Business
Novavax Reports Second Quarter 2023 Financial Results and Operational Highlights
Second quarter total revenue of $424 million and net income of $58 millionExecuted new strategic partnering agreement with SK bioscience, including an equity
About this update from Novavax, Inc.
[{"type":"text","content":"Second quarter total revenue of $424 million and net income of $58 millionExecuted new strategic partnering agreement with SK bioscience, including an equity investment of $85 million in Novavax at $13.00 per share, a 59% premium to the 90-day VWAPNegotiated up to $350 million in 2023 payments under amended Canada APAInitiated FDA submission for approval of our updated XBB COVID vaccine for the 2023 fall vaccination season and reiterated plan to be in market by September; submissions to EMA and Health Canada in the coming weeksCompany to host conference call today at 8:30 a.m. ETGAITHERSBURG, Md., Aug. 8, 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 second quarter ended June 30, 2023. \n\"During the first half of 2023, Novavax has been focused on execution, making significant progress on all three of our key priorities. We have initiated the filing for authorization of our updated XBB COVID vaccine in the U.S., with submissions in the European Union and Canada to follow and we are manufacturing at commercial scale in support of our plan to deliver our vaccine on time for the fall season,\" said John C. Jacobs, President and Chief Executive Officer, Novavax. \"I am also pleased to report that we have now reduced our current liabilities by over $1 billion this year and we recorded $424 million in total revenue for the second quarter. We continue to work towards deriving additional value from our pipeline and technology and will be advancing our COVID-Influenza Combination vaccine candidate through the next stage gates and towards late-stage development.\"\nSecond Quarter 2023 and Recent Highlights\nDuring the second quarter, the company continued to make progress on our three key priorities for 2023.\nPriority #1: Deliver an Updated COVID Vaccine for the Upcoming 2023 Fall Vaccination Season\nDuring the second quarter, Novavax continued preparations to deliver our updated XBB COVID vaccine for the 2023 fall season. In most of our key target markets, including the U.S., the Novavax vaccine, if authorized, would be the only non-mRNA protein-based XBB COVID vaccine available.\nContinue to prepare to deliver our updated XBB COVID vaccine for the fall, consistent with recomm...