Earnings summaries and quarterly performance for NOVAVAX.
Executive leadership at NOVAVAX.
John C. Jacobs
Detailed
President and Chief Executive Officer
CEO
EO
Elaine O’Hara
Detailed
Executive Vice President, Chief Strategy Officer
JP
James P. Kelly
Detailed
Executive Vice President, Chief Financial Officer and Treasurer
MJ
Mark J. Casey
Detailed
Executive Vice President, Chief Legal Officer and Corporate Secretary
RD
Ruxandra Draghia-Akli
Detailed
Executive Vice President, Research & Development
Board of directors at NOVAVAX.
Research analysts who have asked questions during NOVAVAX earnings calls.
Mayank Mamtani
B. Riley Securities
6 questions for NVAX
Also covers: AGEN, ALT, ARWR +18 more
Alec Stranahan
Bank of America
5 questions for NVAX
Also covers: AGIO, ALEC, BEAM +12 more
CL
Christopher LoBianco
TD Cowen
3 questions for NVAX
Also covers: ZTS
Eric Joseph
JPMorgan Chase & Co.
3 questions for NVAX
Also covers: BEAM, BLUE, ENTA +9 more
JS
Jiale Song
Jefferies Financial Group Inc.
3 questions for NVAX
Also covers: ACRS, CRVS, CTMX +12 more
RS
Roger Song
Jefferies
3 questions for NVAX
Also covers: AADI, AKBA, ALT +14 more
Tom Shrader
BTIG
3 questions for NVAX
Also covers: ABOS, ALDX, ALEC +4 more
CL
Chris LoBianco
TD Securities
2 questions for NVAX
Also covers: ZTS
Sean Lee
H.C. Wainwright & Co.
2 questions for NVAX
Also covers: ATEC, CASI, CTSO +3 more
VB
Vernon Bernardino
H.C. Wainwright & Co.
2 questions for NVAX
Also covers: CANF, ELDN, GALT +6 more
AR
Anupam Rama
JPMorgan Chase & Co.
1 question for NVAX
Also covers: APLS, BBIO, BOLD +18 more
BS
Brendan Smith
Stifel, Nicolaus & Company, Incorporated
1 question for NVAX
Also covers: ABCL, ABSI, ARWR +20 more
Geoff Meacham
Citigroup Inc.
1 question for NVAX
Also covers: ABBV, AMGN, BMY +11 more
J
Jarryd
Citigroup
1 question for NVAX
JM
Jeff Meacham
Citigroup Inc.
1 question for NVAX
Also covers: ABOS, LLY, PFE
J
Joy
JPMorgan Chase & Co.
1 question for NVAX
M
Matthew
Stifel
1 question for NVAX
Also covers: KALV, KARO, RYTM
PS
Pete Stavropoulos
Cantor Fitzgerald
1 question for NVAX
Also covers: ABOS, ALEC, ARCT +9 more
S
Sarah
TD Cowen
1 question for NVAX
Also covers: ARVN, EXEL, VVV +1 more
Thomas Shrader
BTIG
1 question for NVAX
Also covers: ABOS, ALEC, ARCT +8 more
Recent press releases and 8-K filings for NVAX.
Novavax Reports Strong Q4 and Full Year 2025 Financial Results, Announces Key Partnerships, and Provides 2026 Guidance
NVAX
Earnings
Guidance Update
New Projects/Investments
- Novavax reported $1.1 billion in total revenue for the full year 2025, a 65% increase year-over-year, and $147 million for Q4 2025, a 67% increase year-over-year, achieving positive income for both periods.
- The company secured a new agreement with Pfizer for Matrix-M, including a $30 million upfront payment in Q1 2026 and potential for up to $500 million in development and sales milestones, while also achieving $225 million in eligible milestones from the Sanofi partnership in 2025.
- Novavax significantly reduced combined R&D and G&A expenses (non-GAAP, net of partner reimbursement) by 53% for the full year 2025 and provided guidance for further reductions, targeting $200 million or below by 2028.
- The company ended 2025 with $857 million in cash and accounts receivables, with an estimated cash runway into 2028, and aims for non-GAAP P&L profitability as early as 2028.
