Novavax reported a net income of $0.11 per share for the fourth quarter of 2025, a turnaround from the $81 million net loss reported in Q4 2024. For the full year, the company posted a net income of $440 million, translating to diluted earnings of $2.58 per share, compared with a net loss of $187 million and diluted EPS of $-2.58 in 2024.
Total revenue reached $147.1 million in Q4, up 67% from $88 million in the same period last year, and $1.12 billion for the full year, a 65% increase from $682 million in 2024. The growth was driven largely by licensing and milestone payments, particularly a $225 million milestone payment from Sanofi and a $30 million upfront payment from Pfizer, as well as a modest increase in supply sales.
Licensing and royalty revenue rose by $108 million year‑over‑year, while supply sales increased by $19 million. The company also benefited from the settlement of advance purchase agreements, which contributed $625 million of Nuvaxovid product revenue in 2025, although direct product sales fell sharply as Sanofi took over commercial responsibility.
Operating costs fell sharply, with combined R&D and SG&A expenses for the year totaling $500 million, a 31% decline from $800 million in 2024. SG&A expenses dropped 53% to $157 million, and R&D expenses fell 33% to $343 million on a non‑GAAP basis, reflecting the sale of the Czech Republic manufacturing facility and other cost‑reduction initiatives.
Management raised its 2026 adjusted revenue guidance to $230 million–$270 million, up from the $185 million–$205 million range previously issued. The company reiterated its target of non‑GAAP profitability by 2028, citing continued momentum from partnership‑driven revenue and ongoing cost discipline.
CEO John C. Jacobs said, '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.'
Analysts noted the earnings beat and raised outlook as evidence of the company’s successful pivot from a COVID‑19 vaccine commercialization model to a partnership‑driven platform business, highlighting the strong demand for Matrix‑M technology and the company’s ability to monetize its platform through licensing and milestone agreements.
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