Jacobs acknowledged that Novavax does not have the market leverage and scale of French drugmaker Sanofi, with which it signed a licensing deal earlier this year to sell its COVID vaccine from 2025 in several markets, including the U.S. and Europe.

Novavax (NASDAQ:NVAX) shares lost ~12% in the premarket on Tuesday after the Gaithersburg, MD-based biotech, with its Q3 2024 financials, cut its full-year revenue guidance, citing a gloomy sales outlook for its COVID-19 vaccine,

Key Takeaways Novavax shares fell after the company dropped its full-year revenue guidance with its third-quarter results.The company has cut its guidance multiple times this year, and the new range is below the analyst consensus.