Continued successful execution of Sanofi partnership with $225 million in milestones achieved year-to-date including $50 million earned on marketing authorization transfers
Sanofi reported preliminary positive immunogenicity and safety Phase 1/2 data for Nuvaxovid™ in combination with both Fluzone High-Dose and Flublok
Sanofi received BARDA grant for pandemic influenza vaccine candidate using Novavax's Matrix-M® adjuvant
Maryland site consolidation transactions resulted in $60 million cash proceeds and approximately $230 million in expected future cost savings
Raises Full Year 2025 Revenue Framework and Affirms Financial Guidance
Company to host conference call today at 8:30 a.m. ET
GAITHERSBURG, Md., Nov. 6, 2025 /PRNewswire/ -- Novavax, Inc. (NASDAQ:NVAX) today announced its financial results and operational highlights for the third quarter ended September 30, 2025.
"We have continued the steady transformation of Novavax and are proud of our progress this quarter," said John C. Jacobs, President and Chief Executive Officer, Novavax. "This year we have relaunched the Company with a focus on R&D and partnerships intended to position us well for long-term growth and profitability."
Third Quarter 2025 and Recent Highlights
Key Highlights
Strategic Priority #1: Optimize our Sanofi Partnership
Continued successful execution of Sanofi partnership with $225 million in milestones earned year-to-date, including $50 million earned in the fourth quarter of 2025, upon marketing authorization transfers for E.U. and U.S. markets.
In October 2025, Sanofi reported preliminary positive immunogenicity and safety Phase 1/2 data for Nuvaxovid™ in combination with both Fluzone High-Dose and Flublok. Both programs have received Fast Track designation from the U.S. Food and Drug Administration (FDA).
In August 2025, the FDA approved the Nuvaxovid 2025-2026 Formula for the prevention of COVID-19 in individuals 65 years of age and older, or 12 years through 64 years of age with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19. Nuvaxovid was approved with an extended shelf life of six months in a pre-filled syringe formulation.
Beginning in the third quarter of 2025, Sanofi assumed the lead commercial role for Nuvaxovid in the U.S. and select ex-U.S. markets for the 2025-2026 COVID-19 vaccination season.
In September 2025, Novavax expanded Sanofi's license to include use of Novavax's Matrix-M® adjuvant in Sanofi's pandemic influenza vaccine candidate program. Sanofi received funding from the Biomedical Advanced Research and Development Authority (BARDA) for early-stage clinical work on this vaccine candidate.
Strategic Priority #2: Enhance Existing Partnerships and Leverage our Technology Platform and Pipeline to Forge Additional Partnerships
In September 2025, our partner Takeda received approval of Nuvaxovid in Japan which triggered a milestone payment to Novavax.
R21/Matrix-M, a malaria vaccine developed in partnership with Serum Institute of India and Oxford University, continued to make meaningful progress in addressing the urgent and unmet needs of malaria-endemic regions with 25 million doses sold since launch in mid-2024.
In the first quarter of 2025, Novavax announced material transfer agreements with three pharmaceutical companies to explore the utility of Matrix-M in their portfolios; discussions continue with these companies for the potential use of Matrix-M in the development of new vaccines and/or improve existing vaccines.
Strategic Priority #3: Advance our Technology Platform and Early-Stage Pipeline
Continued advancement of early-stage preclinical research for varicella-zoster virus (shingles), Clostridioides difficile colitis and respiratory syncytial virus combinations vaccine candidates.
Pursuing government funding for pandemic influenza vaccine candidate.
Continued exploration of our Matrix-M platform technology in oncology.
Other Corporate Highlights
In August 2025, Novavax completed a convertible debt refinancing; extending the maturity of the majority of the Company's existing 2027 Notes to 2031, with improved terms, and providing additional proceeds through the issuance of new 2031 Notes. This transaction further supports the financial strength of the company and its ability to execute on its long-term growth strategy.
In October 2025, Novavax announced transactions to enable the planned consolidation of its Maryland based facilities in line with its corporate strategy. These transactions will result in $60 million in payments to Novavax and are expected to result in future cost savings of approximately $230 million over 11 years.
Third Quarter 2025 Revenue
$ in millions
Q3 2025
Q3 2024
Change
%
Nuvaxovid Sales 1
($0)
$38
($38)
NM
Supply Sales 2
14
3
11
NM
Product Sales
13
41
(28)
(68 %)
Sanofi 3
48
36
12
33 %
Takeda
6
5
1
20 %
Other Partners 4
2
2
0
-
Licensing, Royalties and Other Revenue
57
43
14
33 %
Total Revenue
$70
$85
($15)
(18 %)
Notes
1.
Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of our COVID-19 vaccine.
2.
Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to our license partners.
3.
Sanofi includes revenue recognized under our license agreement including upfront payments, milestones, royalties and transition services reimbursement.
4.
Other Partners include upfront payments, royalties and milestone revenue under our licensing agreements including Serum Institute and SK bioscience.
Third Quarter 2025 Financial Results
Total revenue for the third quarter of 2025 was $70 million, compared to $85 million in the same period in 2024.
Cost of sales for the third quarter of 2025 was $21 million, compared to $61 million in the same period in 2024.
Research and development (R&D) expenses for the third quarter of 2025 were $98 million, compared to $87 million in the same period in 2024. R&D transition services expenses reimbursed by Sanofi in the third quarter of 2025 were $46 million or approximately 47% of total R&D expenses in the period.
Selling, general, and administrative (SG&A) expenses for the third quarter of 2025 were $32 million, compared to $71 million for the same period in 2024. The 55% decrease was primarily due to the transition of lead commercial activities to Sanofi and the elimination of commercial infrastructure plus ongoing general administrative cost reduction efforts.
Non-cash charges for the third quarter of 2025 were $126 million. The $97 million asset impairment related to the Maryland site consolidation transactions announced in October 2025, which includes the write off of the right-of-use asset, property and equipment, and intangibles, partially offset by a gain recognized on the sale of adjacent land. The $29 million loss on debt extinguishment related to the August 2025 convertible debt refinancing.
Net loss for the third quarter of 2025 was $202 million, compared to net loss of $121 million in the same period in 2024.
Cash, cash equivalents, marketable securities and restricted cash (Cash) were $778 million as of September 30, 2025, compared to $938 million as of December 31, 2024.
Financial Framework
Full Year 2025 Financial Guidance
Novavax provides Full Year 2025 Financial Guidance for Combined R&D and SG&A Expenses and Non-GAAP Combined R&D and SG&A Expenses and currently expects to achieve the following results:
$ in millions
Full Year 2025
(as of November 6, 2025)
Full Year 2025
(as of August 6, 2025)
Combined R&D and SG&A Expenses
$505 - $535
$495 - $545
Less: R&D Reimbursements
($65 ...