1 day ago
Novavax Reports Q4 and Full Year 2025 Financial Results and Provides 2026 Guidance
NVAX
Earnings
Guidance Update
New Projects/Investments
- Novavax reported $147 million in total revenue for Q4 2025, a 67% increase year-over-year, and $1.1 billion for the full year 2025, a 65% increase year-over-year, which included $625 million in non-cash revenue recognition from Nuvaxovid APA agreements resolution. The company also achieved positive income for both Q4 and the full year 2025.
- The company announced a new agreement with Pfizer for Matrix-M, including a $30 million upfront payment received in Q1 2026, and potential for up to $500 million in development and sales milestones plus future sales royalties. All $225 million in eligible milestones from the Sanofi partnership were achieved in 2025.
- Novavax ended 2025 with $857 million in cash and accounts receivables, and estimates a cash runway into 2028 without contemplating new cash flow. Combined R&D and G&A expenses (non-GAAP, net of partner reimbursement) were reduced by 53% for the full year 2025.
- For 2026, Novavax expects adjusted total revenue between $230 million and $270 million, excluding potential milestones such as the $125 million Sanofi Phase 3 study initiation milestone and the $75 million Sanofi technology transfer milestone. Non-GAAP combined R&D and SG&A expense guidance for 2026 is $325 million (midpoint), with a target of $200 million or below by 2028.
1 day ago
Novavax Reports Strong Q4 and Full Year 2025 Financial Results, Announces New Pfizer Partnership, and Provides 2026 Guidance
NVAX
Earnings
Guidance Update
New Projects/Investments
- Novavax reported a 65% increase in total revenue to $1.1 billion for the full year 2025, achieving positive income for both the fourth quarter and the full year, and significantly reduced non-GAAP combined R&D and SG&A expenses by 53% for the full year.
- The company secured a new agreement with Pfizer in January 2026, which includes a $30 million upfront payment and potential for up to $500 million in development and sales milestones, plus future sales royalties for Matrix-M technology. Additionally, Sanofi achieved all $225 million in eligible milestones in 2025.
- Novavax ended 2025 with $857 million in cash and accounts receivables, and expects to fund operations into 2028 without contemplating any new cash flow, targeting non-GAAP P&L profitability as early as 2028. For 2026, the company projects adjusted total revenue between $230 million and $270 million.
1 day ago
Novavax Reports Fourth Quarter and Full Year 2025 Financial Results and Provides 2026 Guidance
NVAX
Earnings
Guidance Update
New Projects/Investments
- Novavax reported total revenue of $147 million for the fourth quarter of 2025 and $1.1 billion for the full year 2025.
- The company achieved a net income of $18 million for the fourth quarter of 2025 and $440 million for the full year 2025.
- Novavax announced a Pfizer agreement in January 2026 for a non-exclusive license to utilize Matrix-M® in two infectious disease areas.
- The company successfully executed its Sanofi partnership, earning $225 million in milestones in full year 2025.
- For Full Year 2026, Novavax expects Adjusted Total Revenue between $230 million and $270 million and Non-GAAP Combined R&D and SG&A Expenses between $310 million and $340 million.
1 day ago
Novavax Reports Q4 and Full Year 2025 Financial Results, Announces Pfizer Agreement
NVAX
Earnings
Guidance Update
New Projects/Investments
- Novavax reported total revenue of $147 million for the fourth quarter of 2025 and $1.1 billion for the full year 2025, achieving a net income of $440 million for the full year, a significant turnaround from a net loss in 2024.
- The company announced a Pfizer agreement in January 2026 for a non-exclusive license to use its Matrix-M adjuvant, which includes an upfront payment of $30 million received in Q1 2026 and potential for up to $500 million in additional development and sales milestones.
- Novavax successfully executed its Sanofi partnership, earning $225 million in milestones in full year 2025, and ended 2025 with $751 million in cash.
- For full year 2026, Novavax provided guidance for Adjusted Total Revenue between $230 million and $270 million and Non-GAAP Combined R&D and SG&A Expenses between $310 million and $340 million.
1 day ago
Novavax enters license agreement with Pfizer
NVAX
New Projects/Investments
- Novavax has entered into a non-exclusive license agreement with Pfizer for the use of its Matrix-M® adjuvant in up to two disease areas with Pfizer's products.
