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Novavax reports a Q3 loss of 62 cents per share, narrower than the estimated loss of $1.08.
Quarterly revenues of $70.4M beat estimates, aided by a $48M milestone payment from Sanofi.
NVAX raised 2025 revenue view to $1.04-$1.06B and cut expense forecast amid cost reductions.
Novavax (NVAX - Free Report) incurred a loss of 62 cents per share in the third quarter of 2025, which was narrower than the Zacks Consensus Estimate of a loss of $1.08 per share. In the year-ago quarter, the company had recorded a loss of 79 cents per share.
The reported loss excluded impairment of assets held for sale. Including the same, the company reported a loss of $1.25 per share for the third quarter.
Quarterly revenues totaled $70 million, down 18% year over year. Revenues, however, beat the Zacks Consensus Estimate of $40 million.
NVAX’s Q3 Earnings in Detail
Novavax recorded $13 million in product sales compared with $41.5 million in the year-ago period. The reported figure includes Matrix-M supply sales sold to licensed partners. The company did not generate any revenues from its sole marketed product, the COVID vaccine Nuvaxovid, in the reported quarter.
Licensing, royalties and other revenues totaled $57 million, which includes $48 million recognized as a milestone payment from partner Sanofi (SNY - Free Report) . The metric increased 33% on a year-over-year basis.
During the third quarter, NVAX completed the transition of the COVID vaccine’s commercial leadership to SNY in the United States and certain ex-U.S. markets for the 2025-2026 vaccination season.
Earlier this year, Sanofi acquired exclusive rights to market Nuvaxovid globally, except in certain territories where Novavax maintains existing partnership agreements.
Shares of Novavax have declined 5.6% so far this year against the industry’s rise of 11.4%.
Image Source: Zacks Investment Research
NVAX’s Costs & Cash Balance
In the reported quarter, research and development (R&D) expenses totaled $98 million, up 12.6% year over year. The amount includes $46 million of R&D reimbursement by Sanofi.
Selling, general and administrative (SG&A) expenses decreased 55% year over year to $32 million. This downside was due to several factors, including the transition of lead commercial activities to Sanofi, the elimination of commercial infrastructure and ongoing cost reduction efforts.
As of Sept. 30, 2025, Novavax had $778 million in cash and cash equivalents compared with $628 million as of June 30, 2025.
NVAX’s 2025 Guidance
NVAX raised its adjusted revenue framework and now expects to generate between $1.04 billion and $1.06 billion in total revenues, compared with the prior projection of $1.00-$1.05 billion.
Novavax lowered its full-year projection for combined R&D and SG&A expenses, which are now expected in the range of $505-$535 million (previously: $495-$545 million).
NVAX’s Recent Key Updates
In September, Novavax amended its existing collaboration and license agreement (CLA) with Sanofi regarding its Matrix-M adjuvant. The revised agreement expands Sanofi’s rights to include the use of Matrix-M in its pandemic influenza vaccine candidate program.
Per the amendment, Sanofi is permitted to use Matrix-M in early-stage development of its pandemic influenza vaccine candidates through phase II. Should Sanofi advance a Matrix-M-containing vaccine into late-stage clinical development, the companies will negotiate the applicable license rates and financial terms at that stage.
Sanofi has received a grant from the Biomedical Advanced Research and Development Authority (BARDA) for developing a pandemic influenza vaccine candidate using Novavax's Matrix-M adjuvant.
Novavax earned an additional $50 million in combined milestone payments due to the transfers of marketing authorization to Sanofi for the U.S. and European Union in the ongoing quarter.
Last month, Novavax completed the transfer of the marketing authorization for Nuvaxovid in the EU to Sanofi. This transfer enables Sanofi to take full responsibility for commercial and regulatory activities in the region and triggered a milestone payment of $25 million to NVAX.
In the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $7.25 to $7.29 for 2025. During the same time, earnings per share estimates for 2026 have increased from $7.74 to $7.81. Year to date, shares of ANIP have surged 63.2%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 22.66%.
In the past 60 days, estimates for Arcutis Biotherapeutics’ loss per share have narrowed from 44 cents to 24 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 9 cents to 41 cents. Year to date, shares of ARQT have rallied 80.1%.
Arcutis Biotherapeutics’ earnings beat estimates in each of the trailing four quarters, the average surprise being 64.80%.
