Novavax posted huge sales gains for the past three years during the height of the pandemic. But the company is now facing serious financial challenges.
The Gaithersburg, Maryland-based company said its forecast “is subject to significant uncertainty,” particularly with regard to future sales and funding from the US government, the company said in its latest earnings report after the closing bell Tuesday. “Given these uncertainties, substantial doubt exists regarding our ability to continue as a going concern,” the company added. Shares of Novavax\n \n plunged more than 25% in early morning trading to a new multi-year low of under $7.
Despite this, Novavax’s new CEO expressed optimism about the company’s prospects. “Much has been achieved over the past three years, and based on the foundation that has been laid to date, I believe that Novavax has significant potential for a bright future,” said Novavax CEO John Jacobs, a veteran biotech executive who joined the company in January. Still, Jacobs conceded that Novavax faces numerous daunting challenges.
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