Novavax Sinks After Halving Sales Forecast on Low Vaccine Demand, Supply Glut

Vials with a sticker reading, "COVID-19 / Coronavirus vaccine / Injection only" and a medical syringe are seen in front of a displayed Novavax logo in this illustration taken on Oct. 31, 2020. Dado Ruvic/Reuters

Novavax Inc. on Monday halved its full-year revenue forecast as it does not expect further sales of its COVID-19 shot this year in the United States in the face of a global supply glut and soft demand, sending its shares down 33 percent.

Novavax said it now expects 2022 total revenue in the range of $2 billion to $2.3 billion, compared with its prior forecast of $4 billion to $5 billion.