Multiple Material Transfer Agreements signed in 2025 and Q1 2026 with pharmaceutical companies, including major global pharmaceutical companies exploring the utility of Matrix-M for their vaccine portfolios
Successful execution of Sanofi partnership with $225 million in milestones earned in full year 2025
Total revenue of $147 million in the fourth quarter of 2025 and $1.1 billion for the full year 2025
Continued advancement of early-stage pipeline with the intention to enter the clinic as early as 2027
Year end 2025 Cash of $751 million
Novavax exceeded its full year 2025 R&D and SG&A expense reduction goals and is improving future targets
GAITHERSBURG, Md., Feb. 26, 2026 /PRNewswire/ -- Novavax, Inc. (NASDAQ:NVAX) today announced its financial results and operational highlights for the fourth quarter and year ended December 31, 2025.
"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," said John C. Jacobs, President and Chief Executive Officer, Novavax. "With a strong start to 2026, including the recently announced Pfizer Matrix-M agreement, we look forward to commercial and clinical development execution from our partners, advancing our R&D efforts and the potential for more partnerships as we drive vaccine innovation and value creation from our technology."
Fourth Quarter 2025 and Recent Highlights
Key Business Highlights
In January 2026, Novavax entered into a license agreement with Pfizer for use of Novavax's Matrix-M adjuvant in vaccine development. Under the terms of the agreement, Pfizer was granted a non-exclusive license for Matrix-M use in two infectious disease areas.
Novavax received an upfront payment of $30 million in the first quarter of 2026 and has the potential for up to $500 million in additional development and sales milestones. In addition, Novavax is eligible to receive high-mid-single digit percentage royalties on sales products incorporating Matrix-M.
Pfizer will be solely responsible for the development and commercialization of its products utilizing Matrix-M and Novavax will be responsible for the supply of Matrix-M.
This partnership has the potential to generate billions of dollars of revenue for Novavax over the life of the agreement.
Novavax continued successful execution of the Sanofi partnership with $225 million in milestones earned in full year 2025, including $50 million earned in the fourth quarter of 2025, upon marketing authorization transfers for European Union and U.S. markets.
In December 2025, Sanofi shared positive Phase 1/2 data from their influenza-COVID-19 combination programs and their belief that these data support the high probability of demonstrating non-inferiority in Phase 3 trials that would compare the new vaccine against the widely used regimen where both the flu and COVID-19 vaccines are co-administered.
Sanofi has stated they are working with regulators on next steps for these combination programs.
Novavax has multiple material transfer agreements (MTA) with pharmaceutical companies, including major global pharmaceutical companies, who are evaluating the potential of Matrix-M in their portfolio of vaccine products.
In the fourth quarter of 2025, Novavax signed a new MTA with a large pharmaceutical company to explore the utility of Matrix-M in its portfolio.
In February 2026, Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field.
In February 2026, Novavax signed a new MTA with an oncology company.
Other partners continue to demonstrate the value of Novavax's technology with Takeda achieving 12% market share with Nuvaxovid® in Japan and the R21/Matrix-M, malaria vaccine, marketed by Serum Institute of India, continues its successful launch with 30 million doses sold since its launch in mid-2024, achieving over 80% market share.
The Company continued advancement of early-stage candidates and Matrix-M technology.
Preclinical research ongoing for Clostridioides difficile colitis (C. diff), varicella-zoster virus (shingles), and respiratory syncytial virus combinations vaccine candidates.
Significant progress made on preclinical candidates, for example the newest preclinical data from C. diff vaccine candidate provided encouraging results.
Novavax intends to enter the clinic with at least one program as early as 2027.
Novavax continued exploration of its adjuvant technology to expand its utility both within infectious disease and potentially beyond, such as oncology.
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 and is improving future targets.
Non-GAAP full year R&D and SG&A expenses, net of R&D reimbursements and at midpoint of range, are now targeted to be $325 million and $225 million for 2026 and 2027, respectively, and newly added 2028 is targeted to be at $200 million or below.
Fourth Quarter and Full Year 2025 Revenue
Fourth Quarter
Full Year
$ in millions
Q4
2025
Q4
2024
Q4
Chg.
%
FY
2025
FY
2024
FY
Chg.
%
Nuvaxovid™ Sales 1
$20
$50
($30)
NM
$625
$190
$435
NM
Supply Sales 2
19
9
10
NM
60
23
37
NM
Product Sales
39
59
(20)
(34 %)
685
213
472
NM
Sanofi 3
98
30
68
NM
386
459
(73)
(16 %)
Takeda
8
(4)
12
NM
42
1
41
NM
Other Partners 4
2
3
(1)
NM
10
9
1
11 %
Licensing, Royalties and Other Revenue
108
29
79
NM
438
469
(31)
(7 %)
Total Revenue
$147
$88
$59
67 %
$1,123
$682
$441
65 %
Notes
1.
Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of its COVID-19 vaccine.
2.
Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners.
3.
Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement.
4.
Other Partners include upfront payments, royalties and milestone revenue under licensing agreements including Serum Institute and SK bioscience.
Fourth Quarter and Full Year 2025 Financial Results
Total revenue for the fourth quarter of 2025 was $147 million, a 67% increase compared to $88 million in the same period in 2024. Total revenue for the full year 2025 was $1,123 million, a 65% increase compared to $682 million for the full year 2024. Full year 2025 total revenue included $625 million of Nuvaxovid product sales, the vast majority of which were associated with settlement of Advance Purchase Agreements and related to cash received in prior years.
Cost of sales for the fourth quarter of 2025 was $22 million, compared to $37 million in the same period in 2024. Cost of sales for the full year 2025 was $73 million, compared to $203 million for the full year 2024. The decrease in both periods was mainly driven by cost reductions resulting from the sale of Novavax's Czech Republic manufacturing facility, lower manufacturing overhead, scrap and inventory write-offs, and decreased sales volumes.
R&D expenses for the fourth quarter of 2025 were $76 million, compared to $104 million in the same period in 2024. R&D expenses for the full year 2025 were $342 million, compared to $391 million for the full year 2024. R&D transition services expenses reimbursed by Sanofi in the fourth quarter and full year of 2025 were $28 million and $92 million, respectively. For the fourth quarter and full year of 2025, Non-GAAP R&D expenses, net of Sanofi reimbursement, decreased by 50% and 33%, respectively when compared to the prior periods. These reductions were driven by the ongoing Novavax cost reduction program as it streamlines operations to make targeted R&D investments.
SG&A expenses for the fourth quarter of 2025 were $34 million, a 56% decrease compared to $78 million for the same period in 2024. SG&A expenses for the full year 2025 were $157 million, a 53% decrease compared to $337 million for the full year 2024. The decrease in both periods was primarily due to the transition of lead commercial activities to Sanofi and the elimination of commercial infrastructure plus the ongoing general administrative cost reduction program.
Net income for the fourth quarter of 2025 was $18 million, compared to net loss of $81 million in the same period in 2024. Net income for the full year 2025 was $440 million compared to a net loss of $187 million for the full year 2024.
Cash, cash equivalents, marketable securities and restricted cash (Cash) were $751 million as of December 31, ...