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Novavax Q3 Earnings & Revenues Beat Estimates, '25 Sales View Raised
Key Takeaways
Novavax (NVAX - Free Report) incurred a loss of 62 cents per share in the third quarter of 2025, which was narrower than the Zacks Consensus Estimate of a loss of $1.08 per share. In the year-ago quarter, the company had recorded a loss of 79 cents per share.
The reported loss excluded impairment of assets held for sale. Including the same, the company reported a loss of $1.25 per share for the third quarter.
Quarterly revenues totaled $70 million, down 18% year over year. Revenues, however, beat the Zacks Consensus Estimate of $40 million.
NVAX’s Q3 Earnings in Detail
Novavax recorded $13 million in product sales compared with $41.5 million in the year-ago period. The reported figure includes Matrix-M supply sales sold to licensed partners. The company did not generate any revenues from its sole marketed product, the COVID vaccine Nuvaxovid, in the reported quarter.
Licensing, royalties and other revenues totaled $57 million, which includes $48 million recognized as a milestone payment from partner Sanofi (SNY - Free Report) . The metric increased 33% on a year-over-year basis.
During the third quarter, NVAX completed the transition of the COVID vaccine’s commercial leadership to SNY in the United States and certain ex-U.S. markets for the 2025-2026 vaccination season.
Earlier this year, Sanofi acquired exclusive rights to market Nuvaxovid globally, except in certain territories where Novavax maintains existing partnership agreements.
Shares of Novavax have declined 5.6% so far this year against the industry’s rise of 11.4%.
Image Source: Zacks Investment Research
NVAX’s Costs & Cash Balance
In the reported quarter, research and development (R&D) expenses totaled $98 million, up 12.6% year over year. The amount includes $46 million of R&D reimbursement by Sanofi.
Selling, general and administrative (SG&A) expenses decreased 55% year over year to $32 million. This downside was due to several factors, including the transition of lead commercial activities to Sanofi, the elimination of commercial infrastructure and ongoing cost reduction efforts.
As of Sept. 30, 2025, Novavax had $778 million in cash and cash equivalents compared with $628 million as of June 30, 2025.
NVAX’s 2025 Guidance
NVAX raised its adjusted revenue framework and now expects to generate between $1.04 billion and $1.06 billion in total revenues, compared with the prior projection of $1.00-$1.05 billion.
Novavax lowered its full-year projection for combined R&D and SG&A expenses, which are now expected in the range of $505-$535 million (previously: $495-$545 million).
NVAX’s Recent Key Updates
In September, Novavax amended its existing collaboration and license agreement (CLA) with Sanofi regarding its Matrix-M adjuvant. The revised agreement expands Sanofi’s rights to include the use of Matrix-M in its pandemic influenza vaccine candidate program.
Per the amendment, Sanofi is permitted to use Matrix-M in early-stage development of its pandemic influenza vaccine candidates through phase II. Should Sanofi advance a Matrix-M-containing vaccine into late-stage clinical development, the companies will negotiate the applicable license rates and financial terms at that stage.
Sanofi has received a grant from the Biomedical Advanced Research and Development Authority (BARDA) for developing a pandemic influenza vaccine candidate using Novavax's Matrix-M adjuvant.
Novavax earned an additional $50 million in combined milestone payments due to the transfers of marketing authorization to Sanofi for the U.S. and European Union in the ongoing quarter.
Last month, Novavax completed the transfer of the marketing authorization for Nuvaxovid in the EU to Sanofi. This transfer enables Sanofi to take full responsibility for commercial and regulatory activities in the region and triggered a milestone payment of $25 million to NVAX.
Novavax, Inc. Price, Consensus and EPS Surprise
Novavax, Inc. price-consensus-eps-surprise-chart | Novavax, Inc. Quote
NVAX’s Zacks Rank & Stocks to Consider
Novavax currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are ANI Pharmaceuticals (ANIP - Free Report) and Arcutis Biotherapeutics (ARQT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $7.25 to $7.29 for 2025. During the same time, earnings per share estimates for 2026 have increased from $7.74 to $7.81. Year to date, shares of ANIP have surged 63.2%.
ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 22.66%.
In the past 60 days, estimates for Arcutis Biotherapeutics’ loss per share have narrowed from 44 cents to 24 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 9 cents to 41 cents. Year to date, shares of ARQT have rallied 80.1%.
Arcutis Biotherapeutics’ earnings beat estimates in each of the trailing four quarters, the average surprise being 64.80%.