Novavax Reports Fourth Quarter and Full Year 2025 Financial Results and Operational Highlights
Rhea-AI Summary
Novavax (NASDAQ: NVAX) reported Q4 2025 revenue of $147M and full‑year 2025 revenue of $1.123B. The company earned $225M in Sanofi milestones in 2025 and received a $30M upfront payment from Pfizer in Jan 2026 for a Matrix‑M license. Year‑end cash was $751M and Novavax announced a $330M credit facility in Feb 2026. Management targets reduced combined R&D and SG&A non‑GAAP expense of $310–$340M for 2026 and expects adjusted total revenue of $230–$270M for 2026.
Positive
- Total revenue $1.123B for full year 2025
- Sanofi milestones earned $225M in 2025
- Pfizer upfront payment $30M in Q1 2026
- Year‑end cash position $751M
- Non‑GAAP expense target $310–$340M for 2026
Negative
- Cash decreased from $938M to $751M year‑end 2025
- Full year 2025 GAAP cost of sales fell to $73M from $203M
- Nuvaxovid product sales decline QoQ and concentration from APAs
Market Reaction – NVAX
Following this news, NVAX has gained 23.19%, reflecting a significant positive market reaction. Our momentum scanner has triggered 73 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $11.74. This price movement has added approximately $359M to the company's valuation. Trading volume is very high at 3.1x the average, suggesting strong buying interest.
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Key Figures
Market Reality Check
Peers on Argus
NVAX was up 0.74% with mixed moves across biotech peers (e.g., ABCL -5.06%, ZYME +0.5%, PGEN -4%). Only one peer (NTLA +3.5%) showed momentum, indicating a stock-specific reaction rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Neutral | -1.3% | Lower revenue, large net loss, but substantial Sanofi milestones and cost actions. |
| Aug 06 | Q2 2025 earnings | Positive | +12.6% | Net income, $175M Sanofi milestone, FDA BLA approval, and updated guidance. |
| May 08 | Q1 2025 earnings | Positive | +11.9% | Strong revenue growth, large net income, and raised 2025 revenue guidance. |
| Feb 27 | FY 2024 earnings | Neutral | -3.5% | Revenue decline but major restructuring, asset sale, and milestone collections. |
| Nov 12 | Q3 2024 earnings | Negative | -6.1% | Revenue drop, lowered guidance, and continued net loss despite cost reductions. |
Earnings have produced mixed but often sizable moves, with positive surprise quarters tending to see double-digit gains while more cautious or mixed reports skew negative.
Over the last five earnings reports, Novavax has shifted from shrinking 2024 revenues to stronger 2025 performance. Early 2025 quarters (Q1 and Q2) showed total revenue of $667M and $239M, net income of $519M and $107M, and raised full‑year guidance. Later, Q3 2025 revenue was $70M with a net loss, but the company highlighted $225M in Sanofi milestones and substantial cost actions. The new Q4/FY 2025 report continues this narrative of milestone‑driven revenue, cost reduction, and a move to sustained profitability.
Historical Comparison
In the past five earnings releases, NVAX moved on average ±2.72%, with positive quarters (Q1–Q2 2025) generating the strongest upside and weaker updates skewing negative.
Earnings history shows a transition from recurring 2024 losses to multiple profitable quarters in 2025, driven by Sanofi milestones, restructuring, and growing Matrix‑M partnership revenues.
Market Pulse Summary
The stock is surging +23.2% following this news. A strong positive reaction aligns with a report that combined 65%+ year-over-year revenue growth, a swing to full-year net income of $440M, and clear cost discipline in R&D and SG&A. Historically, solid earnings updates have produced double-digit moves for NVAX. However, reliance on partner milestones and structured revenue frameworks means sentiment can shift if execution, regulatory timelines, or partner sales trajectories underperform expectations.
Key Terms
non-gaap financial
credit facility financial
respiratory syncytial virus medical
AI-generated analysis. Not financial advice.
