Summary by Moomoo AI
Novavax reported Q3 2024 revenue of $84.5 million, down from $187.0 million in Q3 2023, with product sales rising to $38.2 million from $2.2 million. The quarter saw licensing and royalty revenue of $46.3 million, including $32.7 million from the Sanofi collaboration. Net loss narrowed to $121.3 million or $0.76 per share, compared to $130.8 million or $1.26 per share last year.The company strengthened its financial position through a strategic partnership with Sanofi, receiving a $500 million upfront payment and potential milestone payments up to $700 million. Operating expenses decreased 30% year-over-year to $218.5 million, reflecting cost reduction initiatives. Cash and investments totaled $924.5 million as of September 30, 2024.Looking ahead, Novavax is advancing its COVID-19 vaccine program with recent authorizations in the US and EU for its 2024-2025 updated vaccine. The company continues to evolve its operating model focusing on the Sanofi partnership, pipeline development including COVID-Influenza combination vaccine, and leveraging its Matrix-M adjuvant technology platform while implementing further cost reductions.
