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NVAX

Novavax, Inc.

NVAX

Novavax, Inc. • NASDAQ
$7.05 ▲ 1.44% (+0.10)
Market Cap $1.15 B
52w High $11.55
52w Low $5.01
Dividend Yield 0%
P/E 3.51
Volume 1.52M
Outstanding Shares 162.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $70.445M ▼ $226.967M ▲ $-202.379M ▼ -287.287% ▼ $-1.25 ▼ $-190.969M ▼
Q2-2025 $239.24M ▼ $119.345M ▼ $106.508M ▼ 44.519% ▼ $0.66 ▼ $120.535M ▼
Q1-2025 $666.655M ▲ $137.027M ▼ $518.646M ▲ 77.798% ▲ $3.22 ▲ $533.909M ▲
Q4-2024 $88.311M ▲ $182.722M ▲ $-81.03M ▲ -91.755% ▲ $-0.51 ▲ $-53.479M ▲
Q3-2024 $84.512M $157.911M $-121.3M -143.53% $-0.76 $-105.396M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $762.894M ▲ $1.18B ▼ $1.337B ▲ $-156.672M ▼
Q2-2025 $612.304M ▼ $1.337B ▲ $1.299B ▼ $37.625M ▲
Q1-2025 $731.479M ▼ $1.293B ▼ $1.369B ▼ $-75.643M ▲
Q4-2024 $923.118M ▲ $1.56B ▼ $2.184B ▼ $-623.841M ▼
Q3-2024 $909.531M $1.712B $2.239B $-526.436M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-202.379M ▼ $107.804M ▲ $-136.529M ▼ $42.442M ▲ $14.346M ▲ $105.787M ▲
Q2-2025 $106.508M ▼ $-127.462M ▲ $111.098M ▲ $-1.04M ▲ $-9.498M ▲ $-127.709M ▲
Q1-2025 $518.646M ▲ $-185.502M ▼ $-73.319M ▼ $-7.061M ▼ $-266.812M ▼ $-187.097M ▼
Q4-2024 $-81.03M ▲ $-173.163M ▼ $144.007M ▲ $-3.422M ▼ $-43.295M ▲ $-175.415M ▼
Q3-2024 $-121.3M $-144.814M $31.912M $-97K $-106.971M $-146.826M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Nuvaxovid Sales
Nuvaxovid Sales
 $0 ▲$610.00M ▲$0 ▼$0 ▲
Product
Product
 $50.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Supply Sales
Supply Sales
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Royalties and Other
Royalties and Other
 $40.00M ▲$40.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Novavax’s income statement shows a company that had a brief boom and is now adjusting to a more normal, but still challenging, reality. Revenue jumped during the height of COVID, then dropped back sharply in the last couple of years as demand normalized and competition intensified. Even at its peak, the company did not convert that surge into lasting profitability. Gross profit has generally been positive in recent years, which suggests the core product can be sold at a reasonable spread over direct costs. However, research spending, manufacturing scale-up costs, and corporate overhead have kept operating income and net income in the red every single year. Losses have narrowed recently, which is a positive sign, but the business is still structurally loss-making and sensitive to swings in vaccine demand and contract timing. Earnings per share remain negative, reflecting that the science has not yet translated into consistent, durable profits.

Balance Sheet

Balance Sheet The balance sheet tells a story of a company that once held a strong cash cushion but has been steadily drawing it down to fund operations and development. Total assets peaked during the pandemic period and have since slipped, with cash still a meaningful portion but well below prior highs. Debt levels are present but not extreme relative to the asset base, which helps from a solvency standpoint. The more serious signal is that shareholder equity has turned negative and stayed there, meaning accumulated losses now exceed the company’s recorded net assets. That does not mean the business cannot operate, but it does indicate a thin financial buffer and makes Novavax more dependent on continued access to partnerships, milestone payments, and capital markets to support its strategy.

