Net loss widen on the back of increases in manufacturing and research and development costs.
The biotechnology company Novavax, which has devoted itself to developing next-generation vaccines has reported their 2021 third quarter results. The company reported a revenue of $178.8 million for the quarter, showing a 14% increase in profits compared to the $157.0 million reported in the 2020 third quarter results. The protein-based vaccine, NVX-CoV2373 was a contributing factor towards the company’s increase in revenue. Novavax had a net loss of $322.4 million during the quarter in comparison to the $197.3 million loss reported last year. The manufacturing of NVX-CoV2373 along with supporting the program has resulted in the company’s increased expenses. The company’s research and development costs increased from $294.1 million in Q3 2020 to $408.2 million. The administration costs have also increased from $56.9 million to $77.8 million.
The development of the NVX-CoV2373 vaccine has propelled the company into the spotlight. "We are excited by the significant progress made over the quarter, including our landmark milestone of gaining the first regulatory approval for our COVID-19 vaccine," stated President and CEO of Novavax, Stanley Erck. "With additional regulatory submissions around the world, we are prepared to deliver our vaccine globally.” The biotech company has signed an agreement with the European Commission to produce between 20 million to 100 million initial doses, with the option of adding 100 million additional doses in 2023. The company is currently producing 100 million doses monthly, aiming to achieve 150 million doses by the end of the year. Novavax has revealed that they expect their 2022 capacity to be over 2 billion annual doses.