Full Press Release Details
GAITHERSBURG, Md.,Feb. 26, 2026/PRNewswire/ -- Novavax, Inc. (Nasdaq:NVAX) today announced its financial results and operational highlights for the fourth quarter and year ended December 31, 2025.
"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," said John C. Jacobs, President and Chief Executive Officer, Novavax. "With a strong start to 2026, including the recently announced Pfizer Matrix-M agreement, we look forward to commercial and clinical development execution from our partners, advancing our R&D efforts and the potential for more partnerships as we drive vaccine innovation and value creation from our technology."
Fourth Quarter 2025 and Recent Highlights
Key Business Highlights
Fourth Quarter and Full Year 2025 Revenue
Fourth Quarter and Full Year 2025 Financial Results
Financial Framework
Full
Year 2026 Financial Guidance
Novavax provides Full Year 2026 Financial Guidance for Combined R&D and SG&A Expenses and Non-GAAP Combined R&D and SG&A Expenses and currently expects to achieve the following results:
Non-GAAP Combined R&D and SG&A Expenses exclude R&D Reimbursements, which are amounts reimbursed by Novavax's license partners. See "Non-GAAP Financial Measures" below. R&D Reimbursements are recorded as revenue under Licensing, Royalties and Other Revenue.
Full Year 2026 Revenue Framework
Novavax transitioned lead commercial responsibility of Nuvaxovid beginning with the 2025-2026 COVID-19 vaccination season to Sanofi for select markets. Since Novavax is reliant on Sanofi's sales forecasts for certain revenue components, these are not included in the Full Year 2026 Revenue Framework. For 2026, Novavax currently expects to achieve Adjusted Total Revenue4of between $230 million and $270 million.
Components of Revenue excluded from the Full Year 2026 Revenue Framework
are described below.
Sanofi Supply Sales
Sanofi Royalties
Sanofi Influenza-COVID-19 Combination and Matrix-M Related Milestones
Conference Call
Novavax will host its quarterly conference call today at 8:30 a.m. Eastern Time (ET). To join the call without operator assistance, you may register and enter your phone number athttps://registrations.events/easyconnect/9610065/rec5pyQ9YRaX3NyBf/to receive an instant automated call back. You may also dial direct to be entered into the call by an operator. The dial-in numbers for the conference call are (888) 880-3330 (Domestic) or (+1) (646) 357-8766 (International). Participants will be prompted to request to join the Novavax, Inc. call. A replay of the conference call will be available starting at 11:30 a.m. ET on February 26, 2026, until 11:59 p.m. ET on March 5, 2026. To access the replay by telephone, dial (800) 770-2030 (Domestic) or (+1) (609) 800-9909 (International) and use passcode 9610065#.
A webcast of the conference call can also be accessed on the Novavax website atir.novavax.com/events. A replay of the webcast will be available on the Novavax website until March 25, 2026.
About Novavax
Novavax, Inc. (Nasdaq:NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M adjuvant and protein-based nanoparticles. The Company's growth strategy focuses on maximizing the impact of its cutting-edge technology by forging strategic partnerships for its Matrix-M adjuvant and R&D assets. Please visitnovavax.comandLinkedInfor more information.
Non-GAAP Financial Measures
The Company presents the following non-GAAP financial measures in this press release: Non-GAAP Combined R&D and SG&A Expenses, Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that the presentation of these adjusted financial measures is useful to investors as they provide additional information on comparisons between periods by including certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes and to consider underlying trends of its business. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Our use of non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. The Company is unable to reconcile these revenue forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable effort because the Company is reliant on Sanofi sales forecasts for certain revenue categories, which are not available.
