Novavax is on thin ice
Novavax, the company whose corporate missteps repeatedly sidelined an effective Covid-19 vaccine, is relying on demand for booster doses to remain solvent. And the latest update isn’t exactly encouraging.
The company said yesterday that it would lay off another 12% of its staff, expanding on a cost-cutting plan disclosed last year. In the end, Novavax will have reduced its workforce by about 30% compared to 2023, part of an effort to reduce its expenses in the months to come.
The big question is whether Novavax was able to meet its already reduced financial expectations in the fourth quarter. The company had previously forecast $1 billion in 2023 sales before cutting that number in half. Novavax won’t disclose its revenue until later this month, but its latest communications don’t exactly inspire confidence. ““We continue to spend significant time grounding our understanding of the market opportunity based on learnings from this season,” CEO John Jacobs said in a statement.
Novavax, the company whose corporate missteps repeatedly sidelined an effective Covid-19 vaccine, is relying on demand for booster doses to remain solvent. And the latest update isn’t exactly encouraging.
The company said yesterday that it would lay off another 12% of its staff, expanding on a cost-cutting plan disclosed last year. In the end, Novavax will have reduced its workforce by about 30% compared to 2023, part of an effort to reduce its expenses in the months to come.
The big question is whether Novavax was able to meet its already reduced financial expectations in the fourth quarter. The company had previously forecast $1 billion in 2023 sales before cutting that number in half. Novavax won’t disclose its revenue until later this month, but its latest communications don’t exactly inspire confidence. ““We continue to spend significant time grounding our understanding of the market opportunity based on learnings from this season,” CEO John Jacobs said in a statement.