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Novavax cuts its 2022 revenue forecast

Yahoo Finance's Akiko Fujita explains why Novavax stock is down more than 30% in early trading on Tuesday.

Video Transcript

AKIKO FUJITA: Well, take a look at shares of Novavax, sinking after the Maryland-based biotech company missed estimates for the latest quarter and slashed its full year revenue guidance by about 50%. The company no longer expects any revenue from the vaccine alliance COVAX due to soft demand. And its late entry to the US market also caused it to lose ground to Pfizer and Moderna. We spoke with Novavax CEO earlier today. Here's what he had to say.

STANLEY ERCK: We're transitioning into a commercial market from now until next year. And I think that it takes time to do that. I think the issue with respect to COVAX is that they are supplying low and middle income markets around the globe. And there's been a lot of vaccine available to those markets. And so we've put off any projections of sales to COVAX this year.

BRIAN CHEUNG: And you can catch that full interview with Stanley Erck, the CEO, on YahooFinance.com.