Novavax, Inc. (NASDAQ: NVAX) released its FY22 Q1 earnings report on Monday, May 6, 2022, after the market closed. Here is an overview of the essential disclosure.
- Revenue: $704 million reported vs. $878.11 million expected
- EPS: $2.56 adjusted vs. $3.33 expected
- Net Income: $203 million
The NVAX stock was down by 8.21% and traded at $48.89 (down by 4.37 points) in the extended trading session on Tuesday.
Financial Highlights
- Achieved revenue of $704 million and net income of $203 million highlighting the first profitable quarter as a commercial stage company.
- Reiterating full year 2022 total revenue guidance of between $4 and $5 billion.
- Continued label expansion including primary, booster and adolescent authorizations and new shipments of Nuvaxovid™ into European Union, Canada, South Korea, Australia Thailand, Singapore and New Zealand.
- Submitted request for EUA to U.S. FDA for NVX-CoV2373, with FDA Advisory Committee meeting scheduled for June 7.
- Announced positive Phase 1/2 results of COVID-19-Influenza Combination vaccine candidate confirming feasibility of approach.
CEO’s Statement
“Novavax has been successful in launching our protein-based COVID-19 vaccine worldwide and executing on our plans for ongoing label expansions for pediatrics and homologous and heterologous boosting. Reinforced by our first profitable quarter, with $704 million in revenue, we are continuing our robust commercial rollout. Importantly, as new variants have emerged, we have progressed our strategy to be ready to address the dynamic environment and continue development beyond COVID-19 with our COVID-19-Influenza Combination vaccine candidate.”
said Stanley C. Erck, President and Chief Executive Officer, Novavax
Analysts Estimate
The Zacks Consensus Estimate for the earnings per share (EPS) was pinned at $3.33. This indicated a massive decline of 209.18% year-over-year. Moreover, it also suggested a huge gain of 142.7% than that of the last quarter.
The Earnings Expected Surprise Prediction was 10.13%, which suggested that the consensus did expect Novavax to meet as well as beat the estimates for the first quarter. Moreover, the estimated revenue was pegged at $878.11 million. This suggested a substantial decline of 96.34% year-over-year.
Earnings History
Novavax, the pharmaceutical company, reported a revenue of $222 million for the fourth quarter and $1.1 billion for the full year. Earnings per share of $ 11.18 for the fourth quarter and $23.44 for the full year.
In the third quarter of 2021, Novavax reported a net loss of $322.4 million, or $4.31 per share, compared to a net loss of $197.3 million, or $3.21 per share, in the third quarter of 2020.
In the third quarter of 2021, Novavax’s revenue was $178.8 million, up from $157.0 million in the same period in 2020. This increase was due to increased development activities for NVX-CoV2373 for services performed under the US government agreement and royalties under Novavax Licensing agreements.
Earnings Forecast
Zacks analysts estimate the EPS to be at $0.25 in the second quarter of FY22, indicating a huge decline of 30.56% year-over-year. Moreover, the revenue is estimated at $1.12 million, indicating a growth of 277.31% from this year.
