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.

Novavax has made a smaller splash in the U.S. Covid-19 vaccine market than it had hoped. But it's betting on licensing deals and a pipeline of new vaccines it's now evaluating for R&D.