- Pfizer agreement announced in January 2026 for non-exclusive license to utilize Matrix-M® in two infectious disease areas
- Multiple Material Transfer Agreements signed in 2025 and Q1 2026 with pharmaceutical companies, including major global pharmaceutical companies exploring the utility of Matrix-M for their vaccine portfolios
- Successful execution of Sanofi partnership with
$225 million - Total revenue of
$147 million $1.1 billion - Continued advancement of early-stage pipeline with the intention to enter the clinic as early as 2027
- Year end 2025 Cash of
$751 million - Novavax exceeded its full year 2025 R&D and SG&A expense reduction goals and is improving future targets
"In 2025, we made significant progress on our corporate strategy, marked with the successful achievement of key milestones under our Sanofi agreement, progress towards potential new partnerships, in the form of multiple MTAs signed with other parties enabling experimentation with our Matrix-M® adjuvant technology and the advancement of our own R&D efforts," said John C. Jacobs, President and Chief Executive Officer, Novavax. "With a strong start to 2026, including the recently announced Pfizer Matrix-M agreement, we look forward to commercial and clinical development execution from our partners, advancing our R&D efforts and the potential for more partnerships as we drive vaccine innovation and value creation from our technology."
Fourth Quarter 2025 and Recent Highlights
Key Business Highlights
- In January 2026, Novavax entered into a license agreement with Pfizer for use of Novavax's Matrix-M adjuvant in vaccine development. Under the terms of the agreement, Pfizer was granted a non-exclusive license for Matrix-M use in two infectious disease areas.
- Novavax received an upfront payment of
$30 million $500 million - Pfizer will be solely responsible for the development and commercialization of its products utilizing Matrix-M and Novavax will be responsible for the supply of Matrix-M.
- This partnership has the potential to generate billions of dollars of revenue for Novavax over the life of the agreement.
- Novavax received an upfront payment of
- Novavax continued successful execution of the Sanofi partnership with
$225 million $50 million U.S. markets.- In December 2025, Sanofi shared positive Phase 1/2 data from their influenza-COVID-19 combination programs and their belief that these data support the high probability of demonstrating non-inferiority in Phase 3 trials that would compare the new vaccine against the widely used regimen where both the flu and COVID-19 vaccines are co-administered.
- Sanofi has stated they are working with regulators on next steps for these combination programs.
- Novavax has multiple material transfer agreements (MTA) with pharmaceutical companies, including major global pharmaceutical companies, who are evaluating the potential of Matrix-M in their portfolio of vaccine products.
- In the fourth quarter of 2025, Novavax signed a new MTA with a large pharmaceutical company to explore the utility of Matrix-M in its portfolio.
- In February 2026, Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field.
- In February 2026, Novavax signed a new MTA with an oncology company.
- Other partners continue to demonstrate the value of Novavax's technology with Takeda achieving
12% market share with Nuvaxovid® inJapan and the R21/Matrix-M, malaria vaccine, marketed by Serum Institute ofIndia , continues its successful launch with 30 million doses sold since its launch in mid-2024, achieving over80% market share. - The Company continued advancement of early-stage candidates and Matrix-M technology.
- Preclinical research ongoing for Clostridioides difficile colitis (C. diff), varicella-zoster virus (shingles), and respiratory syncytial virus combinations vaccine candidates.
- Significant progress made on preclinical candidates, for example the newest preclinical data from C. diff vaccine candidate provided encouraging results.
- Novavax intends to enter the clinic with at least one program as early as 2027.
- Novavax continued exploration of its adjuvant technology to expand its utility both within infectious disease and potentially beyond, such as oncology.
- Novavax exceeded its full year 2025 GAAP and Non-GAAP research and development (R&D) and selling, general and administrative (SG&A) expense reduction goals and is improving future targets.
