Novavax reported fourth-quarter 2023 revenue and earnings on Wednesday that missed Wall Street expectations, causing the company’s stock price to fall more than 25% in morning trading.
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The updated Novavax shot, which was authorized in the U.S. last month, targets a descendant of the XBB lineage of the coronavirus that was globally predominant earlier this year.
The updated shots target the XBB variant.
The U.S. Food and Drug Administration said on Tuesday it authorized an updated version of Novavax’s COVID-19 vaccine for emergency use in individuals aged 12 years and older, and the company’s shares closed 8% higher.
The agency did not choose to target the shots at specific high-risk populations as some experts have suggested, and other countries have recommended. The shots are part of a push by public health officials to align the next COVID vaccines more closely with the actual circulating variant of the virus, much as annual flu shots are designed.
A U.S. Centers for Disease Control and Prevention (CDC) advisory panel is due on Tuesday to recommend whether the updated COVID-19 shots formulated by vaccine manufacturers should be given broadly or just to specific populations at higher risk during this fall’s vaccination campaign.
Pfizer and Moderna said their updated vaccines, which target the XBB.1.5 subvariant of the virus, were expected to be available for most people in the United States in the coming days. The FDA approved those shots for people ages 12 and above, and authorized them for emergency use in children ages 6 months through 11 years.
A panel of independent advisers to the Centers for Disease Control and Prevention (CDC) will meet next month to make recommendations on updated COVID-19 vaccines ahead of the fall season, according to a U.S. government website on Friday.
The biotech will supply Canada with fewer doses of its coronavirus vaccine while reaching a financial agreement for the forfeiting of certain doses previously scheduled for delivery.
A panel of outside advisers to the U.S. Food and Drug Administration is scheduled to meet on June 15 to discuss strain selection for this year’s COVID-19 booster shots, and regulators are expected to make their decision shortly afterward.