Novavax (NASDAQ: NVAX) posted earnings per share of 99 cents in second-quarter 2024, missing the Zacks Consensus Estimate of $1.82. However, earnings rose 71% year over year. Revenues in the quarter amounted to $415.5 million, also missing the Zacks Consensus Estimate of $453.7 million. The top line declined 2% on a year-over-year basis. Quarter in Detail In the reported quarter, the company recorded $19.9 million in product sales compared with $285.2 million in the year-ago quarter. While this reported figure did beat our model estimates of around $15 million, it missed the Zacks Consensus Estimate of $26 million. During the quarter, NVAX recorded $395.6 million in licensing, royalties and other revenues compared with the year-ago quarter's revenues of $2.2 million. This figure includes $391 million associated with the upfront payment of $500 million received by management as part of the recently signed agreement with pharma giant Sanofi (NASDAQ: SNY) for its protein-based COVID-19 vaccine, Nuvaxovid. Management did not record any grant revenues during the quarter. Management recorded $137.1 million as grant revenues in the year-ago quarter. In the reported quarter, research and development (R&D) expenses were $107 million, down 51% year over year. The downside was caused by a reduction in clinical and manufacturing spending during the quarter. Selling, general and administrative (SG&A) expenses were up 8% year over year to $101 million, primarily due to certain fees paid in association with signing the Sanofi Agreement. As of Jun 30, 2024, the company had $1.1 billion of cash and cash equivalents compared with $496 million as of Mar 31, 2024. Guidance For 2024 Novavax expects total revenues in the range of $700-$800 million in 2024, a cut down from its previously-issued guidance of $970 million to $1.17 ...