NovavaxMonday’s report showed the first quarter of profitability for the Covid vaccine rollout in many countries. But, revenue and earnings expectations were not met.

After-hours trading saw Novavax stock fall by more than 8 percent

Novavax’s first quarter net income was $203 million, which is compared with a loss of $222.7 millions last year. It reiterated its 2020 revenue target of $5 billion to $4 billion.

Based on Refinitiv’s average analyst estimates, here’s what the company did compared to Wall Street’s expectations.

• Earnings adjusted: $2.56 per share, vs. $2.69 expected
• Revenue: $704 million, vs. $845 million expected

The two-dose Covid vaccine Novavax offers for adults aged 18 or older may be authorized in the United States as soon as this summer. A committee of independent advisors from the Food and Drug Administration will meet on June 7th to discuss the shots and to make recommendations on its approval.

Novavax participated in Operation Warp Speed. This was the U.S.-backed race for a Covid vaccine by 2020. Pfizer, Moderna and Johnson & Johnson ultimately beat the company to the punch as it struggled to ramp up its manufacturing capacity. Novavax requested the FDA to approve the shot back in January four months earlier, however officials stated that it is a complicated process.

“This is an extraordinarily complex review process that includes review of both clinical and manufacturing data required for emergency use authorization determinations,” Dr. Doran Fink from the FDA’s vaccine department, said to the Center for Disease Control and Prevention’s independent advisory committee.

Novavax received multiple approvals outside of the U.S. for its Covid two-dose vaccine since last year’s clinical trial results. The vaccine has been approved for adult use by Australia, Canada and other countries, including the European Union and Japan.

Novavax was tested in Mexico and the U.S. to determine if the protein-based vaccine is effective at treating mild and severe illnesses. But, this study took place from December 2020 to April 20,21. It was well before the development of the delta or omicron variants.

Novavax published December lab results that indicated the vaccine triggers an immune reaction against omicron. However, this response was not as severe as the one against the original strain. The immune response to omicron was increased to similar levels to those seen in the Mexico and U.S clinical trials. This suggests that the booster can provide high protection.

Novavax shots, if approved by FDA, would be an option for those who don’t want to receive the Pfizer or Moderna vaccines. Novavax’s technology is more conventional and protein-based, while Moderna’s shot uses messenger RNA. Moderna and Pfizer have been proven to be safe and effective against serious illness. However, there are some who prefer technology with a more long track record.