Novavax Inc. on Monday halved its full-year revenue forecast as it does not expect further sales of its COVID-19 shot this year in the United States in the face of a global supply glut and soft demand, sending its shares down 33 percent.
Novavax said it now expects 2022 total revenue in the range of $2 billion to $2.3 billion, compared with its prior forecast of $4 billion to $5 billion.
The shot last month was authorized for use among adults in the United States, where it was seen as driving uptake among those skeptical of ground-breaking messenger RNA technology from market leaders Pfizer and Moderna.
However, only 7,381 Novavax vaccine doses have been administered so far in the country, according to the latest government data….