Novavax cut its full-year revenue forecast recently for the second time in three months, hurt by a global supply glut in COVID-19 vaccine and waning demand.
The company now expects annual revenue to be near the low end of its prior forecast range of between $2 billion and $2.3 billion.
In August, Novavax halved its full-year revenue forecast as it did not expect further sales of its COVID-19 shot this year in the US.
The company is now “pushing forward” on developing a vaccine targetting Omicron subvariants BQ.1 and BQ.1.1 which they would also formulate as a bivalent vaccine with another coronavirus strain, Filip Dubovsky, Chief Medical Officer, Novavax, said on a conference call with investors.
Novavax plans to have that ready in the second quarter of next year, in time for a potential surge of cases in the southern hemisphere, Dubovsky added.
Earlier, Novavax said its COVID-19 shot retooled against the Omicron BA.1 variant showed a strong immune response as the fourth dose and met the main goal of a strain change in a late-stage study.
