Aug 8 Reuters Novavax on Thursday trimmed its annual revenue forecast again and said it would pare back its presence in Europe through the rest of the year, ahead of handing over the rights to sell its COVID19 vaccine to partner Sanofi in 2025.

The company39;s vaccine had failed to make a significant dent in the market share of early COVIDvaccine entrants such as PfizerBioNTech and Moderna, and last year raised doubts about its ability to remain in business.

We are concentrating our commercial efforts for the remainder of the year on our largest market, the U.S., Chief Operating Officer John Trizzino said on a postearnings call.

The company would reduce its sales infrastructure in Europe and focus on select markets such as Germany, Italy and Poland.

Novavax expects overall demand for COVID vaccines in the U.S. to remain similar to last year, but anticipates its own performance to be better, Trizzino said.

The company has sought authorization for its fallseason COVID shot targeting the JN.1 strain from the U.S. and European regulators.

Its shares rose 5 on Thursday. The stock has plunged more than 95 from the high hit in 2021 during the peak of the pandemic.

In May, Novavax signed a licensing deal worth at least 1.2 billion with Sanofi for its COVID vaccine.

The deal provided the U.S. biotech firm with much needed liquidity while boosting the French drugmaker39;s plans to codevelop a combination of its influenza and COVID vaccine.

Novavax, which missed…