May 10, 2024 - $Novavax (NVAX.US)$ shares skyrocketed 129.73% to $10.269 in trading on Friday. Notably, Novavax shares soared as much as 217% in premarket trading.
First Quarter 2024 Financial Results
Today, reported its financial results for the first quarter of 2024 and updated its full-year 2024 financial guidance.
Q1 Total revenue of $94 million, compared to $81 million a year earlier, up 16% yoy.
Q1 Net loss of $148 million, compared to a net loss of $294 million a year earlier, Q1 Net loss per share of $1.05, compared to a net loss per share of $3.41 a year earlier.
Cash, cash equivalents and restricted cash of $496 million as of March 31, 2024, compared to $584 million as of December 31, 2023.
Following is the full-year 2024 financial guidance:
Co-exclusive Licensing Agreement With Sanofi
Earlier today, Novavax also announced that they entered into a co-exclusive licensing deal worth $1.2 billion with Sanofi, encompassing the commercialization of a dual COVID and influenza vaccine.
According to a statement, Novavax is set to receive an upfront payment of $500 million and up to $700 million in development, regulatory and launch milestones, up to $1.2 billion in total. Novavax will receive tiered royalties from vaccine sales. And Sanofi will receive a minority (<5%) equity investment in Novavax.
"Today we announce the beginning of an exciting new chapter for Novavax with the launch of a strategically important partnership with one of the world's leading vaccine companies. We believe the combined strength of Novavax and Sanofi will enable us to better fulfill our mission of developing and improving access to life-saving vaccines," said John C. Jacobs, President and Chief Executive Officer, Novavax. "I am proud of the progress our Company has made this quarter as we continue to advance our COVID-19 vaccine for the upcoming 2024-2025 vaccination season and plan for the launch of our Phase 3 CIC and standalone influenza program in the second half of this year."