Novavax (NVAX) shares dropped Tuesday morning after 🐼the company slashed its full-year outlook when it announced its third-quarter results. 

The COVID-19 and flu vaccine maker said it expected full-year revenue of $650 million to $700 million, down from its prior projection of $700 million to $800 million. The new estimate is well below the analyst consensus of $747.6 million compiled by Visible Alpha, and a far cry from the company’s own expectations after 2023—when the company said revenue could reach $1 billion this year.

In the third-qua🌌rter, revenue fell 55% year-over-year to $85 million, down more than half from $187 million a year earlier but above analysts expectations. The company posted a narrower-than-♑expected net loss of $121.3 million or 76 cents per share, compared to $130.78 million or $1.26 per share a year earlier.

Shares of Novavax fell aboꦦut 5% Tuesday morning.

Novavax Gets FDA Nod to Test Vaccines

The third-quarter results come a day after the drugmaker announced the U.S. 澳洲幸运5开奖号码历史查询:Food and Drug Administration (FDA) gave the company the go-ahead to 澳洲幸运5开奖号码历史查询:continue testing its com🗹bination COꦑVID-19-flu and standalone flu vaccines.

The FDA removed its clinical hold on the studies, and will allow it "to begin enrolling the planned Phase 3 trial following the determination that Novavax satisfactorily addressed all clinical hold issues."