Novavax said it intends to “further reshape the size and scope of global business operations beyond previously announced 2024 targets to align with the COVID-19 market opportunity.” The company anticipates reducing 2024 R&D and SG&A expenses by over $200M compared to prior targets to reflect $750M or lower spend for 2024, representing a greater than 50% reduction compared to 2022, and additionally anticipates reducing supply network costs by over $100M as it continues to “rationalize our manufacturing footprint,” the company stated.
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