Novavax has made a smaller splash in the U.S. Covid-19 vaccine market than it had hoped. But it's betting on licensing deals and a pipeline of new vaccines it's now evaluating for R&D.

Novavax cut its annual revenue forecast on Tuesday, citing lower-than-expected sales of its COVID-19 vaccine, ahead of handing over the rights to sell the shot to Sanofi. The U.S. vaccine maker now expects between $175 million and $225 million for full-year sales of its COVID vaccine,

The FDA agreed for Novavax to continue trials of its vaccine combo after addressing a serious adverse event that paused trials.