Novavax’s New Covid-19 Vaccine Might Be Late to the Party

It’s one thing to arrive fashionably late to a party, it’s another thing to waltz in when the last guests are stumbling out the door.

For Novavax , which on Tuesday cleared a key step toward U.S. Food and Drug Administration approval of its Covid-19 vaccine, the question is whether there is much partying left for vaccine makers as the Omicron surge fades and vaccination rates decline.