Novavax stock explodes 75% on Sanofi partnership
For the first quarter, Novavax reported a first-quarter loss per share of $1.05, wider than the $0.92 anticipated by analysts. The company's revenue was $93.85 million, significantly falling short of the consensus estimate of $141.16 million.
Despite missing Q1 estimates, NVAX stock rose sharply after the company announced it has secured a multibillion-dollar agreement with Sanofi to jointly market its COVID-19 vaccine starting next year and collaborate on combination shots targeting both coronavirus and the flu. This development signifies a significant turning point for Novavax and its protein-based Covid vaccine, which health authorities see as a vital alternative for those hesitant to receive Pfizer and Moderna's mRNA shots.
Novavax will receive royalties from Sanofi's sales of its Covid and combination vaccines and up to $200 million in additional launch and sales milestone payments per product developed with the Matrix-M adjuvant."This collaboration is important for Novavax and for global public health,” Jacobs said.
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