Novavax (NVAX.US) reported for this quarter no expected revenue, thanks to a grant from the US government for clinical studies. Despite the mid-term drop in revenue from USD 734.58 million to USD 187 million, the company is working to optimize these grants. In order to deal with the growing market for COVID-19 vaccines, Novavax has not waited, it has sunk its bonds and is preparing for a dream investment of another $300 million in 2024.
It is estimated that the US market for COVID-19 vaccines will demand 30 and 50 million doses in the 2023-2024 season. They revealed that no more than 15 million people in the US have received the updated COVID-19 vaccine, which is behind the vaccine from the previous year.
Novavax secured year-end access to its COVID-19 vaccine in US hospitals and received approval for its updated vaccine. The company has significantly reduced its costs, reduced operating costs by 47% compared to the previous year, and is well on its way to fulfilling its full global restructuring and cost reduction. In the future, Novavax will focus on the initial investment of the program, its goal is no more than 300 million dollars in 2024, financial stability and progress in vaccine technology.
From a technical point of view, the price of Novavax is on the chart (NVAX.US) since the start of this year in the boom channel and has ranged between $6.20 per share and $10.20 per share. Compared to the year 20221, shares are trading up to -98%. Today, after the results, the stock rose by 1.40% before the market opened. Source xStation 5.
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Tags: Novavax announces quarterly results restructuring process
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