Q2 25 EPS
$0.62
BEAT +895.89%
Est. $-0.08
Q2 25 Revenue
$239.2M
BEAT +44.98%
Est. $165.0M
vs S&P Since Q2 25
+8.7%
BEATING MARKET
NVAX +26.7% vs S&P +18.0%
Market Reaction
Did NVAX Beat Earnings? Q2 2025 Results
Novavax delivered a striking second-quarter earnings beat for Q2 2025, posting EPS of $0.62 against a consensus estimate of negative $0.08, a 895.89% positive surprise, while revenue of $239.24 million cleared the $165.01 million consensus by 44.98%.… Read more Novavax delivered a striking second-quarter earnings beat for Q2 2025, posting EPS of $0.62 against a consensus estimate of negative $0.08, a 895.89% positive surprise, while revenue of $239.24 million cleared the $165.01 million consensus by 44.98%. The headline driver was a $175 million milestone payment from Sanofi tied to the FDA's BLA approval of Nuvaxovid, the only recombinant protein-based, non-mRNA COVID-19 vaccine authorized in the U.S., which flooded the licensing and royalties line and lifted total revenue well above expectations despite a 42.4% year-over-year decline from a stronger prior-year comparable. Cost discipline reinforced the bottom line, with R&D expenses falling to $79 million and SG&A dropping 57% to $44 million as Sanofi assumed U.S. Commercial leadership. Looking ahead, Novavax raised its full-year adjusted total revenue framework to $1.00 billion to $1.05 billion while guiding combined operating expenses to $495 million to $545 million, even as the stock has faced considerable pressure from institutional holders navigating a prolonged share price decline.
Key Takeaways
- • $175 million Sanofi milestone payment triggered by FDA BLA approval for Nuvaxovid
- • 57% reduction in SG&A expenses due to commercial transition to Sanofi and cost reduction efforts
- • 26% reduction in R&D expenses from lower COVID-19 development and commercial manufacturing network costs
- • Licensing, Royalties and Other Revenue of $229 million driven by Sanofi milestone
NVAX YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NVAX Revenue by Segment
With YoY comparisons, source: SEC Filings
“This quarter we continued to progress our growth strategy with key achievements including BLA approval for our COVID-19 vaccine, positive data from our COVID-19-Influenza-Combination and stand-alone influenza programs, advancement of our early-stage pipeline, and progression of our partnership strategy.”
— John C. Jacobs, Q2 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% |