Novavax (NVAX) Q2 2025 Earnings
How Did NVAX Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.54%.
Did NVAX Beat Earnings? Q2 2025 Results
Yes. Novavax reported Q2 2025 earnings of $0.62 a share on Aug 6, 2025, beating the $-0.08 consensus estimate by 895.9%. Revenue was $239.2M against a $165.0M estimate.
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.
- $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
“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.”
Novavax CEO, on the earnings call
What Was Novavax's Outlook in Q2 2025?
Novavax updated its Full Year 2025 financial guidance, raising combined R&D and SG&A expenses to $495–$545 million (from $475–$525 million previously), reflecting the FDA-requested postmarketing commitment study for Nuvaxovid expected to cost $70–$90 million over 2025–2026 with Sanofi reimbursing approximately 70% of costs. The Adjusted Total Revenue framework was raised to $1,000–$1,050 million (from $975–$1,025 million), including Nuvaxovid Product Sales of $610 million, Adjusted Supply Sales of $25–$40 million, and Adjusted Licensing, Royalties and Other Revenue of $365–$400 million. Revenue components excluded from the framework include Sanofi Supply Sales, Sanofi Royalties (high teens to low twenties percent on Sanofi sales), and Sanofi CIC/Matrix-M milestones (up to $350 million in Phase 3 and launch milestones, plus up to $200 million per new Matrix-M vaccine). Transfers of U.S. and EU marketing authorizations to Sanofi expected in Q4 2025 will trigger an additional $50 million in milestones. The $175 million BLA milestone cash receipt is expected in Q3 2025.
NVAX YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $239.2M | $415.5M | −42.4% |
| Gross Profit | $223.9M | $369.3M | −39.4% |
| Operating Income | $101.1M | $161.0M | −37.2% |
| Net Income | $106.5M | $162.4M | −34.4% |
NVAX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.