Novavax generated fourth-quarter sales of $291.3 million, down from the $357.4 million in the year-earlier period.
Novavax expects full-year 2024 revenue to come in between $800 million and $1 billion.
Novavax anticipates first-quarter revenue to come in at $100 million, which reflects the tail end of the current Covid vaccination season.
The cuts will help Novavax focus on further developing its combination vaccine targeting Covid and the flu, which it plans to launch in 2026.
On Thursday, Novavax said it will settle a bitter arbitration dispute with Gavi, a nongovernmental global vaccine organization, over a canceled Covid vaccine purchase agreement.
Persons:
Novavax, John Jacobs, Jacobs, Gavi
Organizations:
LSEG, CNBC, CNBC PRO