Novavax's updated COVID vaccine gains FDA Emergency Use Authorization

Novavax recently received Emergency Use Authorization from the FDA for its updated COVID-19 vaccine, targeting new variants. Despite a 150% stock increase this year, Novavax's shares have plummeted over 91% since 2022. Hospitalization rates rose to 4.6 per 100,000 in 2024, up from 2.9 in 2023. The company reported a profit of $162 million, largely due to a $391 million payment from Sanofi.