Forward-Looking Statements
This press release contains forward-looking statements relating to the future of Novavax, its mission; its corporate strategy and operating plans, objectives and prospects; its value drivers and strategic priorities; its partnerships, including expectations with respect to potential royalties, milestones and other commercial objectives, and cost reimbursement, Matrix-M's potential utility in partners' vaccine portfolios and plans for additional potential partnering activities; the development of Novavax's clinical and preclinical product candidates and pipeline advancement opportunities, including with respect to new Matrix formulations; the conduct, timing and potential results from clinical trials, conducted by Novavax or its partners, and other preclinical and postmarketing studies; expectations as to the timing and outcome of future and pending regulatory filings and actions; full year 2026 financial guidance and revenue framework; and Novavax's future financial or business performance. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, Novavax's ability to successfully and timely obtain and maintain full U.S. FDA licensure or foreign regulatory approvals necessary to manufacture, market, distribute, or deliver its COVID-19 vaccine; the impact of delays in obtaining regulatory approval, including regulatory decisions impacting labeling, approval or authorization, including the scope of the indicated population, product dosage, manufacturing processes, shelf life, safety, for our product candidates; challenges in conducting the postmarketing commitment ("PMC") study, our ability to obtain adequate additional funding to maintain our current level of operations and fund the further development of our vaccine candidates; challenges related to Novavax's partnership with Sanofi, including collaboration on the Nuvaxovid PMC, and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification, assay validation and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for its product candidates; manufacturing, distribution or export delays or challenges; Novavax's substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co-formulation and filling Novavax's COVID-19 vaccine and the impact of any delays or disruptions in their operations; the impact of potential legislative, regulatory, or policy changes under the current presidential administration, including any adverse impact funding for vaccine research and development, reimbursement for vaccines and their administration, vaccine mandates and recommendations, and public perception of vaccine importance; uncertainty with respect to pricing, third-party reimbursement and healthcare reform; uncertainty in the regulatory pathway for Novavax's COVID -19 Vaccine; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import restrictions, and export licensing requirements; difficulty obtaining scarce raw materials and supplies including for its proprietary adjuvant; resource constraints, including human capital and manufacturing capacity; constraints on Novavax's ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; Novavax's ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of its COVID-19 vaccine or any COVID-19 variant strain containing formulation, or for its CIC vaccine candidates, stand-alone influenza vaccine candidates or other candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities, including requirements to deliver doses that may require Novavax to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements; challenges related to the seasonality of vaccinations against COVID-19; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities; Novavax's expectations as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than its assumptions; and those other risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Novavax's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available atwww.sec.govandwww.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Contacts:
InvestorsLuis Sanay, CFA240-268-2022[email protected]
MediaYvonne Sprow844-264-8571[email protected]
SOURCE Novavax, Inc.
| Fourth Quarter | Full Year | ||||||||||
| $ in millions | Q42025 | Q42024 | Q4Chg. | % | FY2025 | FY2024 | FYChg. | % | |||
| Nuvaxovid™ Sales1 | $20 | $50 | ($30) | NM | $625 | $190 | $435 | NM | |||
| Supply Sales2 | 19 | 9 | 10 | NM | 60 | 23 | 37 | NM | |||
| Product Sales | 39 | 59 | (20) | (34 %) | 685 | 213 | 472 | NM | |||
| Sanofi3 | 98 | 30 | 68 | NM | 386 | 459 | (73) | (16 %) | |||
| Takeda | 8 | (4) | 12 | NM | 42 | 1 | 41 | NM | |||
| Other Partners4 | 2 | 3 | (1) | NM | 10 | 9 | 1 | 11 % | |||
| Licensing, Royalties and Other Revenue | 108 | 29 | 79 | NM | 438 | 469 | (31) | (7 %) | |||
| Total Revenue | $147 | $88 | $59 | 67 % | $1,123 | $682 | $441 | 65 % |
| Notes | |
| 1. | Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of its COVID-19 vaccine. |
| 2. | Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners. |
| 3. | Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement. |
| 4. | Other Partners include upfront payments, royalties and milestone revenue under licensing agreements including Serum Institute and SK bioscience. |
| $ in millions | Full Year 2026(as of February 26, 2026) |
