Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Last Call for Cyber Monday! Save Now on Claim 60% OFF
Novavax faces challenges in COVID-19 vaccine race amid Pfizer and Moderna's lead
Editor
Published Sep 14, 2023 22:16
© Reuters.
On Thursday, it was reported that Novavax (NASDAQ:NVAX)'s updated version of the vaccine is still under review by the U.S. Food and Drug Administration (FDA), while updated vaccines from Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) have already received approval. This could potentially affect Novavax's market position if its competitors' products are introduced first for the upcoming fall vaccination season. The timing of the launch is seen as critical; a delay measured in weeks rather than days could significantly disadvantage Novavax.
Novavax, an early contender in the COVID-19 vaccine race, has been struggling to catch up with rivals Pfizer and Moderna. The company, whose shares soared by over 2,700% in 2020, has experienced a decline in share value due to delays in launching its vaccine. This delay has also resulted in a significant loss of potential revenue.
The introduction of Novavax's vaccine came approximately 18 months after the offerings from Pfizer and Moderna, missing the initial rush for vaccinations. This late entry has hampered the company's ability to secure a significant market share. The company's vaccine uses a proven protein subunit technology similar to that used in the hepatitis B vaccine.
The Centers for Disease Control and Prevention have already endorsed the updated Pfizer and Moderna vaccines for individuals as young as six months, with vaccinations potentially starting this week.
Novavax initiated a comprehensive restructuring plan earlier this year in response to lower-than-expected vaccine revenues. The plan involves reducing its workforce by 25% with an aim to cut costs by up to 50% next year compared to last year's levels.
Despite these challenges, Novavax generated nearly $2 billion in revenue last year from its vaccine and is currently working on an updated version for the fall season. The company is also advancing on a combined coronavirus/flu vaccine candidate that has shown promising results in clinical trials.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.