- Non-GAAP full year R&D and SG&A expenses, net of R&D reimbursements and at midpoint of range, are now targeted to be
$325 million $225 million $200 million
- Non-GAAP full year R&D and SG&A expenses, net of R&D reimbursements and at midpoint of range, are now targeted to be
Fourth Quarter and Full Year 2025 Revenue
Fourth Quarter | Full Year | ||||||||||
$ in millions | Q4 2025 | Q4 2024 | Q4 Chg. | % | FY 2025 | FY 2024 | FY Chg. | % | |||
Nuvaxovid™ Sales 1 | ( | NM | NM | ||||||||
Supply Sales 2 | 19 | 9 | 10 | NM | 60 | 23 | 37 | NM | |||
Product Sales | 39 | 59 | (20) | (34 %) | 685 | 213 | 472 | NM | |||
Sanofi 3 | 98 | 30 | 68 | NM | 386 | 459 | (73) | (16 %) | |||
Takeda | 8 | (4) | 12 | NM | 42 | 1 | 41 | NM | |||
Other Partners 4 | 2 | 3 | (1) | NM | 10 | 9 | 1 | 11 % | |||
Licensing, Royalties and Other Revenue | 108 | 29 | 79 | NM | 438 | 469 | (31) | (7 %) | |||
Total Revenue | 67 % | 65 % | |||||||||
Notes | |
1. | Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of its COVID-19 vaccine. |
2. | Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners. |
3. | Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement. |
4. | Other Partners include upfront payments, royalties and milestone revenue under licensing agreements including Serum Institute and SK bioscience. |
Fourth Quarter and Full Year 2025 Financial Results
- Total revenue for the fourth quarter of 2025 was
$147 million 67% increase compared to$88 million $1,123 million 65% increase compared to$682 million $625 million - Cost of sales for the fourth quarter of 2025 was
$22 million $37 million $73 million $203 million Czech Republic manufacturing facility, lower manufacturing overhead, scrap and inventory write-offs, and decreased sales volumes. - R&D expenses for the fourth quarter of 2025 were
$76 million $104 million $342 million $391 million $28 million $92 million 50% and33% , respectively when compared to the prior periods. These reductions were driven by the ongoing Novavax cost reduction program as it streamlines operations to make targeted R&D investments. - SG&A expenses for the fourth quarter of 2025 were
$34 million 56% decrease compared to$78 million $157 million 53% decrease compared to$337 million - Net income for the fourth quarter of 2025 was
$18 million $81 million $440 million $187 million - Cash, cash equivalents, marketable securities and restricted cash (Cash) were
$751 million $938 million $330 million $50 million
Financial Framework
Full Year 2026 Financial Guidance
Novavax provides Full Year 2026 Financial Guidance for Combined R&D and SG&A Expenses and Non-GAAP Combined R&D and SG&A Expenses and currently expects to achieve the following results:
$ in millions | Full Year 2026 (as of February 26, 2026) |
Combined R&D and SG&A Expenses | |
Less: R&D Reimbursements | ( |
Non-GAAP Combined R&D and SG&A Expenses |
Non-GAAP Combined R&D and SG&A Expenses exclude R&D Reimbursements, which are amounts reimbursed by Novavax's license partners. See "Non-GAAP Financial Measures" below. R&D Reimbursements are recorded as revenue under Licensing, Royalties and Other Revenue.
Full Year 2026 Revenue Framework
Novavax transitioned lead commercial responsibility of Nuvaxovid beginning with the 2025-2026 COVID-19 vaccination season to Sanofi for select markets. Since Novavax is reliant on Sanofi's sales forecasts for certain revenue components, these are not included in the Full Year 2026 Revenue Framework. For 2026, Novavax currently expects to achieve Adjusted Total Revenue4 of between
$ in millions | Full Year 2026 (as of February 26, 2026) | |
Nuvaxovid Product Sales1 | ||
Adjusted Supply Sales2 | ||
Adjusted Licensing, Royalties and Other Revenue3 | ||
Adjusted Total Revenue4 | ||
Sanofi Supply Sales, Sanofi Royalties and Sanofi | No guidance | |
Revenue Category | Revenue Framework Footnotes |
Nuvaxovid Product Sales1 |
|
Adjusted Supply Sales2 |
|
Adjusted Licensing, Royalties | o o o |
Adjusted Total Revenue4 | o Adjusted Total Revenue is a Non-GAAP Financial Measure. Adjusted |
Components of Revenue excluded from the Full Year 2026 Revenue Framework are described below.
