NVAX
Novavax, Inc.6.54
-0.04-0.61%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
MTAs expand; Sanofi season ramps
Q&A largely reaffirmed prepared remarks on partnerships and R&D, but spotlighted expanding MTA activity—including recent oncology deal and pharma expansions—as partners return for more Matrix-M testing across fields. Sanofi stays locked in despite CEO transition, prepping Nuvaxovid's first full 2026/27 season with DTC ads and retail contracts. A new U.S. tech transfer site delays the $75M milestone timing, yet cash and supply hold firm. Preclinical pipeline—all three assets—pushes toward 2027 clinic entry. Partners crave Matrix flexibility. Investors eye Sanofi royalties and next deals.
Key Stats
Market Cap
1.06BP/E (TTM)
3.25Basic EPS (TTM)
2.01Dividend Yield
0%Recent Filings
10-K
FY2025 results
Novavax swung to $440.3M net income in FY2025 ended December 31, 2025, from $187.5M loss in 2024, driven by $603M revenue from terminated Canada/New Zealand APAs while Sanofi CLA milestones added $225M. Product sales hit $685M (up from $213M), fueled by APA terminations, yet Q4 momentum slowed with Australia APA risks as TGA application withdrawn—$133.9M obligations remain, $92.5M potentially refundable without variant approval. Expenses dropped 28% to $670.7M via restructuring, freeing cash despite $244.6M operating outflow. Debt restructured to $225M 2031 Notes; $750.5M liquidity supports runway. Q4 accelerated Matrix-M deals with Pfizer ($30M upfront). Australia APA termination looms.
8-K
Novavax Q4 revenue jumps 67%
Novavax reported Q4 2025 revenue of $147 million, up 67% year-over-year, and full-year $1.1 billion, fueled by $625 million Nuvaxovid sales and $225 million Sanofi milestones. Cash stood at $751 million year-end, with a new Pfizer deal yielding $30 million upfront and up to $500 million milestones plus royalties for Matrix-M use. Pipeline advances toward 2027 clinic entry. Expenses slashed sharply.
8-K
Novavax licenses adjuvant to Pfizer
Novavax inked a License and Option Agreement with Pfizer on January 15, 2026, granting a non-exclusive worldwide license to its Matrix-M adjuvant for up to two infectious disease vaccines. Pfizer grabs $30M upfront payment this quarter, plus up to $500M in milestones and high mid-single digit royalties. Deal could yield billions long-term. Success hinges on Pfizer's development execution.
8-K
Novavax reveals pivot to partnerships
Novavax unveiled its transformed business model at the J.P. Morgan Healthcare Conference on January 12, 2026, emphasizing partnerships and R&D innovation over direct COVID-19 commercialization, with Sanofi assuming lead for the 2025-2026 season after securing $225M milestones. Combined R&D and SG&A expenses (net of reimbursements) are guided at ~$250M for 2025, rising to ~$450M in 2027 to fuel pipeline proof points. Non-GAAP profitability targeted as early as 2028. Actual results may differ materially.
10-Q
Q3 FY2025 results
Novavax revenue fell 17% y/y to $70.4M in Q3 ended September 30, 2025, with product sales down 68% y/y to $13.4M amid APA terminations yet licensing up 33% y/y to $57.0M from Sanofi/Takeda progress; gross margin swung negative on lower volumes. Operating loss widened to $178.0M from $134.0M, driven by $97.0M impairment on assets held for sale and $28.7M debt extinguishment loss—net loss hit $202.4M or $1.25/share. Cash dipped to $268.0M plus $494.9M marketable securities; $243.8M convertible notes due 2027/2031. Restructuring slashed costs. Evolving FDA COVID vaccine rules pose approval risks.
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