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Novavax | 8-K: Novavax Reports Fourth Quarter and Full Year 2023 Financial Results and Operational Highlights

SEC announcement ·  Feb 28 08:12
Summary by Moomoo AI
On February 28, 2024, Novavax, Inc. reported its financial results for the fourth quarter and full year of 2023. The company announced Q4 revenues of $291 million and full-year revenues of $1.0 billion. Novavax also provided guidance for 2024, projecting total revenues between $800 million to $1 billion. The company has made significant strides in reducing operating expenses by 41% compared to 2022 and has reduced its workforce by 30% since Q1 2023. Novavax settled with Gavi regarding a 2021 advance purchase agreement, which has removed financial uncertainty. The company is progressing with its Phase 3 COVID-19-Influenza Combination vaccine trial, expected to begin in the second half of 2024, with a potential launch in 2026. Novavax's net loss for Q4 was $178 million, an improvement over the $182 million loss in the same period the previous year. The company ended the year with $584 million in cash and cash equivalents.
On February 28, 2024, Novavax, Inc. reported its financial results for the fourth quarter and full year of 2023. The company announced Q4 revenues of $291 million and full-year revenues of $1.0 billion. Novavax also provided guidance for 2024, projecting total revenues between $800 million to $1 billion. The company has made significant strides in reducing operating expenses by 41% compared to 2022 and has reduced its workforce by 30% since Q1 2023. Novavax settled with Gavi regarding a 2021 advance purchase agreement, which has removed financial uncertainty. The company is progressing with its Phase 3 COVID-19-Influenza Combination vaccine trial, expected to begin in the second half of 2024, with a potential launch in 2026. Novavax's net loss for Q4 was $178 million, an improvement over the $182 million loss in the same period the previous year. The company ended the year with $584 million in cash and cash equivalents.
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