Sanofi Supply Sales
- Novavax will sell Nuvaxovid commercial supply to Sanofi for the 2026-2027 COVID-19 vaccination season and the reimbursement for this supply will be recorded as product sales.
Sanofi Royalties
- Sanofi will lead commercial activities for the 2026-2027 COVID-19 vaccination season in select markets, including the
U.S. Novavax is eligible to receive royalties in the high teens to low twenties percent on Sanofi sales.
Sanofi Influenza-COVID-19 Combination and Matrix-M Related Milestones
- Novavax is eligible to receive up to
$350 million - For each new vaccine using Matrix-M, Novavax is eligible to receive up to
$200 million
Conference Call
Novavax will host its quarterly conference call today at 8:30 a.m. Eastern Time (ET). To join the call without operator assistance, you may register and enter your phone number at https://registrations.events/easyconnect/9610065/rec5pyQ9YRaX3NyBf/ to receive an instant automated call back. You may also dial direct to be entered into the call by an operator. The dial-in numbers for the conference call are (888) 880-3330 (Domestic) or (+1) (646) 357-8766 (International). Participants will be prompted to request to join the Novavax, Inc. call. A replay of the conference call will be available starting at 11:30 a.m. ET on February 26, 2026, until 11:59 p.m. ET on March 5, 2026. To access the replay by telephone, dial (800) 770-2030 (Domestic) or (+1) (609) 800-9909 (International) and use passcode 9610065#.
A webcast of the conference call can also be accessed on the Novavax website at ir.novavax.com/events. A replay of the webcast will be available on the Novavax website until March 25, 2026.
About Novavax
Novavax, Inc. (Nasdaq: NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M adjuvant and protein-based nanoparticles. The Company's growth strategy focuses on maximizing the impact of its cutting-edge technology by forging strategic partnerships for its Matrix-M adjuvant and R&D assets. Please visit novavax.com and LinkedIn for more information.
Non-GAAP Financial Measures
The Company presents the following non-GAAP financial measures in this press release: Non-GAAP Combined R&D and SG&A Expenses, Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles generally accepted in
Forward-Looking Statements
This press release contains forward-looking statements relating to the future of Novavax, its mission; its corporate strategy and operating plans, objectives and prospects; its value drivers and strategic priorities; its partnerships, including expectations with respect to potential royalties, milestones and other commercial objectives, and cost reimbursement, Matrix-M's potential utility in partners' vaccine portfolios and plans for additional potential partnering activities; the development of Novavax's clinical and preclinical product candidates and pipeline advancement opportunities, including with respect to new Matrix formulations; the conduct, timing and potential results from clinical trials, conducted by Novavax or its partners, and other preclinical and postmarketing studies; expectations as to the timing and outcome of future and pending regulatory filings and actions; full year 2026 financial guidance and revenue framework; and Novavax's future financial or business performance. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, Novavax's ability to successfully and timely obtain and maintain full
