Summary by Moomoo AI
Novavax, a biotechnology company specializing in innovative vaccines, reported a significant decrease in revenue for the fiscal year ending December 31, 2023. Total revenue dropped to $983.7 million from $1.98 billion the previous year, a decline largely attributed to reduced COVID-19 vaccine sales. Product sales fell by over $1 billion to $531.4 million, with the most substantial decrease in Europe, followed by North America and the rest of the world. Despite this, grant revenue increased slightly to $427.3 million, primarily due to increased support activities under the USG Agreement. The company also saw a decrease in royalties and other revenue. Novavax's cost of sales was $343.8 million, or 65% of product sales, including expenses related to excess, obsolete, or expired inventory and losses on certain firm purchase commitments...Show More