Novavax (NASDAQ:NVAX) today reported first-quarter adjusted earnings and revenue that significantly surpassed analyst forecasts, signaling a strong start to the year despite recent declines in its stock price.
For the quarter ended March 31, the biotechnology company posted adjusted earnings of $2.93 per share.
This is a substantial improvement compared to a loss of $1.05 per share in the same period last year.
The reported earnings also blew past the mean expectation of five analysts surveyed, who had predicted earnings of just 71 cents per share.
Analyst expectations for the quarter ranged from a loss of 58 cents to a gain of $2.67 per share.
Revenue for the first quarter saw a dramatic increase, soaring by 610.3% from the prior year to reach $666.66 million.
This comfortably beat the analyst consensus revenue estimate of $343.85 million.
Novavax also reported a quarterly net income of $518.65 million.
Despite the robust financial performance in the first quarter, Novavax's stock has faced recent pressure.
The company's shares had fallen by 7.2% during the quarter ending March 31 and have lost 26% so far this year.