Novavax to Cut Workforce by 25% Amid Positive Vaccine Data and Cost-Cutting Measures.

Novavax is cutting its global workforce by 25% to reduce expenses and focus on key priorities. The company plans to trim next year's costs for research and development as well as selling, general and administrative expenses by about 40% to 50% compared with 2022. Novavax is preparing for sales to slow this year as they switch from supplying the US government to selling their shots commercially. The COVID-19 vaccine is Novavax's lone commercial product, and the company is developing an updated COVID vaccine for the fall, a flu shot, and a coronavirus-flu shot combination.