Loading...
•
Dec 31, 2025
Novavax Q4 2025 Earnings Report
Novavax returned to profitability in the fourth quarter with strong licensing revenue and significantly reduced operating expenses.
Key Takeaways
Novavax reported Q4 2025 total revenue of 147139000 and net income of 17527000, compared to a net loss in the prior year period. Operating income turned positive to 14230000 as R&D and SG&A expenses declined materially year-over-year.
Total revenue increased to 147139000 from 88311000 year-over-year.
Net income was 17527000 compared to a net loss of 81030000 in Q4 2024.
R&D expenses declined to 75876000 from 104380000 year-over-year.
SG&A expenses decreased to 34122000 from 78342000 year-over-year.
Revenue by Segment
Forward Guidance
For full year 2026, Novavax expects Adjusted Total Revenue between 230000000 and 270000000 and Non-GAAP Combined R&D and SG&A Expenses between 310000000 and 340000000.
Positive Outlook
- Adjusted Total Revenue expected between 230000000 and 270000000 in 2026.
- Nuvaxovid product sales expected between 35000000 and 45000000.
- Adjusted Licensing, Royalties and Other Revenue expected between 155000000 and 175000000.
- Non-GAAP Combined R&D and SG&A Expenses expected between 310000000 and 340000000.
- Additional milestone and royalty opportunities from Sanofi and Pfizer agreements.
Challenges Ahead
- No guidance provided for Sanofi supply sales and royalties.
- Revenue dependent on Sanofi sales forecasts for certain components.
- Ongoing reliance on partner commercialization execution.
- Exposure to regulatory and market uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...