Novavax Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.32%.
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 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.
- 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
“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.”
Novavax CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Novavax guides Adjusted Total Revenue (non-GAAP, excluding certain Sanofi-dependent components) of $230-$270 million, broken down as: Nuvaxovid Product Sales $35-$45 million, Adjusted Supply Sales $40-$50 million, and Adjusted Licensing, Royalties and Other Revenue $155-$175 million. Combined GAAP R&D and SG&A expenses are guided at $380-$420 million, with Non-GAAP combined expenses (net of R&D reimbursements) at $310-$340 million. For 2027, Non-GAAP combined R&D and SG&A is targeted at $225 million midpoint, and 2028 is targeted at $200 million or below. Sanofi Supply Sales, Sanofi Royalties, and Sanofi influenza-COVID-19 combination and Matrix-M milestones are excluded from guidance. Novavax is eligible for up to $350 million in Phase 3 development and commercial launch milestones from Sanofi combination products, and up to $200 million per new Matrix-M vaccine in launch/sales milestones plus mid-single digit royalties for 20 years. The Pfizer agreement has potential for up to $500 million in additional milestones beyond the $30 million upfront received in Q1 2026.
NVAX YoY Financials
NVAX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.