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Novavax Inc (NASDAQ: NVAX) delivered a written discover to Gavi, the Vaccine Alliance, terminating with fast impact an settlement for the sale of its COVID-19 vaccine to low- and middle-income international locations.
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The corporate cited Gavi’s failure to obtain the 350 million doses it had agreed to purchase in Might final 12 months for the COVAX facility.
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The termination has not resulted in any penalties, the corporate mentioned in its regulatory submitting.
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Associated: Canada Approves Novavax’s COVID-19 Vaccine As Booster In Adults.
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Novavax obtained a non-refundable advance cost of $350 million from Gavi final 12 months and an extra $350 million this 12 months after the vaccine obtained the WHO’s emergency use itemizing, the corporate mentioned.
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As of November 18, the corporate had solely obtained orders underneath the settlement for roughly 2 million doses.
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The announcement comes on the again of poor demand for the corporate’s shot amid a world provide glut for COVID-19 vaccines and waning demand.
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Earlier this month, the corporate revised its FY22 gross sales forecast for the second time amid waning demand for COVID-19 vaccines.
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The corporate now expects annual income to be roughly $2.0 billion, the low finish of its prior forecast vary of $2 billion – $2.3 billion.
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Worth Motion: NVAX shares are up 0.63% at $19.07 premarket on the final examine Tuesday.
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