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Sep 30, 2024
Novavax Q3 2024 Earnings Report
Announced financial results and operational highlights for the third quarter ended September 30, 2024.
Key Takeaways
Novavax reported total revenue of $85 million for Q3 2024, with product sales contributing $38 million and licensing, royalties, and other revenue at $46 million. The company ended the quarter with $1 billion in cash and receivables and is advancing its R&D strategy beyond COVID-19 and influenza.
Achieved total revenue of $85 million in the third quarter of 2024.
Ended the third quarter of 2024 with $1 billion in cash and receivables.
Received authorization from U.S. FDA and European Commission for updated 2024-2025 formula COVID-19 vaccine in individuals aged 12 and older.
U.S. FDA removes clinical hold on Investigational New Drug application for COVID-19-Influenza Combination and stand-alone influenza vaccine candidates.
Revenue by Segment
Forward Guidance
Novavax is updating its Full Year 2024 Financial Guidance and expects to achieve the following objectives.
Positive Outlook
- Full year 2024 Licensing, royalties and other revenue guidance includes $450 million of revenue recognition from the $500 million Sanofi agreement upfront payment
- Full year 2024 Licensing, royalties and other revenue guidance includes $25 million in royalty and other revenue from partner-related activities.
- The company is targeting full year combined R&D and SG&A expenses of approximately $500 million for full year 2025.
- The company is targeting full year combined R&D and SG&A expenses of approximately $350 million for full year 2026.
- Achievement of BLA approval triggers a $175 million milestone payment from Sanofi.
Challenges Ahead
- Full year 2024 product sales guidance reflects approximately $100 million in APA dose deliveries in 1H 2024.
- Full year 2024 product sales guidance reflects $75 million to $125 million of commercial market sales in 2H 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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