Summary by Moomoo AI
Novavax reported Q2 2024 revenue of $415.5 million, compared to $424.4 million in Q2 2023, driven by $386.3 million in licensing revenue from the Sanofi collaboration agreement. Product sales declined to $19.9 million from $285.2 million year-over-year. The company posted net income of $162.4 million versus $58.0 million in Q2 2023.Research and development expenses decreased 51% to $106.9 million, while SG&A expenses increased slightly to $101.3 million including $29.5 million in Sanofi transaction costs. The company ended the quarter with $1.1 billion in cash and investments, bolstered by a $500 million upfront payment from Sanofi and $188 million from stock sales.Under the Sanofi agreement, Novavax will continue commercializing its updated COVID-19 vaccine through the 2024-2025 season before transitioning primary commercial responsibility to Sanofi in 2025. The company is eligible for up to $700 million in development and commercial milestones plus royalties. Novavax remains on track to initiate Phase 3 trials for its COVID-Influenza combination and standalone flu vaccines in Q4 2024.
