Novavax Stock Falls on Report of Covid Vaccine Production Problems

·2 min read

By Sam Boughedda — Novavax (NASDAQ:NVAX) shares tumbled 9.9% Wednesday following a report from Politico that the drug maker has run into delays regarding the production of its Covid-19 vaccine. 

The report said that Novavax has faced problems concerning the testing of the purity of its vaccine candidate and that it has so far failed to prove the shot is "consistently up to snuff."

According to the Politico report, which cites people familiar with the matter, the practices used to test the vaccine's efficacy have dropped below U.S. regulators’ standards.

However, Novavax has since come out and expressed confidence in its vaccine candidate and manufacturing. "In response to a recent news article citing anonymous sources, Novavax confirms our confidence in our ability to deliver our high-quality vaccine. Further, we underscore our ongoing commitment to the stringent standards of production and manufacturing for our recombinant nanoparticle protein-based COVID-19 vaccine candidate with Matrix-M adjuvant," the company said.

The company continued by saying that it has "made significant progress in mobilizing a global manufacturing network over the past 18 months with sites that are now routinely producing high-quality product at commercial scale at multiple sites across the world. Our global supply chain is expected to achieve a capacity of 150 million doses per month by the end of the fourth quarter."

In addition, Novavax said it sees regulatory submissions within the next couple of weeks in some of its key markets, including the United Kingdom, Europe, Canada, Australia, and New Zealand. 

It has already, along with its partner SII, filed for authorization in India, Indonesia, The Philippines, and Emergency Use Listing with the World Health Organization. They also expect to file for Emergency Use Authorization in the U.S. before the end of this year.

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