Nevertheless, Novavax reported revenues of $704m in Q122, as NVX-CoV2373 - known as Nuvaxovid overseas outside the US - gained authorization in the UK, Canada, Australia, Switzerland, Singapore and New Zealand, and thanks to a partnership with the Serum Institute in India, South Korea, Thailand and Bangladesh. Novavax shares plunged in value as delay after delay frustrated the approval process, and as it became clear it would not play a role in the global, government sponsored, mass vaccination programs, shares sank in value, hitting a two-year low of $40 in June this year. That still did not stop Novavax' share price surging to an all-time high of $290 in February 2021, however, as investors kept the faith.Īs Moderna and Pfizer began to roll out their vaccines in the US and EU, Novavax struggled to complete a Phase 3 study in the US and Mexico, and had to watch from the sidelines as the two approved vaccines generated nearly $50bn of revenues in 2021, a figure that's likely to be repeated in 2022. But the company struggled to complete trials in the UK and South Africa, and it was Moderna ( MRNA ), and Pfizer ( PFE ) / BioNTech's ( BNTX ) revolutionary messenger-RNA vaccines - SpikeVax and Comirnaty - that secured EUAs in December 2020. By August 2020, its stock price had risen to a staggering $170. Novavax was selected to participate in Operation Warp Speed - the government's official COVID vaccine program - and awarded ~$1.6bn of funding. Novavax shares traded at a price of ~$4 prior to the COVID outbreak in March 2020 as the company struggled to persuade the authorities to approve an RSV and an influenza vaccine, but the company was quick to develop an adjuvanted COVID vaccine candidate, which early data suggested could be among the frontrunners for a first EUA. On Wednesday, Novavax ( NASDAQ: NVAX) and its long-suffering shareholders finally received the news they had been waiting for since late 2020 - NVX-CoV2373, the company's sub unit protein COVID vaccine, was awarded an Emergency Use Authorization ("EUA") by the FDA. Luis Alvarez/DigitalVision via Getty Images Background for Emergency Use Authorization of Novavax COVID Vaccine
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