Novavax (NVAX) tops Q2 2020 bottom line targets, misses revenue views

Novavax (NASDAQ: NVAX) reported a loss of $17.5 million or $0.30 per share for the second quarter of 2020. Revenue jumped to $35.54 million in Q2 from $3.36 million in the prior year. Analysts had expected the company to post a loss of 42 cents per share on revenue of $39.58 million for the recently ended quarter.

As the company reported mixed results, shares of Novavax were trading in the red zone immediately after the earnings announcement. However, NVAX stock turned to positive territory later in the after-market hours.

“Since identifying a candidate vaccine to address the COVID-19 pandemic in March, we’ve secured significant funding, implemented global manufacturing capacity and completed and reported our successful Phase 1 trial,” said CEO Stanley Erck.

During the second quarter, Novavax secured $2 billion in funding for development and commercialization of its COVID vaccine NVX-CoV2373 program, which included funding from:

• U.S. Government’s Operation Warp Speed (OWS)
• U.S. Department of Defense (DoD)
• Coalition for Epidemic Preparedness Innovations (CEPI)

NVAX stock, which hit a new 52-week high ($189.40) last week, closed up 4.83% today at $178.51.

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Looking forward to read what management and analysts discuss on quarterly results? Stay tuned here for Novavax Q2 2020 earnings call transcript