What happened
Novavax (NVAX -4.82%), an up-and-down coronavirus stock, had a down day on Monday. The vaccine specialist's share price took a 5% hit after the company reported earnings that fell short of expectations.
So what
For its second quarter, Novavax earned just under $186 million in total revenue, which was well under the more than $298 million in the same period last year. Although the company recorded over $55 million in product sales compared to $0 in the year-ago frame, the amount in grants it received fell by more than 60% to less than $108 million.
That reduced revenue figure, combined with steeper costs, plunged the company more deeply into the red on the bottom line. Novavax booked a net loss in excess of $510 million ($6.53 per share) against the second quarter 2021 shortfall of $352 million.
With those numbers, Novavax missed wide on analyst estimates. Prognosticators following the stock were, on average, expecting a far higher revenue number ($1.02 billion). They also believed the company would post a narrower net loss of $5.50 per share.
Now what
Compounding that, Novavax also missed on the revenue guidance it proffered for the entirety of 2022.
The company wrote that it expects a top-line number of $2.0 billion to $2.3 billion for the year, which incorporates sales of the Nuvaxovid coronavirus vaccine that recently garnered emergency use authorization (EUA) from the Food and Drug Administration (FDA), grants, and royalties, among other items. However, analysts collectively were modeling nearly $4.3 billion in revenue for the period.
