Novavax, Maryland-Based Vaccine Maker In Financial Trouble

Posted on 03/02/23 | News Source: WBAL

A Maryland-based vaccine maker said it's worried about future sales and funding from the U.S. government.

The Gaithersburg vaccine maker Novavax lost $200 million in the fourth quarter of last year. The results were released on Wednesday.

While Novavax's CEO told investors he thought the future is bright, he also warned that the company must deliver a "competitive product" for the upcoming fall vaccination season. He also said the company needs to cut spending and find ways to boost sales beyond its COVID-19 vaccine.

Novavax got a $1.6 billion federal grant for the COVID-19 vaccine in 2020.