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Novavax Inc on Monday revealed a sharp drop in its Covid-19 research funding for the first quarter and said it shipped less than a fourth of the total planned Covid vaccine deliveries for 2022.
Shares of the company were down nearly 8% after the bell.
Novavax has delivered 31 million doses of its vaccine against Covid-19, a small fraction of the 2 billion shots it plans to send around the world in 2022.
It also posted a near 78% drop in grant revenue to $99 million from the U.S. government and the Coalition for Epidemic Preparedness Innovations.
Sales of Novavax's recombinant protein vaccine, NVX-CoV2373, brought in $586 million in the quarter ended March 31, while the company earned $19 million through royalties and adjuvant sales to its licensing partners including Serum Institute of India.
Despite the slow start to Covid-19 vaccine deliveries for the year, Novavax said it continues to forecast total revenue of $4 billion to $5 billion for 2022.
The company also said it plans to initiate a late-stage study to test its vaccine in children aged 5 to 11 years by the third quarter.
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