The earnings call reflects a mix of positive developments, such as significant milestone payments and cost reductions, alongside challenges including a decline in total revenue and dependence on partner performance for future profitability.

Company Guidance -

Q3 2025

During the Novavax Second Quarter 2025 Financial Results and Operational Highlights Conference Call, the company provided detailed guidance, emphasizing several key metrics and strategic priorities. Novavax reported a total revenue of $239 million for the quarter, including a $175 million milestone from Sanofi following the U.S. BLA approval for Nuvaxovid. The company projected adjusted total revenue for 2025 to be between $1 billion and $1.050 billion. Additionally, Novavax highlighted a 41% reduction in combined R&D and SG&A expenses compared to the previous year, aiming for non-GAAP profitability as early as 2027. The guidance also noted potential milestone payments from Sanofi and Takeda, and the anticipated costs of a $70 million to $90 million post-marketing commitment study, with Sanofi expected to reimburse 70% of these costs. The company remains focused on enhancing partnerships, advancing its technology platform, and exploring new opportunities in oncology and other areas, while maintaining financial discipline and operational efficiency.

Milestone Payment from Sanofi

Novavax received a $175 million milestone payment from Sanofi following BLA approval for Nuvaxovid in the U.S., with additional payments expected for marketing authorizations and technology transfer.

Cost Reduction Achievements

SG&A expenses were reduced by 57% compared to the previous year, reflecting successful cost management initiatives.

Partnership with Takeda

An updated collaboration and exclusive license agreement with Takeda improved financial terms for Novavax, optimizing the partnership for the Japanese market.

Progress in Malaria Vaccine Rollout

The R21 Matrix-M malaria vaccine, in partnership with Serum Institute of India and Oxford University, achieved meaningful progress with over 20 million doses sold since launch.

Strong Financial Position

Novavax ended the second quarter with over $850 million in cash and receivables, including the $175 million milestone payment.

Novavax (DE:NVV1) Earnings, Revenues Date & History

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DE:NVV1 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-0.46 / -	-0.654	―	―	―
Aug 06, 2025	2025 (Q2)	<0.01 / 0.53	0.852	-37.37% (-0.32)
May 08, 2025	2025 (Q1)	-0.36 / 2.52	-0.904	379.05% (+3.43)
Feb 27, 2025	2024 (Q4)	-0.44 / -0.44	-1.239	64.58% (+0.80)
Nov 12, 2024	2024 (Q3)	-0.68 / -0.65	-1.084	39.68% (+0.43)
Aug 08, 2024	2024 (Q2)	1.44 / 0.85	0.499	70.69% (+0.35)
May 10, 2024	2024 (Q1)	-0.92 / -0.90	-2.935	69.21% (+2.03)
Feb 28, 2024	2023 (Q4)	-0.39 / -1.24	-1.962	36.84% (+0.72)
Nov 09, 2023	2023 (Q3)	-1.91 / -1.08	-1.85	41.40% (+0.77)
Aug 08, 2023	2023 (Q2)	-1.15 / 0.50	-5.62	108.88% (+6.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:NVV1 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	€5.81	€6.76	+16.41%
May 08, 2025	€5.37	€5.25	-2.11%
Feb 27, 2025	€6.82	€7.01	+2.80%
Nov 12, 2024	€8.69	€8.16	-6.14%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.