Novavax Inc. NVAX shares shares sank in the extended session Tuesday after the biotech drug maker posted a wider-than-expected loss and reorganized with the appointment of a new chief executive. Novavax shares fell as much as 25% after hours, following a 6.8% rise in the regular session to close at $9.26. The company reported a fourth-quarter loss of $182.3 million, or basic net income of $2.28 a share, compared with a loss of $846.3 million, or basic net income of $11.18 a share, in the year-ago period. Revenue rose to $357.4 million from $222.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $1.01 a share on revenue of $383.1 million. Novavax also appointed John Jacobs as chief executive, following the retirement of Stanley Erck, and Elaine O’Hara as chief strategy officer. “In 2023, Novavax intends to focus the organization to align our investments and activities with our top priority of delivering an updated COVID-19 vaccine consistent with public health recommendations for strain composition for the 2023 fall vaccination season,” the company said in a statement. “To maximize our opportunities and mitigate the significant risks and uncertainties of the COVID-19 market, our goal is to reduce spend, extend our cash runway and operate efficiently to best position the company to deliver long-term growth.”
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