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Investing.com -- Novavax Inc (NASDAQ:NVAX) Inc shares surged over 20% in premarket trading after the vaccine maker reported first quarter earnings and revenue that far exceeded analyst expectations, driven by strong sales of its COVID-19 vaccine Nuvaxovid.
The company posted adjusted earnings per share of $2.93, handily beating the analyst consensus estimate of -$0.43. Revenue for the quarter came in at $667 million, more than doubling the $251.8 million analysts were expecting.
Novavax’s strong performance was largely attributed to $603 million in revenue recognized from the termination of two Advance Purchase Agreements for its COVID-19 vaccine. The company also recorded $40 million in revenue from its partnership with Sanofi (NASDAQ:SNY).
"I am pleased with the progress we have made in the first quarter on our corporate growth strategy," said John C. Jacobs, President and CEO of Novavax. "We remain focused on creating shareholder value as we advance our three priorities for the year."
Looking ahead, Novavax raised its full year 2025 revenue guidance to between $975 million and $1,025 million, up from its previous forecast of $300 million to $350 million. The company reiterated its outlook for combined R&D and SG&A expenses of $475 million to $525 million.
Novavax ended the quarter with $747 million in cash and equivalents, down from $938 million at the end of 2024. The company continues to advance its pipeline, including COVID-19-Influenza combination and standalone flu vaccine candidates currently in Phase 3 trials.