(Reuters) – Novavax (NASDAQ:) Inc’s shares plunged almost 20% in premarket buying and selling on Tuesday on account of uncertainty over world demand for the corporate’s COVID-19 vaccine following a gradual begin to deliveries.

The corporate mentioned in September it had focused for the supply of at the very least 2 billion doses of its COVID-19 vaccine in 2022. Novavax mentioned on Monday it delivered about 42 million doses globally within the first quarter.

Serum Institute of India, the world’s greatest vaccine maker, additionally produces the corporate’s COVID-19 vaccine below the model title Covovax.

Novavax continues to see low vaccination charges throughout low-income nations, Chief Enterprise and Industrial Officer John Trizzino mentioned on a convention name.

“So far, now we have not but obtained an order from Gavi and the timing and portions of future orders to ship 2373 (the vaccine) to the COVAX facility are unclear,” Trizzino mentioned.

COVAX, a program geared toward equitable entry to COVID-19 vaccines, is backed by the World Well being Group and world vaccine alliance Gavi.

Novavax’s COVID-19 vaccine is predicated on a extra typical expertise and was anticipated to influence some skeptics of the mRNA expertise utilized by firms comparable to Pfizer (NYSE:) and Moderna (NASDAQ:).

Nonetheless, Novavax has been affected by manufacturing and regulatory delays, in addition to a gradual uptake in key markets such because the European Union.

The corporate on Monday reiterated its forecast for complete income of $4 billion to $5 billion for 2022, saying it expects shipments to key markets and gross sales to extend within the second quarter.