Novavax Layoffs 2023: What to Know About the Latest NVAX Job Cuts


  • Novavax (NVAX) layoffs are coming for 25% of the company’s employees.
  • The company will also consolidate its facilities and infrastructure.
  • This move comes as Novavax seeks to reduce spending as Covid-19 vaccine demand weakens.
Novavax Layoffs - Novavax Layoffs 2023: What to Know About the Latest NVAX Job Cuts

Source: benjamin poturak /

Novavax (NASDAQ:NVAX) layoffs are on the way as the vaccine maker reveals plans to cut a large portion of its workforce on Tuesday.

Specifically, the company just announced that it intends to cut 25% of its global workforce to reduce operating costs. This move will also see Novavax consolidate facilities and infrastructure as part of the same effort. This has the company expecting a 20% to 25% reduction in R&D and SG&A expenses in 2023.

John Jacobs, President and CEO of Novavax, said the following about the layoffs in a news release:

“Today we outlined significant measures intended to reduce spend, extend our cash runway, and operate more efficiently. Combined with our focus on revenue generation from Nuvaxovid™ and management of our current liabilities, these measures should strengthen our cash position and our potential for the long-term growth and stability of Novavax […] Reducing our workforce has been a difficult decision, but we believe it was necessary to better align our infrastructure and scale to the endemic COVID opportunity.”

What’s Behind the Novavax Layoffs?

Novavax is among the companies that increased its spending to ramp up production of Covid-19 vaccines during the pandemic. With the pandemic over and demand for vaccines weakening, however, the company is shedding some of the workers it brought in over the last few years.

NVAX stock is up 20.7% as of Tuesday morning. This comes alongside some 3 million shares traded so far compared to the company’s daily average of 5.7 million shares.

There’s even more stock market news traders will want to know about below!

We’ve got all of the most recent stock market stories investors need to know about on Tuesday! Among that is what has shares of Lexaria Bioscience (NASDAQ:LEXX), Ohmyhome (NASDAQ:OMH) and Palantir (NYSE:PLTR) stock moving today. You can find out more on these matters at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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