Novavax Vaccine Does Not See High Demand for Use 

August 10, 2022 by Alexa Hornbeck
Novavax Vaccine Does Not See High Demand for Use 
FILE - In this Wednesday, Oct. 7, 2020, file photo, a vial of the Phase 3 Novavax coronavirus vaccine is seen ready for use in the trial at St. George's University hospital in London. Novavax says its vaccine appears effective against COVID-19 in a large study, including against variants. Results from the study in the U.S. and Mexico were released on Monday, June 14, 2021. (AP Photo/Alastair Grant, File)

Less than a month after the Novavax COVID-19 vaccine was granted emergency use authorization, demand has dwindled.

The Food and Drug Administration on July 13 authorized the vaccine for use in people aged 18 and older. 

As of Tuesday, the shares of Novavax fell about 30% and the company halved its annual revenue forecast due to waning demand for the vaccine by American consumers. 

So far, only 7,381 Novavax vaccine doses have been administered. The company announced that 2022 revenue is expected to be between $2 billion and $2.3 billion, whereas the original 2022 forecast was around $5 billion. 

John Trizzino, chief business officer of Novavax, said the company does not expect shares to pick up this fall, as other vaccine makers have intentions to create shots that better target new variants.

Alexa can be reached at [email protected]

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