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.
Alec Stranahan
Bank of America
4 questions for NVAX
Also covers: AGIO, ALEC, BTAI +11 more
Mayank Mamtani
B. Riley Securities
4 questions for NVAX
Also covers: AGEN, ALT, ARWR +18 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
VB
Vernon Bernardino
H.C. Wainwright & Co.
2 questions for NVAX
Also covers: CANF, ELDN, GALT +6 more
BS
Brendan Smith
Stifel, Nicolaus & Company, Incorporated
1 question for NVAX
Also covers: ABCL, ABSI, ARWR +19 more
JM
Jeff Meacham
Citigroup Inc.
1 question for NVAX
Also covers: ABOS, LLY
RS
Roger Song
Jefferies
1 question for NVAX
Also covers: AADI, AKBA, ALT +13 more
Thomas Shrader
BTIG
1 question for NVAX
Also covers: ABOS, ALEC, ARCT +8 more
Tom Shrader
BTIG
1 question for NVAX
Also covers: ABOS, ALDX, ALEC +4 more
Recent press releases and 8-K filings for NVAX.
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®.
12 hours ago
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.
12 hours ago
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.
6 days ago
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.
6 days ago
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.
6 days ago
Novavax Outlines New Strategy and Path to Profitability at J.P. Morgan Healthcare Conference
NVAX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Novavax launched a new strategy in 2025 focused on partnering and R&D innovation, with a vision for non-GAAP profitability as early as 2028 through existing partnerships and plans.
- The company expects significant financial contributions from existing partnerships, including a $75 million milestone from Sanofi in 2026 upon completion of tech transfer, and potential $125 million for Phase III and $225 million for commercial launch of Sanofi's combination vaccines.
- Novavax ended Q3 with $810 million in cash and receivables, with an additional $110 million announced in Q4, providing a financial runway into 2028.
- Novavax is targeting $250 million for 2027 SG&A and R&D expense (net of partner reimbursement) and reduced net costs to $450 million in 2025, with plans for further $100 million reductions in 2026 and 2027.
6 days ago
Novavax outlines strategic transformation and financial outlook
NVAX
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Novavax is finalizing its financial results for the year ended December 31, 2025, and plans to provide an update for investors on January 12, 2026.
- The company projects a significant reduction in combined research and development (R&D) and selling, general and administrative (SG&A) expenses (net of partner reimbursement) from an estimated ~$450 million in FY 2025 to ~$250 million in FY 2027, with a potential path to non-GAAP profitability as early as 2028.
- Novavax generated approximately $1.4 billion in new cash flow between 2024 and 2025, with 78% derived from non-dilutive sources such as upfront payments, milestones, and asset sales.
- Key achievements in 2025 include $225 million in Sanofi milestones, U.S. BLA approval for Nuvaxovid with commercial transition to Sanofi, and the R21/Matrix-M malaria vaccine achieving an 85% market share.
Jan 12, 2026, 1:01 PM
Novavax Outlines Strategic Shift, Sanofi Partnership Details, and Pipeline Expansion
NVAX
New Projects/Investments
Product Launch
Guidance Update
- Novavax is strategically transitioning from a pandemic-based vaccine manufacturer to an endemic-based model, focusing on a lean infrastructure and diversified top line through partnerships and pipeline advancement.
- The company's partnership with Sanofi includes commercializing NUVAXOVID, developing combination flu and COVID-19 vaccines with potential for up to an $8 billion annual market, and leveraging Novavax's Matrix-M adjuvant. Sanofi's 2025 season is a "transition year" for COVID commercialization, with 2026 slated for a full launch.
- The Sanofi agreement provides $500 million upfront, eligibility for up to $700 million in milestones (with $225 million earned this year), and royalties ranging from high teens/low 20s on COVID sales to mid-single digits on new Sanofi products using Matrix-M for up to 20 years.
- Novavax is pursuing an "Intel inside" strategy for its Matrix-M adjuvant, making it available non-exclusively to other companies, with two top 10 pharma companies currently evaluating it under MTAs.
- The early-stage pipeline includes vaccines for C. diff, shingles, RSV combinations, and pandemic flu (H5N1), alongside an emerging collaboration in oncology vaccines utilizing Matrix-M, targeting a market over $40 billion.
Nov 19, 2025, 4:30 PM
Novavax Outlines Strategic Focus and Partnership Growth at Jefferies Conference
NVAX
New Projects/Investments
M&A
Revenue Acceleration/Inflection
- Novavax is strategically transitioning to an endemic-based vaccine manufacturer, focusing on cost reduction, balance sheet strengthening, and pipeline advancement through partnerships to drive future profitability.
- The partnership with Sanofi includes a $70 million investment, $500 million upfront, and eligibility for up to $700 million in milestones, with $225 million already earned this year. Sanofi's full commercial launch for Novavax's COVID-19 vaccine is anticipated in 2026, following a 2025 transition year.
- Novavax's Matrix-M adjuvant is a key growth driver, with non-exclusive licensing opportunities. The company is currently collaborating with two top 10 pharma companies under MTAs and an oncology player to explore its use in new vaccines, targeting a combined market exceeding $100 billion.
- The early-stage pipeline includes novel approaches for CDIF, a more tolerable Shingles vaccine, an improved RSV combination vaccine, and a pandemic flu vaccine with potential for intranasal delivery to reduce transmission.
Nov 19, 2025, 4:30 PM
Novavax Outlines Strategic Shift, Sanofi Partnership, and Pipeline Growth
NVAX
New Projects/Investments
Guidance Update
- Novavax is transitioning from a pandemic-focused company to an endemic-based vaccine manufacturer, leveraging its core subunit protein nanoparticle technology and Matrix-M adjuvant.
- The groundbreaking partnership with Sanofi includes a $70 million investment in Novavax, $500 million upfront, and eligibility for up to $700 million in milestones, with $225 million earned in 2025. Royalties range from high teens to low 20s on global COVID sales and high single digits to low teens on combination COVID-flu vaccines.
- Sanofi's 2025 season is a "transition year" for COVID vaccine commercialization, with the 2026 season anticipated as the full launch for their commercialization efforts.
- Novavax's Matrix-M adjuvant is being positioned as an "engine of innovation" through non-exclusive licensing, offering potential for mid-single digit royalties and up to $200 million in milestones per new product developed by Sanofi. The company is also exploring partnerships with two top 10 pharma companies and an oncology player to utilize Matrix-M.
- The early-stage pipeline includes vaccines for CDIF, shingles, RSV combination, and pandemic flu (H5N1), targeting significant unmet medical needs and market opportunities.
Nov 19, 2025, 4:30 PM
Quarterly earnings call transcripts for NOVAVAX.
Ask Fintool AI Agent
Get instant answers from SEC filings, earnings calls & more