Novavax Q1 2023 results to preview strategy under new leadership
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Novavax (NASDAQ:NVAX) is scheduled to report its Q1 2023 results on Tuesday before the opening bell to an investor base waiting for a potential turnaround of the COVID-19 vaccine maker under its new leadership.
Gaithersburg, Maryland-based Novavax (NVAX), the last to win FDA authorization for a COVID-19 shot, has struggled to meet Wall Street’s earnings expectations seven times and revenue forecasts six times over the past two years.
Amid a selloff among COVID-19 vaccine makers, the stock has lost ~26% over the past three months while the broader biotech sector slipped ~2%, and Novavax (NVAX), in particular, witnessed no upward revisions for earnings and revenue for the past quarter.
In April, Novavax (NVAX) Chief Executive John Jacobs, who took over leadership from long-time CEO Stanley Erck announced that the company slashed about $50M in costs in Q1 2023 as it prepares for an immunization drive in the fall with a newly designed shot.
However, Wall Street is not impressed: the company has already seen two downward revisions for its Q1 earnings, while one firm has lowered its revenue outlook amid a drop in demand for COVID products.
All in all, the analysts project NVAX to report $3.56 earnings per share and ~$94.5M in revenue for Q1 2023, indicating a ~87% YoY drop in the topline from the prior-year period.