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Novavax lays off 25% of workforce, releases 2023 outlook

Novavax said on Tuesday it will reduce its global workforce by 25% as the cash-strapped biotech pushes forward with its plans to slash expenses and navigate tepid demand for its COVID-19 vaccines. The company, which had earlier flagged significant uncertainty around generating revenue for the year, said it expects total annual revenue between $1.4 billion and $1.6 billion, relying on a timely launch of its updated COVID shot. Novavax's coronavirus vaccine is its lone marketed product after 35 years in business and the company is now hoping that its cost controls and a successful trial for its COVID/flu combination vaccine candidate will help it stay afloat.