The call reflects significant revenue growth and successful cost reduction strategies, alongside strategic partnerships and pipeline advancements. However, challenges remain with regulatory commitments and market penetration for existing products.

Company Guidance -

Q3 2025

During the Novavax First Quarter 2025 Financial Results and Operational Highlights Conference Call, the company provided a detailed overview of its strategic priorities and financial performance. The call highlighted a significant revenue increase to $667 million, largely due to the recognition of $603 million from the closure of agreements with Canada and New Zealand. The company reiterated its full-year financial guidance, projecting combined R&D and SG&A expenses between $475 million and $525 million and increased its 2025 revenue framework to between $975 million and $1,025 million. Novavax emphasized its progress in reducing costs, cutting combined R&D and SG&A expenses by 24% year-over-year, and highlighted its strategic focus on partnerships, including an amended agreement with Takeda and ongoing collaboration with Sanofi. The company aims for non-GAAP profitability by 2027 and sees potential catalysts this year, such as FDA approval for its COVID-19 vaccine BLA and advancements in its early-stage pipeline.

Revenue Surge

Novavax reported total revenue of $667 million for the first quarter of 2025, a significant increase from $94 million in the same quarter of 2024. This includes $622 million in product sales, primarily from the termination of agreements with Canada and New Zealand.

Cost Reduction Success

The company reduced combined R&D and SG&A expenses by 24% compared to the previous year, with a significant 45% reduction in SG&A costs.

Strategic Partnerships

Strengthened partnership with Takeda for the Japanese market and ongoing collaborations with Sanofi and other pharmaceutical companies to advance pipeline and technology platform.

Positive Phase 3 Enrollment

Completion of enrollment of approximately 2,000 participants in a Phase 3 trial for CIC and standalone flu vaccine candidates.

New Early-Stage Pipeline Programs

Initiation of four early-stage programs, including H5N1, RSV combinations, shingles, and C. Difficile.

Novavax (NVAX) Earnings, Revenues Date & History

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NVAX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-0.39 / -	-0.76	―	―	―
Aug 06, 2025	2025 (Q2)	<0.01 / 0.62	0.99	-37.37% (-0.37)
May 08, 2025	2025 (Q1)	-0.42 / 2.93	-1.05	379.05% (+3.98)
Feb 27, 2025	2024 (Q4)	-0.51 / -0.51	-1.44	64.58% (+0.93)
Nov 12, 2024	2024 (Q3)	-0.79 / -0.76	-1.26	39.68% (+0.50)
Aug 08, 2024	2024 (Q2)	1.67 / 0.99	0.58	70.69% (+0.41)
May 10, 2024	2024 (Q1)	-1.06 / -1.05	-3.41	69.21% (+2.36)
Feb 28, 2024	2023 (Q4)	-0.45 / -1.44	-2.28	36.84% (+0.84)
Nov 09, 2023	2023 (Q3)	-2.21 / -1.26	-2.15	41.40% (+0.89)
Aug 08, 2023	2023 (Q2)	-1.33 / 0.58	-6.53	108.88% (+7.11)

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

NVAX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 08, 2025	$5.95	$6.66	+11.93%
Feb 27, 2025	$7.32	$7.06	-3.55%
Nov 12, 2024	$9.01	$8.46	-6.10%
Aug 08, 2024	$10.71	$11.68	+9.06%

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.