May 8 (Reuters) - Novavax ( NVAX ) on Thursday swung to

a first-quarter profit from a year-ago loss, helped by reduced

costs related to the development and sale of its COVID-19

vaccines, its only product on the market.

Novavax ( NVAX ), whose protein-based shot uses an older technology,

missed out on the pandemic vaccine windfall - enjoyed by rivals

Moderna ( MRNA ) and Pfizer ( PFE ) which make messenger

RNA-based vaccines - due to manufacturing issues and regulatory

hurdles.

Last month, the U.S. health regulator asked Novavax ( NVAX ) to

produce more data on its COVID-19 vaccine if it gets full

approval. The vaccine maker said talks with the agency on the

proposed study design are ongoing.

The company wants to convert the vaccine's emergency

authorization granted in 2022 into a full approval that would

allow for expanded use and help it compete against shots from

rivals.

The approval will trigger a $175 million milestone payment

from partner Sanofi.

The vaccine's prospects were thrown into doubt after the

U.S. Food and Drug Administration missed its April 1 deadline to

approve the shot and U.S. Health and Human Services secretary

Robert F. Kennedy Jr. attributed the delay to the shot's

composition in a CBS interview earlier that month.

The Maryland-based biotech has been banking on revenue from

its Sanofi deal and vaccines in development. It signed a

licensing deal worth at least $1.2 billion with the French

drugmaker last year to hand over the rights to sell its vaccines

in several markets, including the United States and Europe.

Novavax's ( NVAX ) quarterly revenue rose to $667 million in the

reported quarter, from $94 million a year ago, and comfortably

surpassed analysts' estimate of $343.85 million, according to

data compiled by LSEG.

The sales boost was primarily driven by revenue recognition

of $603 million following the termination of two advance

purchase agreements and related to cash received in prior years.

The company sees adjusted total revenue for 2025 to be

between $975 million and $1.03 billion, more than double from

their prior expectations of between $300 million and $350

million. This excludes Sanofi sales and royalties.

Net income came in at $519 million for the quarter ended

March 31, compared to a net loss of $148 million a year earlier.