NEW YORK—COVID-19 vaccine maker Novavax Inc. on Tuesday raised doubts about its ability to remain in business and announced plans to slash spending as it works to prepare for a fall vaccination campaign, and its shares plunged more than 25 percent.
The company said there is significant uncertainty around its 2023 revenue, funding from the U.S. government, and pending arbitration with global vaccine alliance Gavi. But its cash flow forecast indicates it has sufficient capital to fund operations over the next year.
The company lost $182 million, or $2.28 per share, in the fourth quarter on weaker-than-expected sales of $357 million. Analysts had expected sales of $383 million, according to Refinitiv data….