The earnings call highlighted several positive achievements, including a significant milestone payment from the BLA approval in the U.S., successful cost reduction strategies, and promising data from the CIC and flu programs. However, these were somewhat offset by a notable decrease in total revenue compared to the previous year and the financial implications of a required post-marketing commitment study. Overall, the sentiment leans towards positive due to the outweighed highlights.

Company Guidance

During the Novavax Second Quarter 2025 Financial Results and Operational Highlights Conference Call, the company provided guidance on several key metrics. Novavax reported total revenue of $239 million for the second quarter of 2025, with a significant contribution from a $175 million milestone payment from Sanofi following FDA approval of Nuvaxovid. The company aims for potential non-GAAP profitability as early as 2027, with a focus on cost reduction, having already reduced SG&A expenses by 57% from the previous year. Novavax updated its full-year 2025 revenue framework, expecting adjusted total revenue between $1 billion and $1.050 billion, and outlined a lean operating model targeting combined R&D and SG&A expenses of $495 million to $545 million for the year. The company also highlighted strategic partnerships, including those with Sanofi and Takeda, and emphasized their ongoing efforts to optimize manufacturing and expand their vaccine portfolio.

BLA Approval for Nuvaxovid in the U.S.

Novavax received BLA approval for Nuvaxovid in the U.S., triggering a $175 million milestone payment to be received in the third quarter.

Partnerships and Collaborations

Optimized partnership with Takeda for the Japanese market and continued distribution of the R21 Matrix-M malaria vaccine with Serum Institute, with 20 million doses sold to date.

Cost Reduction Achievements

Achieved a 41% reduction in combined R&D and SG&A expenses compared to the same period last year.

CIC and Standalone Flu Program Results

Positive data showing strong immune responses similar to licensed comparators, with 98% of adverse events rated mild or moderate.

Revenue Increase Projections

Updated full year 2025 revenue framework and guidance, projecting adjusted total revenue between $1 billion and $1.050 billion.

Novavax (NVAX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

NVAX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-0.49 / -	-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
Aug 06, 2025	$6.73	$7.58	+12.63%
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%

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.