, but they make the symptoms much less severe, and greatly cut down the need for hospitalization. (Case in point, Trump who wasn't vaccinated (at the time) had to be rushed to hospital by helicopter, with difficulty breathing, while Biden was able to keep working from the WH with only very mild symptoms). Getting vaccinated not only ensures that if you get infected you'll have a much better outcome, but it also helps to prevent hospitals, and ICUs, from being overwhelmed.
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Karuna Pakhrin
Aug 09, 2022 8:59AM ET
yes
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Karuna Pakhrin
Aug 09, 2022 8:59AM ET
yes
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