NOVAVAX, INC. | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share information) | |||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
(unaudited) | |||||||||||||
Revenue: | |||||||||||||
Product sales | $ 39,197 | $ 59,250 | $ 685,041 | $ 213,202 | |||||||||
Licensing, royalties and other | 107,942 | 29,061 | 438,438 | 468,960 | |||||||||
Total revenue | 147,139 | 88,311 | 1,123,479 | 682,162 | |||||||||
Expenses: | |||||||||||||
Cost of sales | 22,104 | 36,669 | 73,040 | 202,739 | |||||||||
Research and development | 75,876 | 104,380 | 342,320 | 391,169 | |||||||||
Selling, general and administrative | 34,122 | 78,342 | 157,479 | 337,185 | |||||||||
Impairment of assets held for sale | 807 | - | 97,845 | - | |||||||||
Total expenses | 132,909 | 219,391 | 670,684 | 931,093 | |||||||||
Income (loss) from operations | 14,230 | (131,080) | 452,795 | (248,931) | |||||||||
Interest expense | (5,824) | (7,585 | (22,547) | (20,075) | |||||||||
Loss on debt extinguishment | - | - | (28,714) | - | |||||||||
Gain on disposition of Novavax CZ assets | - | 51,949 | - | 51,949 | |||||||||
Other income, net | 9,497 | 13,135 | 40,633 | 40,442 | |||||||||
Income (loss) before income tax expense | 17,903 | (73,581) | 442,167 | (176,615) | |||||||||
Income tax expense | (376) | (7,449) | (1,865) | (10,884) | |||||||||
Net income (loss) | $ 17,527 | $ (81,030) | $ 440,302 | $ (187,499) | |||||||||
Net income (loss) per share: | |||||||||||||
Basic | $ 0.11 | $ (0.51) | $ 2.72 | $ (1.23) | |||||||||
Diluted | $ 0.11 | $ (0.51) | $ 2.58 | $ (1.23) | |||||||||
Weighted average number of common shares outstanding: | |||||||||||||
Basic | 162,527 | 160,241 | 161,991 | 152,190 | |||||||||
Diluted | 165,182 | 160,241 | 173,103 | 152,190 | |||||||||
SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands)
| ||||
December 31, 2025 | December 31, 2024 | |||
Cash and cash equivalents | $ 240,634 | $ 530,230 | ||
Marketable securities | 494,450 | 392,888 | ||
Total restricted cash | 15,418 | 15,062 | ||
Total current assets | 978,276 | 1,128,942 | ||
Working capital | 518,326 | (25,474) | ||
Total assets | 1,176,512 | 1,560,418 | ||
Convertible notes payable | 244,213 | 169,684 | ||
Total stockholders' deficit | (127,753) | (623,841) | ||
Novavax, Inc. | |||||
Reconciliation of GAAP to NON-GAAP Financial Results | |||||
(unaudited) | |||||
($ in millions) | Three Months Ended | Twelve Months Ended | |||
December 31, | December 31, | ||||
2025 | 2024 | 2025 | 2024 | ||
Total Revenue | $ 147.1 | $ 88.3 | $ 682.2 | ||
Adjustments: | |||||
Sanofi Supply Sales | 9.2 | - | 15.7 | - | |
Sanofi Royalties | 1.6 | - | 5.8 | - | |
Adjusted Total Revenue | $ 136.4 | $ 88.3 | $ 682.2 | ||
R&D Expenses | $ 75.9 | $ 104.4 | $ 342.3 | $ 391.2 | |
Adjustments: | |||||
R&D Reimbursement | 28.1 | 8.7 | 91.6 | 19.4 | |
Non-GAAP R&D Expenses | $ 47.8 | $ 95.7 | $ 250.7 | $ 371.7 | |
Combined R&D and SG&A Expenses | $ 110.0 | $ 82.7 | $ 499.8 | $ 728.4 | |
Adjustments: | |||||
R&D Reimbursement | 28.1 | 8.7 | 91.6 | 19.4 | |
Non-GAAP Combined R&D and SG&A Expenses | $ 81.9 | $ 174.0 | $ 408.2 | $ 708.9 | |
Contacts:
Investors
Luis Sanay, CFA
240-268-2022
ir@novavax.com
Media
Yvonne Sprow
844-264-8571
media@novavax.com
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SOURCE Novavax, Inc.
FAQ
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