Novavax (NASDAQ:NVAX) stock is on the rise Friday after the biotechnology company announced a deal with Sanofi (NASDAQ:SNY) alongside its first-quarter earnings report.
The big news here is the two companies signing a co-exclusive licensing agreement. This covers Novavax’s stand-alone adjuvanted Covid-19 vaccine.
The first part of the license covers the sale of the vaccine worldwide, except for where current licenses or agreements are in place. The second ones Sanofi combine this vaccine with its own flu vaccines. Next, the third part of the license lets Sanofi combine the Covid-19 vaccine with its other non-flu vaccines. Finally, it also includes a non-exclusive license to use the Matrix-M adjuvant in vaccine products.
On top of all of this, Sanofi is taking a minority stake in Novavax. That will see it hold less than 5% of all outstanding shares of NVAX stock.
Novavax president and CEO John Jacobs said the following about the news:
“Today we announce the beginning of an exciting new chapter for Novavax with the launch of a strategically important partnership with one of the world’s leading vaccine companies. We believe the combined strength of Novavax and Sanofi will enable us to better fulfill our mission of developing and improving access to life-saving vaccines.”
NVAX Stock Earnings Report
Investors will also note that Novax reported diluted earnings per share of -$1.05 during the quarter. That’s better than the -$1.08 per share that Wall Street was expecting. It’s also better than the -$3.41 in the same period of the year prior.
On the other hand, the company’s revenue comes in at $93.86 million. This is worse than analysts’ estimate of $101.45 million for the quarter. It is an improvement over Q1 2023’s $80.95 million.
NVAX stock is up 117.7% as of Friday morning, with more than 20 million shares traded. The company’s daily average trading volume is about 6.8 million shares.
Investors will find more of the most recent stock market stories below!
We have all of the hottest stock market news traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, the latest news concerning a Dell Technologies (NYSE:DELL) data breach and more. All of this info is ready to go at the following links!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- Dell Data Breach 2024: What to Know as 49 Million Customers Feel Impacts
- Housing Market Crash Alert: ‘Seriously Underwater’ Mortgages Are on the Rise
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.
