Q1 25 EPS
$2.93
BEAT +313.55%
Est. $0.71
Q1 25 Revenue
$666.7M
BEAT +93.88%
Est. $343.9M
vs S&P Since Q1 25
+6.6%
BEATING MARKET
NVAX +38.7% vs S&P +32.1%
Market Reaction
Did NVAX Beat Earnings? Q1 2025 Results
Novavax delivered a stunning first-quarter blowout, reporting earnings per share of $2.93 against a consensus estimate of $0.71, a beat of 313.55%, while revenue surged to $666.65 million, nearly doubling the $343.85 million analysts had expected and… Read more Novavax delivered a stunning first-quarter blowout, reporting earnings per share of $2.93 against a consensus estimate of $0.71, a beat of 313.55%, while revenue surged to $666.65 million, nearly doubling the $343.85 million analysts had expected and representing a 610.3% increase from the year-ago period. The single most material driver was a $603 million revenue recognition event tied to the termination of Advance Purchase Agreements with Canada and New Zealand, transforming what would have been a modest quarter into a historic one and swinging the company from a net loss of $148 million a year ago to net income of $519 million. The narrative extends well beyond one-time items, however; the FDA's recent approval of Nuvaxovid triggered a $175 million milestone payment from Sanofi and positions the protein-based vaccine for commercial delivery ahead of the 2025-2026 season. Novavax raised its full-year 2025 adjusted total revenue outlook to $975 million to $1.03 billion, up sharply from prior guidance of $300 million to $350 million, reflecting the broadened Sanofi partnership and an expanding pipeline.
Key Takeaways
- • $603 million in revenue recognized from termination of Canada and New Zealand Advance Purchase Agreements related to cash received in prior years
- • $40 million in Sanofi revenue from upfront payment and milestone amortization and cost reimbursement
- • Significant cost reductions in SG&A (down to $48M from $87M) and cost of sales (down to $14M from $59M)
NVAX YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NVAX Revenue by Segment
With YoY comparisons, source: SEC Filings
“I am pleased with the progress we have made in the first quarter on our corporate growth strategy. We remain focused on creating shareholder value as we advance our three priorities for the year – optimizing our partnership with Sanofi, advancing new and existing partnership opportunities and continuing the development of our early-stage organic pipeline.”
— John C. Jacobs, Q1 2025 Earnings Press Release
NVAX Earnings Trends
NVAX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NVAX EPS Trend
Earnings per share: estimate vs actual
NVAX Revenue Trend
Quarterly revenue: estimate vs actual
NVAX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT FY | $-0.23 | $-0.06 | +73.46% | $139.5M | +72.27% |
| FY Full Year | $2.15 | — | — | — | — |
| Q4 25 BEAT FY | $-0.49 | $0.11 | +122.48% | $147.1M | +63.75% |
| FY Full Year | — | $2.58 | — | $1.12B | — |
| Q3 25 MISS | $-0.92 | $-1.25 | -36.36% | $70.4M | +56.99% |
| Q2 25 BEAT | $-0.08 | $0.62 | +895.89% | $239.2M | +44.98% |
| Q1 25 BEAT | $0.71 | $2.93 | +313.55% | $666.7M | +93.88% |