Novavax under delivers on first quarter COVID-19 vaccine shipments

Shipments to Indonesia, Philippines and the European Union have been delayed due late regulatory approvals.

Novavax planned to deliver 2 billion COVID-19 doses in 2022, however has delivered just a fraction of the amount. Shipments to Europe and lower income countries like the Philippines have been delayed, as reported by the public officials in their government’s vaccine rollout program. According to Novavax, 10 million vaccine doses have been delivered to Indonesia and several million doses arrived in Australia and New Zealand earlier this week. The US-based biotech company has declined to remark on the exact amount of deliveries made but noted that they are working as quick as possible to ship to their contracted suppliers for the quarter. Amy Speaker, Novavax spokesperson noted that some shipments were delayed due to regulatory processes and are currently waiting in a distribution warehouse to be shipped to healthcare providers.

Mayank Mamtani, B. Riley Securities healthcare analyst stated, "It's concerning when they have been saying they have been ready to ship millions of doses but the numbers you’re hearing are different," said, a healthcare analyst at B. Riley Securities. The biotech company is still pending to deliver on their 1.1 billion doses contracted to COVAX, a distribution program that supplies vaccines to poorer countries. Though a timeline was not provided by Novavax, the company stated that they expect about 80 million doses to be delivered in the current quarter. Novavax is currently COVAX’s third largest vaccine supplier, resulting in low and middle- income countries being directly affected should the company miss planned shipments. The current delays have resulted in the company’s shares falling nearly 10% in early trading on Tuesday.