.August 8, 2024 3:31 PM

Novavax (NASDAQ:NVAX) shares dropped over 13% in premarket trading due to disappointing second-quarter results and lowered full-year revenue guidance. However, the stock rebounded and is now trading more than 10% higher. The company reported adjusted earnings per share of $0.99, missing the Street estimate of $1.67. Revenue for the quarter was $415 million, below analysts’ forecast of $464.83 million. Novavax revised its 2024 revenue forecast to $700 million to $800 million, down from $970 million to $1.17 billion, and reduced expected product sales for the year. CEO John Jacobs remains optimistic about the company’s strategic focus.

Novavax announced a partnership with Sanofi, receiving a $500 million upfront payment and $70 million equity investment. The company recognized $391 million in revenue from the deal in the second quarter.