In a recent update, COVID-19 vaccine maker Novavax disclosed its ongoing financial struggles, anticipating stagnant or decreased revenue for the year 2024. The company, whose stock plunged by 26.3% following a larger-than-expected fourth-quarter loss, aims to ramp up its U.S. market share, predominantly challenging Pfizer and Moderna. Despite posting fourth-quarter revenue of $291 million, falling short of analysts' expectations, Novavax foresees 2024 revenue to range between $800 million to $1 billion, compared to $984 million in 2023. In an effort to bolster revenue, the Maryland-based company has revised its first-quarter revenue forecast to $100 million, lowered from a previous outlook of $300 million. While Novavax remains resolute in its pursuit of profitability, it plans to curtail costs by reducing research and development and selling, general and administrative expenses to a range of $700 to $800 million from over $1.2 billion in 2023. Having grappled with regulatory delays and manufacturing challenges in the past, resulting in a significant decline in its market value by over 98%, Novavax recently settled a dispute with international vaccine group Gavi, agreeing to repay at least $475 million in cash or vaccines by the end of 2028. CEO John Jacobs acknowledged the company's difficulties in gaining market share during the latest U.S. vaccination campaign, citing the need for a more aggressive approach in targeting retail pharmacy chains and enhancing product availability. Despite the challenges ahead, Novavax remains focused on executing its strategy to potentially overturn doubts about its future viability.