The US Food and Drug Administration (FDA) has approved Novavax Inc.’s COVID-19 vaccine as a booster dose for adults to tackle the rapid spread of the COVID-19 virus in the country. The approval from the US FDA is set to reverse Novavax’s shares reverse course, and increase by more than 3 percent.
This approval is given for the people who were unable to receive updated Omicron-tailored boosters, and the people who would chose not to receive any other COVID-19 vaccine booster dose. Novavax’s COVID-19 vaccine is based on an older technology, which has been used for decades to combat diseases including influenza and hepatitis B.
The decision is in addition to the previous approval for the vaccine as a primary two-shot regimen for those over 12 years of age. The US government authorities hoped that the vaccine would find wide acceptance among the COVID-19 vaccine skeptics who were not ready to take vaccine shots from Moderna and Pfizer.
However, Novavax is struggling to boost the sales of its vaccine, and in August 2022, the company halved its revenue forecast, saying it does not expect further sales of the vaccine in the United States in 2022.