Business
Novavax Reports First Quarter 2023 Financial Results and Operational Highlights
Announced global restructuring and cost reduction initiative with expected 2024 full-year R&D and SG&A reduction of approximately 40% to 50% vs 2022Provided
About this update from Novavax, Inc.
[{"type":"text","content":"Announced global restructuring and cost reduction initiative with expected 2024 full-year R&D and SG&A reduction of approximately 40% to 50% vs 2022Provided full year 2023 total revenue guidance of between $1.4 and $1.6 billionFirst quarter revenue reflects shift to seasonal demand pattern; on-track to deliver updated COVID vaccine for Fall seasonAnnounced positive Phase 2 topline results for COVID-Influenza Combination, standalone influenza, and high-dose COVID vaccine candidatesCompany to host conference call today at 8:30 a.m. ETGAITHERSBURG, Md., May 9, 2023 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its novel Matrix-M™ adjuvant, today announced its financial results and operational highlights for the first quarter ended March 31, 2023. \n\"Today we outlined significant measures intended to reduce spend, extend our cash runway, and operate more efficiently. Combined with our focus on revenue generation from Nuvaxovid™ and management of our current liabilities, these measures should strengthen our cash position and our potential for the long-term growth and stability of Novavax,\" said John C. Jacobs, President and Chief Executive Officer, Novavax. \"We also made significant progress on our other key priorities, including our efforts to deliver an updated COVID vaccine for the Fall season. And, today we announced positive Phase 2 data that we believe supports the further development of our combination COVID-influenza, standalone influenza, and high-dose COVID vaccines.\nReducing our workforce has been a difficult decision, but we believe it was necessary to better align our infrastructure and scale to the endemic COVID opportunity,\" continued Mr. Jacobs. \"Though we still have substantial challenges ahead of us in 2023, we are encouraged by the progress we have made in the last quarter and are determined to continue executing on our top priorities.\"\nFirst Quarter 2023 and Recent Highlights\nDuring the quarter, the company has made progress delivering on the three near-term priorities laid out during its fourth quarter 2022 earnings call.\nPriority #1: Deliver an Updated, Competitive COVID Vaccine for the Upcoming 2023 Fall Vaccination Season\nNovavax remains focused on our top priority of delivering an updated, competitive COVID vaccine consistent with public health...