COVID-19 vaccine maker Novavax to chop workforce, expenses

By TOM MURPHY
AP Health Writer

Novavax is cutting about a quarter of its global workforce as the COVID-19 vaccine maker seeks to slash expenses while dealing with uncertain future revenue. The company says it expects to trim next year’s costs for research and development as well as selling, general and administrative expenses by about 40% to 50% compared to 2022.  The company has 1,992 full-time employees. A Novavax representative says the cuts will affect about 20% of that workforce, or nearly 400 people, and some the vaccine maker’s contractors.  In the first quarter, total revenue sank to $81 million. Its net loss totaled $294 million.