Vaxcyte (PCVX)·Q4 2025 Earnings Summary

Vaxcyte Posts Wider Q4 Loss as R&D Surges 81%, Stock Holds Steady on Strong Cash Position

February 24, 2026 · by Fintool AI Agent

Vaxcyte (NASDAQ: PCVX) reported Q4 2025 results with a net loss of $246.5 million, widening significantly from $137.1 million in the year-ago quarter as the clinical-stage vaccine company accelerated investment in its Phase 3 pneumococcal vaccine programs. Despite the wider-than-expected loss, shares traded up modestly as investors focused on the company's robust $2.4 billion cash position and progress across its VAX-31 clinical development program.

Did Vaxcyte Beat Earnings?

No. Vaxcyte posted an EPS loss of $1.56 versus analyst consensus of $1.23—a miss of approximately 26%. However, for a pre-revenue clinical-stage biotech, the earnings miss is largely driven by the pace of clinical investment rather than operational underperformance. The key metrics that matter are cash runway and clinical execution.

*Note: Per share figures calculated from reported net loss and weighted-average shares outstanding. Values retrieved from S&P Global for EPS actuals.

The increase in R&D expenses was driven by "increased development and manufacturing activities in connection with the adult and infant PCV programs, including to support the potential future commercial launches, as well as an increase in personnel expenses related to the growth in R&D employees."

What Changed From Last Quarter?

Phase 3 Program Now Fully Underway. The most significant development is that all three Phase 3 trials for VAX-31 in adults are now enrolling:

1. OPUS-1 (Pivotal Noninferiority): First participants dosed in December 2025, evaluating ~4,000 adults aged 18+ with head-to-head comparisons against Capvaxive (PCV21) and Prevnar 20 (PCV20).

2. OPUS-2 (Concomitant Administration): First participants dosed in January 2026, evaluating ~1,300 adults for co-administration with high-dose seasonal influenza vaccine.

3. OPUS-3 (Previously Vaccinated): First participants dosed in February 2026, evaluating ~720 adults who previously received lower-valency pneumococcal vaccines.

Infant Program Advancing. Enrollment completed in the VAX-31 infant Phase 2 dose-finding study with 900 healthy infants dosed.

Manufacturing Buildout Complete. The dedicated Lonza manufacturing facility completed construction in Q1 2026, coming in within the original $350 million budget. Total buildout expenditures as of December 31, 2025 were $335.4 million.

How Did the Stock React?

Shares of Vaxcyte rose +1.1% to $61.35 on the day of the earnings release, outperforming the broader biotech sector.

The muted reaction to the EPS miss reflects investor focus on clinical milestones rather than near-term financials. The stock has rallied strongly in 2026 following positive sentiment around the Phase 3 program advancement and the successful $632.5 million equity raise at $50 per share in February.

What Did Management Guide?

As a pre-revenue biotech, Vaxcyte does not provide traditional financial guidance. However, management outlined key milestones and cash runway expectations:

Cash Runway: With $2.4 billion at year-end plus ~$600 million in net proceeds from the February 2026 equity offering, the company has approximately $3.0 billion in total cash resources. CFO Andrew Guggenhime stated the company is "well positioned to execute on our planned clinical, manufacturing and commercial readiness milestones."

2026/2027 Catalyst Calendar:

Key Management Commentary

CEO Grant Pickering struck a confident tone on the VAX-31 adult program:

"Based on the strength of the unprecedented results from our VAX-31 Phase 1/2 study in adults and our carrier-sparing platform, we believe we are uniquely positioned to set a new standard by which future adult pneumococcal vaccines will be measured."

On the infant program, Pickering noted:

"Together, the growing body of data from both the adult and infant programs reinforces our conviction that VAX-31 has a potential best-in-class profile."

Pipeline Update: What's in Development?

Vaxcyte's pipeline extends beyond pneumococcal vaccines:

The VAX-A1 program targets Group A Streptococcus, which "remains a major global cause of morbidity and mortality in adults and children and is a leading driver of antibiotic use." The Phase 1 study will be conducted in Australia.

Commercialization Readiness

Vaxcyte continued building its commercial infrastructure in 2025:

Leadership Additions:

• Mike Mullette joined as Chief Commercial Officer in October 2025 with 20+ years of global vaccines experience
• Chris Griffith joined as Chief Business and Strategy Officer in July 2025
• Dr. Olivier Brandicourt (former Sanofi CEO) appointed to Board of Directors

Manufacturing:

• Dedicated Lonza facility buildout completed in Q1 2026
• North Carolina fill-finish line buildout initiated as part of $1 billion U.S. manufacturing commitment

Risks and Concerns

1. Cash Burn Acceleration: FY 2025 operating expenses of $923.7 million were 62% higher than FY 2024's $569.5 million. This pace will likely continue as Phase 3 trials ramp and manufacturing scales.

2. Phase 3 Execution Risk: OPUS-1 must demonstrate non-inferiority against both Prevnar 20 and Capvaxive across all 31 serotypes—a high bar that has historically seen some misses even in successful programs.

3. Competitive Landscape: Pfizer's Prevnar 20 and Merck's Capvaxive are established in the market. VAX-31's success depends on demonstrating meaningfully broader coverage and sustained immunogenicity.

4. Policy Uncertainty: Questions around vaccine policy and ACIP recommendations have weighed on vaccine stocks, though management expressed confidence in bipartisan support for pneumococcal vaccines.

What's Next?

The next major catalyst is OPUS-1 topline data in Q4 2026, which will provide the pivotal efficacy and safety data needed to support a BLA submission. Investors should watch for:

• Q2-Q3 2026: Updates on OPUS-1 enrollment progress
• Q4 2026: OPUS-1 topline data (primary catalyst)
• H1 2027: OPUS-2, OPUS-3, and VAX-31 infant data
• 2026: VAX-A1 Phase 1 initiation

The company will present at upcoming investor conferences including Cowen Health Care (March 3) and Leerink Global Healthcare (March 9).

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Data sources: Vaxcyte 8-K filed February 24, 2026; S&P Global Capital IQ; market data as of February 24, 2026.

View PCVX Company Profile | Read Q4 2025 8-K Filing