- Revenue recognized under the Sanofi agreement, including milestone and royalty payments, amounted to $98 million in Q4.
- The company recorded net income of $18 million during the quarter, compared to an $81 million loss during the year-ago period.
- Selling, general, and administrative expenses fell 53% year-over-year.
Novavax, Inc. (NVAX) reported a sharp increase in fourth-quarter (Q4) and 2025 revenue as the vaccine maker leaned on partnership income, cost cuts and product sales.
The Maryland-based biotech generated $147 million in revenue during Q4, a 67% year-on-year (YoY) increase. Earnings per share (EPS) for the quarter were $0.11. Both the metrics surpassed the analysts’ consensus estimates of $90.26 million and a loss of $0.55, respectively, according to Fiscal AI data.
Q4 Performance Highlights
Annual revenue surged 65% YoY to $1.12 billion, driven in large part by $625 million in Nuvaxovid sales linked primarily to settlements of earlier advance purchase deals.
Quarterly product sales totaled $39 million, while full-year product sales rose to $685 million. Revenue recognized under the Sanofi agreement, including milestone and royalty payments, amounted to $98 million in Q4 and $386 million for the year. The company said it earned $225 million in milestones from the Sanofi collaboration in 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.”
-John C. Jacobs, President and CEO, Novavax
Following the update, Novavax stock traded over 1% higher in Thursday’s premarket. On Stocktwits, retail sentiment around the stock jumped to ‘bullish’ from ‘bearish’ territory the previous day. Message volume flipped to ‘high’ from ‘normal’ levels in 24 hours.
Costs Fall As Profitability Improves
Novavax reduced its cost of sales to $22 million in the fourth quarter from $37 million a year earlier. The decline followed the divestiture of its Czech manufacturing site and lower overhead and inventory-related charges.
Selling, general, and administrative expenses fell more than half YoY as commercial responsibilities transitioned to Sanofi and infrastructure was streamlined. The company recorded net income of $18 million in Q4, compared to an $81 million loss during the year-ago period. Novavax ended 2025 with $751 million in cash and equivalents.
NVAX stock has gained ovr 0% in the last 12 months.
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