3/1, 10:05 PM (Source: TeleTrader)
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Novavax's Q4 revenue surges thirty-fold to $280M

Novavax Inc. reported on Monday its revenues in the fourth fiscal quarter of 2020 soared from $8.8 million to $279.7 million. Total expenses were up from $28.7 million to $182.9 million, bringing the company's net loss to $177.6 million.

The pharmaceutical firm said that its vaccine has shown an 86% efficacy against the British coronavirus strain. It has started the regulatory process for authorization and is expected to apply for emergency use in the United Kingdom and the United States in the second quarter of this year.

"Novavax continues to make significant strides towards bringing NVX-CoV2373, our COVID-19 vaccine candidate, to market," CEO Stanley Erck stated in the press release, adding that the company has "secured agreements for the delivery of approximately 300 million doses" its jab.

Shares of Novavax were down 2.20% in the after-hours trading following the release of the report.

Breaking the News / MD