Novavax reports 65% revenue increase in 2025

By Chris Stiles • Thursday, February 26 12:29 • Permanent Link

Novavax, Inc. reported its financial results and operational highlights for the fourth quarter and full year 2025, showcasing significant progress and achievements. The company's total revenue in the fourth quarter of 2025 was $147 million, marking a substantial 67% increase compared to $88 million in the same period in 2024. For the full year 2025, the total revenue amounted to $1.1 billion, representing a 65% increase from the $682 million reported for the full year 2024.

Notably, Novavax's net income for the fourth quarter of 2025 was $18 million, a remarkable turnaround from a net loss of $81 million in the same period in 2024. Similarly, the full year 2025 saw a noteworthy net income of $440 million, compared to a net loss of $187 million for the full year 2024.

The company's cost of sales for the full year 2025 also demonstrated a significant reduction, totaling $73 million, compared to $203 million for the full year 2024. Moreover, Novavax exceeded its full year 2025 GAAP and non-GAAP research and development (R&D) and selling, general and administrative (SG&A) expense reduction goals.

Looking ahead, Novavax provided guidance for full year 2026, with expectations to achieve combined R&D and SG&A expenses of $380 * $420 million and non-GAAP combined R&D and SG&A expenses of $310 * $340 million. The company also anticipates adjusted total revenue4 of between $230 million and $270 million for the full year 2026.

Furthermore, Novavax announced a $330 million credit facility with MidCap Financial in February 2026, aiming to strengthen its balance sheet and provide access to non-dilutive capital as part of its growth strategy.

The company's successful execution of partnerships, including the agreement with Pfizer for the non-exclusive license to utilize Matrix-M® in two infectious disease areas, and the achievement of milestones under the Sanofi partnership, indicate a promising trajectory for Novavax's technology and vaccine innovation.

Following these announcements, the company's shares moved 2.96%, and are now trading at a price of $8.01. For the full picture, make sure to review NOVAVAX INC's 8-K report.

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