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Aug 8 (Reuters) - Novavax reported a second-quarter profit on Tuesday, helped by strong revenue from its COVID-19 vaccines, but still trimmed its full-year forecast for sales of the shot.
The biotech company also entered into a stock purchase agreement with SK Bioscience Co, under which Novavax will issue 6.5 million shares to the South Korean company at $13 per share.
Shares of Novavax were up 19% at $8.95 in premarket trading.
The vaccine maker posted net income of $58 million, or $0.58 per share, for the quarter, compared with a net loss of $510 million, or $6.53 a share, a year earlier.
The company reported revenue of $424 million, compared with analysts' estimates of $240 million, according to Refinitiv IBES data.
It cut its sales forecast for its COVID-19 vaccines on lower revenue than it previously expected from overseas purchase contracts for the COVID shot that it committed to ship this year.
The company now expects between $1.3 billion and $1.5 billion in COVID-19 vaccine sales and grants this year, compared with its earlier forecast of $1.4 billion to $1.6 billion.
The company is counting on selling an update version of its shot in the fall season, especially in the United States.
The company last month said it had developed an updated vaccine candidate targeting the XBB.1.5 coronavirus variant, and is manufacturing at commercial scale with the intent to meet the U.S. government's timeline for regulatory action in September.
Novavax's stock has lost around 95% of its value since last year as the company grappled with weak demand for its COVID-19 vaccines after being a late entrant in a market already dominated by the likes of Pfizer-BioNTech , Moderna and AstraZeneca. (Reporting by Leroy Leo in Bengaluru; Editing by Varun H K, Shounak Dasgupta and Maju Samuel)
