Novavax Inc NVAX Shares fall on Tuesday after the company released financial results and cut its full-year guidance.

Novavax reported revenue of $185.93 million in the second quarter, down from $298.02 million year over year. The company reported a quarterly net loss of $6.53 per share, down from a year-over-year net loss of $4.75 per share.

“With over 23 million doses shipped since the start of the third quarter, we are distributing our vaccine globally and have gained positive momentum heading into the remainder of 2022 and into 2023,” he said Stanley ErkPresident and CEO of Novavax.

Novavax lowered its full-year revenue guidance to a range of $2 billion to $2.3 billion. Previously, Novavax had forecast full-year sales of between $4 billion and $5 billion.

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NVAX Price Action: Novavax has a 52-week high of $145.20 and a 52-week low of $34.88.

The stock is down 30.1% to $40.02 at press time Gasoline Pro.

Photo: Jernei Furman by Flickr.