(Reuters) - Novavax ( NVAX ) on Thursday cut its revenue forecast for 2024 as it anticipated lower sales of its COVID-19 vaccine, including the company's updated shot for the fall season targeting the JN.1 variant.

Shares of the company were down 14% in premarket trading.

The vaccine maker now expects $275 million to $375 million in product sales for the year, versus its earlier forecast of between $400 million and $600 million, which also included royalties and other revenue.

Of this, the company has already recorded $100 million in the first half of the year. Novavax ( NVAX ) has sought authorization for its fall-season COVID shot from the U.S. and European regulators.

The company has struggled to sell its protein-based COVID vaccines and, in turn, failed to make a significant dent in the market share of key players like Pfizer/BioNTech and Moderna.

Novavax ( NVAX ) had signed a licensing deal worth at least $1.2 billion with French drugmaker Sanofi for its COVID vaccine in exchange for a stake in the U.S. biotech firm.

The deal helped Novavax ( NVAX ) remove the warning notice in February last year that raised doubts about its ability to remain in business, while it boosted Sanofi's plans to co-develop a combination of its influenza and COVID vaccine.

Gaithersburg, Maryland-based Novavax ( NVAX ) also cut its full-year forecast range for total revenue to $700 million to $800 million, from between $970 million and $1.17 billion, which it gave in May following its deal with Sanofi.

The new forecast included around $425 million in upfront payment, royalty and other revenue, compared with the $570 million it was expecting under the deal in May.

Novavax ( NVAX ) recorded $415.5 million in total revenue in the second quarter, lower than the average of analyst estimate of $458.6 million, according to LSEG data.

The company's profit of 99 cents per share also missed analysts' estimates of $1.64.