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Novavax Inc’s (NASDAQ: NVAX) CEO, recently appointed CEO John Jacobs, stated the organization would slash about $50 million in costs in Q1 of 2023 and options additional cuts.
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“We’re seeking at all the things from buildings, leases, land, headcount, and contractors, every single factor of our enterprise and the way we perform,” Jacobs said in an interview with Reuters.
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Jacobs also explained the firm is in regular talks with the Fda around the prospective structure of its 2023 COVID-19 booster shot and believes Novavax will have a new shot all set in time for the slide.
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The business appointed John Jacobs, President & CEO next the retirement of Stanley Erck, who served as President & CEO for 12 several years.
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Also Browse: FDA’s Regulatory Hold off is The Cause For Novavax, Lucira Health’s Failure
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Novavax’s COVID-19 vaccine is its only promoted solution following 35 yrs in business, the report included.
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The CEO additional that the firm did not expect to start its individual flu vaccine this 12 months and will concentration on the COVID vaccine.
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Jacobs mentioned Novavax would request funding for its COVID/influenza mixture shot, relying on regardless of whether the approaching information is constructive.
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In February, when the enterprise launched its fiscal 2022 earnings, it claimed, “sizeable question exists pertaining to our capacity to proceed as a heading problem through a person calendar year from the date that these money statements are issued.”
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Novavax’s Q4 earnings amplified 61% calendar year-around-calendar year to $357 million, which missed typical analyst estimates of $383.14 million.
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In its 10K filing, the enterprise stated the U.S. authorities did not prolong its agreement with Novavax further than December 2023, putting some of the remaining $416 million in that deal at hazard.
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Novavax also reported that dependent on the outcome of its arbitration with Gavi, it could be needed to refund all or a part of the $697.4 million it been given from the team.
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Value Action: NVAX shares are up 1.44% at $9.16 through the premarket session on the very last check out Thursday.
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Photo by Jernej Furman by using Flickr
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This write-up Novavax Options to Lower $50 Million in Charges, COVID-19 Vaccine Stays Only Promoted Item initially appeared on Benzinga.com
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