- FY2025 adjusted revenue framework lifted to $1.04–$1.06B, reflecting stronger milestone, licensing and supply revenue (ex‑Sanofi royalties/sales). 1
- Q3 2025 revenue $70M, above consensus; GAAP net loss $202M driven by non‑cash charges tied to Maryland site consolidation and debt work. 2
- Two $25M milestone payments tied to U.S. and EU marketing‑authorization transfers of Nuvaxovid™ to Sanofi are being recognized in Q4; $225M in Sanofi‑related milestones earned year‑to‑date. 1
- Cash & equivalents $778M as of Sept. 30, 2025; expense guidance for 2025 reaffirmed. 1
- Adjusted loss per share of $0.62 in Q3, with GAAP loss per share of $1.25. 3
What happened today
Novavax, Inc. (NASDAQ: NVAX) reported Q3 2025 results and raised its full‑year adjusted revenue framework to $1.04–$1.06 billion (from $1.00–$1.05 billion). Management cited momentum from licensing, supply, and milestone revenue—while excluding Sanofi‑led sales and royalties from the outlook. The company also reaffirmed 2025 operating‑expense guidance. 1
Revenue for the quarter came in at $70 million, above Wall Street expectations, while the GAAP net loss widened to $202 million year‑over‑year, reflecting $126 million in non‑cash charges, including $97 million related to a previously announced Maryland facility consolidation. 2
On a per‑share basis, Novavax posted a GAAP loss of $1.25 and an adjusted loss of $0.62 for Q3 2025. 3
The Sanofi effect: milestones, marketing transfers and combination programs
Novavax’s collaboration with Sanofi continues to reshape its P&L and commercial footprint. In Q4 2025, Novavax is recognizing two $25 million milestone payments after transferring marketing authorizations for Nuvaxovid™ in the EU (October) and U.S. (November 4) to Sanofi—part of the parties’ broader collaboration and license agreement. Year‑to‑date, Sanofi‑linked milestones total $225 million. 4
Beyond COVID‑19 commercialization, Sanofi reported preliminary positive Phase 1/2 immunogenicity and safety data evaluating Nuvaxovid in combination with both Fluzone High‑Dose and Flublok, and obtained a BARDA grant to advance a pandemic influenza candidate using Novavax’s Matrix‑M® adjuvant. 1
Q3 by the numbers
- Revenue: $70M (vs. $85M in Q3 2024). Mix reflected $48M recognized under the Sanofi license and $14M in supply sales; no direct Nuvaxovid product sales were recorded where Novavax remained market lead in the quarter. 1
- Costs/expenses: Cost of sales $21M; R&D $98M (with $46M reimbursed by partners); SG&A $32M (‑55% YoY) as commercial responsibilities transition to Sanofi. 1
- Non‑cash charges:$126M (incl. $97M Maryland consolidation impairment; $29M loss on debt extinguishment). 1
- Cash & equivalents:$778M at Sept. 30, 2025 (vs. $938M at Dec. 31, 2024). 1
2025 outlook (as of Nov. 6)
- Adjusted total revenue:$1.04–$1.06B (raised today). Components include $610M in Nuvaxovid product sales (majority recognized in Q1 from terminated Canada/New Zealand APAs), $35–$45M in adjusted supply sales, and $395–$405M in adjusted licensing/other revenue. Sanofi‑led sales/royalties/milestones are excluded from this framework. 1
- Operating expenses: Combined R&D + SG&A $505–$535M; Non‑GAAP combined $440–$460M after expected partner reimbursements. 1
Strategic context and what to watch
Management continues to pivot Novavax toward R&D‑centric growth and partnerships, highlighting collaborations with Sanofi, Takeda (Japan marketing) and Serum Institute of India (including R21/Matrix‑M malaria vaccine). The company says it is targeting profitability by 2027 as partnership economics compound. 2
Catalysts to monitor:
- Sanofi‑led commercialization of Nuvaxovid during the 2025–2026 season in the U.S. and select ex‑U.S. markets. 1
- Further combination‑vaccine data (Nuvaxovid + influenza) and progress of Matrix‑M®‑enabled programs, including BARDA‑supported pandemic influenza. 1
- Execution on cost‑reduction and site‑consolidation savings following the Maryland transactions. 1
NVAX stock today
As of publication time, NVAX was trading around $7.76, up roughly $0.07 intraday (≈0.9%) with a session range of $7.39–$8.03. (Time: 14:42 UTC.)
Quote sheet (for editors)
- “We have relaunched the Company with a focus on R&D and partnerships intended to position us for long‑term growth,” CEO John C. Jacobs said in today’s release announcing Q3 results and the raised outlook. 1
Frequently asked questions
What changed in Novavax’s 2025 outlook today?
The company raised its adjusted total revenue framework to $1.04–$1.06B (from $1.00–$1.05B) and reaffirmed expense guidance, citing milestone/license/supply momentum while excluding Sanofi‑led sales and royalties. 1
Why did GAAP loss widen despite the revenue beat?
Q3 included $126M of non‑cash charges (site‑consolidation impairments and debt‑refinancing impacts), driving a $202M GAAP net loss. On an adjusted basis, the company reported a $0.62 per‑share loss. 1
What is the status of the Sanofi partnership?
Sanofi now leads commercialization of Nuvaxovid in key markets; marketing‑authorization transfers in the EU (Oct.) and U.S. (Nov. 4) triggered two $25M milestones in Q4, part of $225M in 2025 Sanofi‑related milestones earned to date. 4
