Well this one played out …
Novavax to slash annual spending by up to 50%, cut 25% of workforce as #Covid vaccine demand drops
– Q1 revenues fell to $81m v $704mn Q1/22
Net loss of $294mn compared with profit of $203m Q1/22
$NVAX 7.82 +0.37 (+4.97%) Pre-Market
The company said it expected to reduce its 2024 costs by around 40 to 50 per cent, compared with 2022. This would include consolidation of facilities and a 25 per cent reduction in its global workforce, which is around 2,000 people.