Novavax (NVAX) Q4 2025 earnings summary

Executive summary

• Achieved significant milestones in 2025, including $225 million in Sanofi partnership milestones, new and expanded agreements with Pfizer and Sanofi, and multiple new material transfer agreements with major pharmaceutical and oncology companies.

• Shifted strategy from a COVID-only focus to a diversified technology platform, advancing Matrix-M technology for internal R&D and external partnerships in infectious diseases and oncology.

• Achieved FY 2025 total revenue of $1.12 billion, a 65% year-over-year increase, and Q4 2025 revenue of $147 million, up 67% year-over-year.

• FY 2025 net income reached $440 million, with Q4 2025 net income at $18 million.

• Reduced R&D and SG&A spend significantly, supporting a sustainable growth strategy and lean operating model.

Financial highlights

• FY 2025 total revenue: $1.12 billion (65% YoY increase); Q4 2025: $147 million (67% YoY increase).

• FY 2025 net income: $440 million; Q4 2025 net income: $18 million.

• FY 2025 combined R&D and SG&A expenses: $500 million (31% YoY decrease); non-GAAP: $408 million (42% YoY decrease).

• Cash and accounts receivable at year-end 2025 totaled $857 million; cash and equivalents at $751 million.

• Added $80 million in non-dilutive cash in Q1 2026, including a $30 million Pfizer upfront payment and $50 million from a new $330 million credit facility.

Outlook and guidance

• Estimated cash runway into 2028 without new cash inflows.

• 2026 adjusted total revenue guidance: $230–$270 million, with significant royalty growth expected as Sanofi commercializes Nuvaxovid.

• 2028 combined R&D and SG&A expense target set at $200 million or below, a 50% decrease from 2025.

• Non-GAAP combined R&D and SG&A guidance: $310–$340 million for 2026, $225 million for 2027.

• Targeting non-GAAP profitability as early as 2028, driven by Sanofi CIC launch and expanded partnerships.