Novavax Inc reported a dramatic decline in COVID-19 research spending in the first quarter and stated it delivered less than a fourth of the total COVID vaccination deliveries scheduled for 2022.
After the bell, the company’s shares were down roughly 8%.
Novavax has distributed 31 million doses of its COVID-19 vaccine, a small portion of the 2 billion shots it aims to distribute globally by 2022.
Grant money from the US government and the Coalition for Epidemic Preparedness Innovations dropped nearly 78 percent to $99 million.
In the quarter ended March 31, sales of Novavax’s recombinant protein vaccine, NVX-CoV2373, brought in $586 million, while royalties and adjuvant sales to its licensing partners, including Serum Institute of India, brought in $19 million.
Despite a poor start to the year for COVID-19 vaccine delivery, Novavax said it expects total revenue of $4 billion to $5 billion in 2022.
By the third quarter, the business expects to start late-stage research to test its vaccine in children aged 5 to 11 years.
