Novavax (NASDAQ:NVAX) stock is climbing higher on Tuesday after the vaccine company released earnings results for the second quarter of the year.
Included in that report is the company’s diluted earnings per share of 58 cents. That’s a surprise profit compared to the -$1.15 per share that Wall Street was expecting. It’s also a major improvement year-over-year compared to -$6.53.
To go along with this, Novavax reported revenue of $424.43 million in the most recent earnings report. Yet again, that’s better than analysts’ estimate of $258.99 million for the period. It’s also well above the $55.45 million reported in the same period of the year prior.
Novavax notes that the strong earnings for the second quarter of the year came from its Covid-19 vaccine sales. The company is also preparing an updated version of this vaccine for the 2023 flu season.
NVAX Stock Outlook
Despite the positive earnings report, Novavax did lower its outlook for 2023. It now expects revenue to come in between $1.3 billion and $1.5 billion. Its prior estimate was for revenue ranging from $1.4 billion and $1.6 billion. For the record, Wall Street is estimating revenue of $1.44 billion for the current year.
With today’s earnings report comes more than 3.8 million shares of NVAX stock changing hands. That’s closing in on its daily average trading volume of about 6.3 million shares. It also has the company’s stock up 7.2% as of Tuesday morning.
Investors on the lookout for more of the most recent stock market news will want to keep reading!
We’ve got all of the biggest stock market stories that traders need to know about on Tuesday! A few examples include why shares of Palantir Technologies (NYSE:PLTR) stock, Datasea (NASDAQ:DTSS) stock, and Proterra (NASDAQ:PTRA) stock are in the news today. All of that news is ready to go at the links below!
More Stock Market News For Tuesday
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On the date of publication, William White did not have (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 InvestorPlace.com Publishing Guidelines.
