Novavax Reports First Quarter 2024 Financial Results and Operational Highlights

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Go back to Novavax Reports First Quarter 2024 Financial Results and Operational Highlights

JPMorgan Upgrades Novavax (NVAX) to Neutral, 'Sanofi Licensing Deal Brings In Flu Heavy Weight and Lifts Going Concern'

May 10, 2024 9:27 AM EDT

JPMorgan analyst Eric Joseph upgraded Novavax (NASDAQ: NVAX) from Underweight to Neutral.

The analyst comments "On the back of the announced licensing deal with Sanofi, we are upgrading Novavax shares to Neutral from Underweight. With the injection of cash upfront ($500M) removing Novavaxs going concern, , and the greater commercial heft brought to both COVID... More

Novavax (NVAX) stock soars 120% as Sanofi deal 'kicks off a new chapter'

May 10, 2024 4:15 AM EDT

(Updated - May 10, 2024 9:20 AM EDT)

Novavax (NASDAQ: NVAX) shares skyrocketed more than 120% in premarket trading Friday, driven by the companys fiscal Q1 2024 report and more importantly, a vital, multi-billion dollar deal with French pharma giant Sanofi SA.

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.

Novavax also offered revenue guidance for the fiscal 2024, expecting between $800 million and $1 billion, compared to the consensus estimate of $845.5... More