Shares of Novavax (NASDAQ:NVAX) jumped Tuesday after the COVID vaccine maker reported a surprise second-quarter profit.
The results come as Novavax works to strengthen its financial position, particularly after it raised doubts about its ability to stay in business earlier this year.
The company is pinning its hopes on the launch of its updated COVID shot in the U.S. commercial market this fall, a global cost-cutting push announced in May and a promising vaccine pipeline to help it stay afloat.
The Maryland-based company’s stock has dropped more than 23% this year, putting its market value at around $650 million.
Earnings per share proved to be 58 cents per share, vs. a loss of $1.39 per share expected.
Revenue registered at $424.43 million, vs. the expected $239.2 million.
Novavax posted a net income of $58 million, or 58 cents per share, for the quarter. That compares with a net loss of $510.5 million, or $6.53 per share, reported during the same quarter last year.
The biotech company generated second-quarter sales of $424.4 million, up from the $185.9-million figure from the same period a year ago.
Novavax CEO John Jacobs told the media that the company pulled forward some sales that “might have drifted” into the third quarter from prior Covid vaccine purchase agreements, recognizing those sales instead in the second quarter.
NVAX shares popped 62 cents, or 8.2%, first thing Tuesday to $8.14.
