Novavax Vaccine Does Not See High Demand for Use
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.
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