Novavax CEO reflects on COVID-19, company milestones, and his retirement
Novavax #NovavaxCEO #yahoofinance This segment originally aired on January 10, 2023. Novavax CEO Stanley Erck spoke ...
Former CEO, Novavax
Search every verified Stanley Erck interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Stanley Erck, who served as CEO of Novavax until his retirement in early 2023, oversaw the company's transition from a clinical-stage biotech to a commercial vaccine manufacturer during the COVID-19 pandemic. In a January 2023 interview, Erck stated that the company had grown from fewer than 100 employees and less than $100 million in funding to over 2,000 employees and more than $1 billion in cash, and had generated $2 billion in revenue in 2022. He described the company's COVID-19 vaccine as "best-in-class" in terms of efficacy, safety, and stability, and noted that it had been approved in 47 countries. Erck also said the U.S. was "the last country" to approve the vaccine, and that the company was working with the FDA to expand its label for all age groups and booster use. Throughout 2021 and 2022, Erck frequently discussed the company's manufacturing scale-up and global distribution strategy. He stated that Novavax had built manufacturing capacity in eight countries, including partnerships with the Serum Institute of India, and aimed to produce "a couple billion doses" per year. Erck emphasized the vaccine's advantages, including storage at refrigerated temperatures and a nine-month shelf life. He also noted that the company was developing a combined flu-COVID vaccine and an Omicron-specific variant vaccine. On the company's financial outlook, Erck projected full-year 2022 revenue of $4 to $5 billion, though the company later slashed that guidance by about 50% due to lower-than-expected demand, particularly from the COVAX facility.
“Today is actually the third anniversary of when the gene sequence for COVID-19 was unveiled on the internet and we and others started right then that day shifting our efforts from what was a flu trial to COVID.”
“We got the COVID vaccine which I believe is the best-in-class vaccine because of its efficacy and safety and stability.”
“We had fewer than 100 people, we had less than 100 million dollars... since then we are now at over 2,000 people, we have over a billion dollars in the bank, we have funding for commercialization and we had two billion dollars in revenue in 2022 for the first year.”
“We are now a commercial company for the first time... we've got growth in the commercial operation that's going to take us past the pandemic stage past the stage when I'm selling product just to governments until we get into the retail world of the pharmacies.”
“The U.S. has been last to recognize, to get the product licensed to get it approved... it's too bad that it was the last country to do that but nevertheless that's behind us.”
“We have to work with the FDA to expand the label so that we have it for all age groups and all boosting.”
“What we expect is that by the second half of this year when we start looking at a fall vaccination just like for flu — a fall vaccination for COVID or respiratory disease — we'll be ready and be able to commercialize it as a normal vaccine.”
“In the last year we've gotten approved around the world in 47 different countries, all in the last 12 months.”
“The good news is we have, I think, the number one vaccine in terms of characteristics — we have very good efficacy data, broadly neutralizing antibodies that stimulate against everything all the way through BA.5, good safety profile, easy to use, it's refrigerated — so the fundamentals of the vaccine are great.”
“The issue with respect to COVAX is that they are supplying low- and middle-income markets around the globe and there's been a lot of vaccine available to those markets, so we've put off any projections of sales to COVAX this year and I don't know what's going to happen next year for the COVAX.”
“We just got our emergency use authorization — terrific news — and we're going into the market now; what we need to do is get a couple indications for boosting and for adolescents, both of which we've applied for, and our expectations are that we'll get those approvals soon, but we're depending upon the FDA for those ap...”
“No, I don't think we're too late — we will be the booster for the Wuhan strain (our current product NVX‑CoV2373) and we have great data showing our vaccine works very well against all of the different variants that have circulated, and with the BA.5 formulation we're making that now and it'll be available later this ye...”
“We're not forecasting something that we don't have yet — we're waiting to hear, we're talking with the U.S. government — I just, we don't have a forecast right now.”
“I think we have a very strong platform that includes other respiratory vaccines — we have a flu vaccine that's been tested in combination with our COVID vaccine; we've completed a Phase 1/2 trial, we're starting a new Phase 2 that will lead to a Phase 3 efficacy trial next year.”
“We started without any manufacturing capacity two and a half years ago and we've built a tremendous network of manufacturing — with plants in Serum in India and the Czech Republic and SK in Korea — we have plenty of manufacturing capacity to serve all the markets that we're addressing.”
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