(Reuters) – Novavax Inc said on Monday it will ramp up production of its COVID-19 vaccine slower than it had previously anticipated and does not expect to file for regulatory approval in the United States, Britain or Europe until the third quarter of 2021.
Novavax said it does not expect to hit its production target of 150 million shots per month until the fourth quarter of 2021, later than its previous goal of the third quarter. It had also previously said it could be authorized in the United States as early as May.
The U.S. company has repeatedly pushed back its production timeline and has said it is struggling to access raw materials and equipment needed to manufacture its vaccine. Shares dropped more than 4% in after hours trading after closing nearly 9% lower on Monday.
Novavax’s shot has yet to be authorized by regulators in any country, but it has reported late-stage trial data that shows it to be highly effective against the original version of the coronavirus and a newer, more contagious variant first found in Britain. (refini.tv/3bfL38D)
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