Cash Flow

Cash Flow Cash flow history highlights how reliant Novavax is on external funding and partner support. Operating cash flow was strongly positive only in the peak COVID year; in the other years, the core business has consumed cash rather than generated it. Free cash flow has been negative in most years, although the latest period shows a much smaller outflow than the deep burn seen earlier, signaling some tightening of spending and more disciplined cash management. Capital spending has been modest, so the drag on cash mainly comes from funding R&D, manufacturing readiness, and ongoing overhead. Overall, the company is still in an investment and transition phase, where successful execution on partnerships and new product launches will be key to eventually turning cash flow sustainably positive.

Competitive Edge

Competitive Edge Competitively, Novavax sits in a tough neighborhood but with a clear niche. It operates in vaccines, a space dominated by very large pharmaceutical players and, more recently, by mRNA leaders. Novavax differentiates itself with a protein-based vaccine platform and its Matrix-M adjuvant, which together offer an alternative for people or health systems that prefer non‑mRNA options. This gives the company a distinct positioning rather than going head‑to‑head on the same technology. The partnership with Sanofi is strategically important: it allows Novavax to lean on a global powerhouse for commercialization, manufacturing, and distribution, rather than bearing those burdens alone. Similar regional partnerships extend its reach. On the other hand, Novavax is still heavily reliant on a limited set of products and late‑stage programs, and it has a history of delays and challenges in scaling. Its moat is based on technology and partnerships rather than size or breadth of portfolio, which makes execution and regulatory success especially critical.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Novavax. Its recombinant protein nanoparticle platform, combined with the Matrix-M adjuvant, is a genuine scientific asset and underpins multiple vaccines. This has already led to an approved COVID-19 vaccine and participation in a malaria vaccine through partners, showing that the platform can work across diseases. The current pipeline is concentrated in respiratory and infectious diseases, with the COVID–influenza combination vaccine as the near‑term flagship. That program is already in advanced trials and has produced encouraging early data, especially in older adults. A standalone flu vaccine and other early‑stage candidates—such as for RSV, shingles, and C. difficile—provide additional shots on goal, though they are still several steps away from market. The company is also experimenting with newer approaches like AI‑supported design and intranasal delivery, which could enhance the platform’s long‑term relevance. Overall, R&D is focused, science‑driven, and partnership‑enabled, but the financial payoff still depends on successfully bringing a small number of key products to market.

Summary

Pulling everything together, Novavax is a classic high‑science, high‑uncertainty biotech story. On one side, it has a differentiated vaccine platform, real products, late‑stage programs, and blue‑chip partners that validate its technology and help with commercialization. On the other side, its financials show persistent losses, a shrinking cash cushion versus its peak years, negative equity, and heavy dependence on a few critical programs and partnership economics. Revenue has already fallen back from its COVID peak, and the company is working to replace that one‑time surge with more stable, seasonal vaccine income and potential adjuvant licensing. The central question is whether the COVID–flu combination, the standalone flu vaccine, and other pipeline assets can scale up fast enough and profitably enough to offset ongoing cash burn and balance‑sheet pressure. For anyone evaluating the company, the key factors to monitor are clinical and regulatory milestones, the strength and durability of partner relationships, and the pace at which operating losses and cash outflows continue to narrow—or not—over the next few years.

NEWS

November 12, 2025 · 8:00 AM UTC

Novavax to Participate in Jefferies London Healthcare Conference

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November 6, 2025 · 8:00 AM UTC

Novavax Reports Third Quarter 2025 Financial Results and Operational Highlights

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November 4, 2025 · 7:00 AM UTC

Novavax Completes U.S. Marketing Authorization Transfer to Sanofi for Nuvaxovid™, Triggering a $25 Million Milestone Payment

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October 30, 2025 · 8:00 AM UTC

Novavax to Report Third Quarter 2025 Financial Results on November 6, 2025

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October 22, 2025 · 7:00 AM UTC

Novavax Executes Planned Site Consolidation, Further Reducing Cost Footprint in Line with Corporate Strategy

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