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Q4 25 EPS
$0.11
BEAT +122.48%
Est. $-0.49
Q4 25 Revenue
$147.1M
BEAT +63.75%
Est. $89.9M
vs S&P Since Q4 25
-22.5%
TRAILING MARKET
NVAX -13.9% vs S&P +8.6%
Full Year 2025 Results
FY 25 EPS
$2.58
FY 25 Revenue
$1.12B
Market Reaction
Did NVAX Beat Earnings? Q4 2025 Results
Novavax delivered a decisive beat across the board in Q4 2025, posting earnings per share of $0.11 against a consensus estimate of negative $0.49, a swing of 122.48%, while revenue of $147.14 million cleared the $89.86 million consensus by 63.75% and… Read more Novavax delivered a decisive beat across the board in Q4 2025, posting earnings per share of $0.11 against a consensus estimate of negative $0.49, a swing of 122.48%, while revenue of $147.14 million cleared the $89.86 million consensus by 63.75% and rose 66.6% year over year. The headline numbers reflected a broader corporate turnaround, with the company recording GAAP net income of $17.53 million in the quarter compared to a net loss of $81.03 million a year prior, driven largely by the Sanofi partnership, which contributed $225 million in milestones for the full year, including $50 million in Q4 tied to marketing authorization transfers. Cost discipline compounded the improvement, with Q4 SG&A expenses falling 56% and R&D dropping 27%. Looking ahead, Novavax guided 2026 Adjusted Total Revenue to $230 to $270 million, with analysts noting the stock may still be undervalued despite a sharp year-to-date rally, as the company works toward sustained profitability through platform licensing deals with partners including Pfizer.
Key Takeaways
- • Successful execution of Sanofi partnership with $225 million in milestones earned in FY 2025
- • FY 2025 Nuvaxovid product sales of $625 million, vast majority from settlement of Advance Purchase Agreements
- • Significant cost reductions: SG&A down 56% in Q4 and 53% for full year; Non-GAAP R&D net of reimbursement down 50% in Q4
- • Sale of Czech Republic manufacturing facility reduced cost of sales
- • Transition of lead commercial activities to Sanofi eliminated commercial infrastructure costs
NVAX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NVAX Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— John C. Jacobs, Q4 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% |