| Combined R&D and SG&A Expenses | $380 - $420 |
| Less: R&D Reimbursements | ($70 - $80) |
| Non-GAAP Combined R&D and SG&A Expenses | $310 - $340 |
| $ in millions | Full Year 2026(as of February 26, 2026) | |
| Nuvaxovid Product Sales1 | $35 - $45 | |
| Adjusted Supply Sales2 | $40 - $50 | |
| Adjusted Licensing, Royalties and Other Revenue3 | $155 - $175 | |
| Adjusted Total Revenue4 | $230 - $270 | |
| Sanofi Supply Sales, Sanofi Royalties and Sanofiinfluenza-COVID-19 combination and Matrix-MMilestones | No guidance |
| Revenue Category | Revenue Framework Footnotes |
| Nuvaxovid Product Sales1 | $35 million to $45 million in Nuvaxovid Product Sales by Novavax underexisting APA and commercial agreements. |
| Adjusted Supply Sales2 | $40 million to $50 million in Adjusted Supply Sales associated withcollaborations with the Serum Institute on R21/Matrix-M and collaborationpartners for COVID-19 vaccine, including Serum and Takeda. |
| Adjusted Licensing, Royaltiesand Other Revenue3 | o $70 million to $80 million in R&D Reimbursement. Under the Sanofico-exclusive licensing agreement (CLA), Novavax is eligible to receivereimbursement for costs incurred related to select R&D and technologytransfer activities during the transition performance period.o $50 to $60 million in Other Partner related revenue including royaltiesand milestones from Pfizer, Serum on R21/Matrix-M and collaborationpartners for COVID-19 vaccine, including Serum and Takeda. Includesa $30 million upfront payment under the Pfizer agreement received inthe first quarter of 2026.o $35 million amortization related to the $500 million Upfront Payment andthe $50 million Database Lock Milestone. Revenue recognition will occurover the transition performance period. |
| Adjusted Total Revenue4 | o Adjusted Total Revenue is a Non-GAAP Financial Measure. AdjustedTotal Revenue is total revenue excluding Sanofi Supply Sales, SanofiRoyalties and Sanofi influenza-COVID-19 Combination and Matrix-Mrelated Milestones. See "Non-GAAP Financial Measures" |
| NOVAVAX, INC. | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share information) | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| (unaudited) | |||||||||||||
| Revenue: | |||||||||||||
| Product sales | $ 39,197 | $ 59,250 | $ 685,041 | $ 213,202 | |||||||||
| Licensing, royalties and other | 107,942 | 29,061 | 438,438 | 468,960 | |||||||||
| Total revenue | 147,139 | 88,311 | 1,123,479 | 682,162 | |||||||||
| Expenses: | |||||||||||||
| Cost of sales | 22,104 | 36,669 | 73,040 | 202,739 | |||||||||
| Research and development | 75,876 | 104,380 | 342,320 | 391,169 | |||||||||
| Selling, general and administrative | 34,122 | 78,342 | 157,479 | 337,185 | |||||||||
| Impairment of assets held for sale | 807 | - | 97,845 | - | |||||||||
| Total expenses | 132,909 | 219,391 | 670,684 | 931,093 | |||||||||
| Income (loss) from operations | 14,230 | (131,080) | 452,795 | (248,931) | |||||||||
| Interest expense | (5,824) | (7,585 | (22,547) | (20,075) | |||||||||
| Loss on debt extinguishment | - | - | (28,714) | - | |||||||||
| Gain on disposition of Novavax CZ assets | - | 51,949 | - | 51,949 | |||||||||
| Other income, net | 9,497 | 13,135 | 40,633 | 40,442 | |||||||||
| Income (loss) before income tax expense | 17,903 | (73,581) | 442,167 | (176,615) | |||||||||
| Income tax expense | (376) | (7,449) | (1,865) | (10,884) | |||||||||
| Net income (loss) | $ 17,527 | $ (81,030) | $ 440,302 | $ (187,499) | |||||||||
| Net income (loss) per share: | |||||||||||||
| Basic | $ 0.11 | $ (0.51) | $ 2.72 | $ (1.23) | |||||||||
| Diluted | $ 0.11 | $ (0.51) | $ 2.58 | $ (1.23) | |||||||||
| Weighted average number of common shares outstanding: | |||||||||||||
| Basic | 162,527 | 160,241 | 161,991 | 152,190 | |||||||||
| Diluted | 165,182 | 160,241 | 173,103 | 152,190 | |||||||||
| SELECTED CONSOLIDATED BALANCE SHEET DATA(in thousands) | |||
| December 31,2025 | December 31,2024 | ||
| Cash and cash equivalents | $ 240,634 | $ 530,230 | |
| Marketable securities | 494,450 | 392,888 | |
| Total restricted cash | 15,418 | 15,062 | |
| Total current assets | 978,276 | 1,128,942 | |
| Working capital | 518,326 | (25,474) | |
| Total assets | 1,176,512 | 1,560,418 | |
| Convertible notes payable | 244,213 | 169,684 | |
| Total stockholders' deficit | (127,753) | (623,841) |
| Novavax, Inc. | |||||
| Reconciliation of GAAP to NON-GAAP Financial Results | |||||
| (unaudited) | |||||
| ($ in millions) | Three Months Ended | Twelve Months Ended | |||
| December 31, | December 31, | ||||
| 2025 | 2024 | 2025 | 2024 | ||
| Total Revenue | $ 147.1 | $ 88.3 | $ 1,123.5 | $ 682.2 | |
| Adjustments: | |||||
| Sanofi Supply Sales | 9.2 | - | 15.7 | - | |
| Sanofi Royalties | 1.6 | - | 5.8 | - | |
| Adjusted Total Revenue | $ 136.4 | $ 88.3 | $ 1,102.0 | $ 682.2 | |
| R&D Expenses | $ 75.9 | $ 104.4 | $ 342.3 | $ 391.2 | |
| Adjustments: | |||||
| R&D Reimbursement | 28.1 | 8.7 | 91.6 | 19.4 | |
| Non-GAAP R&D Expenses | $ 47.8 | $ 95.7 | $ 250.7 | $ 371.7 | |
| Combined R&D and SG&A Expenses | $ 110.0 | $ 82.7 | $ 499.8 | $ 728.4 | |
| Adjustments: | |||||
| R&D Reimbursement | 28.1 | 8.7 | 91.6 | 19.4 | |
| Non-GAAP Combined R&D and SG&A Expenses | $ 81.9 | $ 174.0 | $ 408.2 | $ 708.9 |