Key Highlights:
- Novavax delivered only a fraction of the 2 billion COVID-19 shots promised.
- Novavax has completed the delivery of 10 million shots by far and aims to ship the rest as soon as possible.
- Low and Middle-income countries might suffer the most if Novavax fails to meet the demand.
Novavax Inc was amongst the prominent COVID-19 vaccine makers. It had promised to deliver 2 billion COVID shots globally in 2022 but has met only a small fraction of the target. Novavax has delayed the Q1 shipments in Europe and other lower-income countries.
The vaccine maker agreed to delays and is working to move as quickly as possible to ship the contractor supplies for this quarter. By far Novavax had completed the delivery of 10 million COVID-19 vaccine doses.
The spokesperson of Novavax, Amy Speak stated that some of the shipments are awaiting regulatory processes and are in a distribution warehouse ready to be shipped to the healthcare providers.
Novavax Rivals profiting from delay
Novavax had not launched a product but the company was ambitious to provide a COVID-19 vaccine to the world. It promised to deliver vaccine shots by mid-2021. However, it failed to deliver on the promise.
With a small company like Novavax failing to meet the demand, the buyers are turning towards its rivals for the supplies. Other COVID-19 vaccine makers that compete include Moderna Inc., Pfizer Inc. (PFE.N)/BioNTech SE, and Chinese drug-makers.
COVID-19 vaccine for poorer countries
Novavax has also not met the largest contract for 1.1 billion doses to COVAX— a global vaccine distribution program for poorer countries—that makes Novavax the third-largest supplier. Novavax has promised to deliver 80 million doses—less than 10%— in the current quarter.
The Novavax vaccine has been authorized by WHO and is 90% effective in preventing severe illness and death. The COVID-19 vaccine sales are expected to accumulate $5 billion in 2022 for Novavax.
If Novavax fails to meet the target, it will largely affect the low and middle-income countries.
