Shares of biotechnology company Novavax (NASDAQ:NVAX) are up in double digits today after it posted better-than-anticipated second quarter numbers marked by a 128.3% year-over-year jump in the topline to $424.4 million. Concurrently, EPS at $0.58 raced past expectations by $1.91.
Along with this uptick in sales, the company is firing on all cylinders. It has initiated the filing for authorization of its updated XBB COVID-19 vaccine in the U.S. and submissions in Europe and Canada are expected to follow suit. Novavax is aiming to deliver the vaccine in the fall season and is currently manufacturing at a commercial scale.
The company has also lowered its current liabilities by $864 million in the first half of this year and remains on track to lower its R&D and SG&A expenses by about 20% to 25% this year. Further, it is also advancing its COVID-19-Influenza combination vaccine candidate towards late-stage development.
The company had a cash pile of $518 million at the end of June 2023. Looking ahead, for full-year 2023, it now expects total revenue to hover between $1.3 billion to $1.5 billion (prior outlook between $1.4 billion to $1.6 billion).
Overall, the Street has a $25 consensus price target on Novavax alongside a Hold consensus rating. This points to a hefty 211.3% potential upside in the stock.
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