- Under the terms, Novavax will receive an upfront payment of $30 million.
- Novavax is eligible for up to $500 million in development and sales milestones, in addition to tiered high mid-single digit percentage royalty payments on sales of any product by Pfizer that includes Matrix-M®.
Jan 20, 2026, 12:15 PM
Novavax licenses Matrix-M™ adjuvant technology to Pfizer
NVAX
New Projects/Investments
Revenue Acceleration/Inflection
Product Launch
- Novavax, Inc. entered into a License and Option Agreement with Pfizer Inc. on January 15, 2026, granting Pfizer a non-exclusive, worldwide license to Novavax's Matrix-M™ adjuvant technology for use in vaccine products for infectious diseases.
- Novavax will receive an upfront payment of $30 million in the first quarter of 2026 and is eligible for up to an additional $500 million in milestone payments.
- The agreement also includes tiered high mid-single digit percentage royalties on quarterly net sales, with the potential to generate billions of dollars of revenue for Novavax over the life of the agreement.
Jan 20, 2026, 11:59 AM
Novavax Outlines New Strategy and Path to Profitability by 2028
NVAX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Novavax launched a new strategy in 2025 focused on driving value through partnering and R&D innovation, with a vision for non-GAAP profitability as early as 2028.
- In 2025, the company achieved $225 million in anticipated milestones from Sanofi and expects an additional $75 million milestone in 2026 for tech transfer completion.
- Novavax earned $1.4 billion in cash in 2024 and 2025, with almost 80% from non-dilutive sources, and ended Q4 pro forma with approximately $920 million in cash and receivables, providing financial runway into 2028.
- The company significantly reduced net SG&A and R&D to $450 million in 2025, with plans for further reductions to a target of $250 million in 2027.
- Novavax is expanding its Matrix-M technology into new areas like oncology, aiming to tap into a global market potential exceeding $100 billion by the early 2030s.
Jan 15, 2026, 12:30 AM
Novavax Outlines Strategic Shift and Path to Profitability at J.P. Morgan Healthcare Conference
NVAX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Novavax is transforming its business model from a singular focus on COVID-19 to driving value through partnering and R&D innovation, aiming for a diversified revenue base by 2028 and beyond.
- The company projects a path to non-GAAP profitability as early as 2028.
- Combined R&D and SG&A expenses, net of partner reimbursement, are expected to decrease from approximately $450 million in FY 2025 to $250 million in FY 2027.
- In 2025, Novavax achieved $225 million in Sanofi milestones and transitioned Nuvaxovid's commercialization to Sanofi, with potential for billions in future milestones and royalties.
- Novavax's growth strategy targets a global market opportunity projected to exceed $100 billion by the 2030s, focusing on high-value vaccine opportunities.
Jan 15, 2026, 12:30 AM
Novavax Outlines Transformation, New Growth Strategy, and Path to Profitability at J.P. Morgan Healthcare Conference
NVAX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Novavax underwent a significant financial transformation from 2023 to 2024, reducing annual expenses by over $1 billion and liabilities by over $2 billion, and cutting headcount by 65%-70%.
- The company launched a new growth strategy in 2025, focusing on partnering and R&D innovation to drive value. This strategy aims for non-GAAP profitability as early as 2028, with a target SG&A and R&D expense (net of partner reimbursement) of $250 million in 2027.
- Novavax earned $1.4 billion in cash in 2024 and 2025, with almost 80% from non-dilutive sources. The company ended Q3 with $810 million in cash and receivables, plus an additional $110 million in Q4, resulting in approximately $920 million pro forma cash.
- The partnership with Sanofi has already generated over $800 million in non-dilutive capital , with a $75 million milestone expected in 2026. Novavax is eligible for high teens to low 20s royalties on Nuvaxovid sales for 20 years and potential additional milestones and royalties from Sanofi's combination vaccines.
- The company's Matrix-M adjuvant technology is central to its strategy, with multiple Material Transfer Agreements (MTAs) signed with other large pharmaceutical companies for evaluation, aiming to tap into a global market potential exceeding $100 billion by the early 2030s.
Jan 15, 2026, 12:30 AM
Quarterly earnings call transcripts for NOVAVAX.
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