Novavax posted an surprising loss on Thursday however beat Wall Avenue’s income expectations for the third quarter.

The Covid-19 vaccine maker reported a web lack of greater than $169 million for the third quarter, in comparison with a lack of $322 million in the identical interval final 12 months.

Novavax reported third quarter income of $735 million, a greater than 300% enhance 12 months over 12 months. The corporate’s inventory rose greater than 2% in prolonged buying and selling.

Here is how the corporate carried out in contrast with what Wall Avenue anticipated, based mostly on analysts’ common estimates compiled by Refinitiv:

• Adjusted earnings: Lack of $2.15 per share vs. revenue of $1.57 per share anticipated
• Income: $735 million vs. $586.2 million anticipated

However Novavax additionally revised its 2022 income steerage right down to $2 billion, the decrease finish of its earlier forecast. The corporate beforehand slashed its annual income expectations by 50% to a spread of $2 billion to $2.3 billion within the second quarter. Covid vaccine demand has softened globally because the pandemic has eased and extra individuals are immunized than ever earlier than.

The Meals and Drug Administration authorized a booster dose of Novavax’s Covid vaccine for individuals ages 18 and older final month. The authorization was a significant milestone for the corporate as a result of the FDA additionally allowed individuals who obtained Pfizer and Moderna as their major sequence to obtain Novavax as their first booster.

The FDA first authorised the Novavax’s major vaccination sequence again in July. Though Novavax was one of many unique individuals within the race to provide a Covid vaccine, the corporate struggled to will get its manufacturing up and working and fell behind Pfizer and Moderna.

As a consequence, the small Maryland biotech firm has struggled to interrupt into the U.S. market. Solely 43,000 doses have been administered within the U.S. thus far.