Novavax (NVAX) Raises 2025 Revenue Outlook After Q3 Beat; Sanofi Milestones Drive Guidance

6 November 2025

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. ^[3]
Cash & equivalents $778M as of Sept. 30, 2025; expense guidance for 2025 reaffirmed. ^[4]
Adjusted loss per share of $0.62 in Q3, with GAAP loss per share of $1.25. ^[5]

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. ^[6]

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. ^[7]

On a per‑share basis, Novavax posted a GAAP loss of $1.25 and an adjusted loss of $0.62 for Q3 2025. ^[8]

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. ^[9]

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. ^[10]

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. ^[11]
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. ^[12]
Non‑cash charges:$126M (incl. $97M Maryland consolidation impairment; $29M loss on debt extinguishment). ^[13]
Cash & equivalents:$778M at Sept. 30, 2025 (vs. $938M at Dec. 31, 2024). ^[14]

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. ^[15]
Operating expenses: Combined R&D + SG&A $505–$535M; Non‑GAAP combined $440–$460M after expected partner reimbursements. ^[16]

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. ^[17]

Catalysts to monitor:

Sanofi‑led commercialization of Nuvaxovid during the 2025–2026 season in the U.S. and select ex‑U.S. markets. ^[18]
Further combination‑vaccine data (Nuvaxovid + influenza) and progress of Matrix‑M®‑enabled programs, including BARDA‑supported pandemic influenza. ^[19]
Execution on cost‑reduction and site‑consolidation savings following the Maryland transactions. ^[20]

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. ^[21]

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. ^[22]

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. ^[23]

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. ^[24]

Sources & further reading (Nov. 6, 2025)

Company press release and investor materials on Q3 2025 and updated guidance. ^[25]
Novavax completes U.S. marketing‑authorization transfer to Sanofi (milestone details). ^[26]
Coverage of the revenue raise and Q3 highlights. ^[27]
AP earnings snapshot (GAAP and adjusted EPS). ^[28]

Novavax cuts 2022 revenue guidance in half, plus Good RX soars resolves issue with grocery chain

Watch this video on YouTube.

References

1. ir.novavax.com, 2. www.reuters.com, 3. ir.novavax.com, 4. ir.novavax.com, 5. www.timesunion.com, 6. ir.novavax.com, 7. www.reuters.com, 8. www.timesunion.com, 9. ir.novavax.com, 10. ir.novavax.com, 11. ir.novavax.com, 12. ir.novavax.com, 13. ir.novavax.com, 14. ir.novavax.com, 15. ir.novavax.com, 16. ir.novavax.com, 17. www.reuters.com, 18. ir.novavax.com, 19. ir.novavax.com, 20. ir.novavax.com, 21. ir.novavax.com, 22. ir.novavax.com, 23. ir.novavax.com, 24. ir.novavax.com, 25. ir.novavax.com, 26. ir.novavax.com, 27. www.reuters.com, 28. www.timesunion.com

Tags:

Mateusz Kaczmarek Latest posts

A technology and finance expert writing for TS2.tech. He analyzes developments in satellites, telecommunications, and artificial intelligence, with a focus on their impact on global markets. Author of industry reports and market commentary, often cited in tech and business media. Passionate about innovation and the digital economy.

View all

QuantumScape Extends Cash Runway to 2029, Refocusing on Licensing Growth
November 6, 2025, 12:42 PM EST. QuantumScape extended its liquidity runway to 2029, reinforcing its capital-light licensing strategy with partners like PowerCo, Murata and Corning. The company finished Q3 with about $1 billion in liquidity, aided by a $263.5 million at-the-market raise and tighter capex, guiding full-year capex to $30-$40 million and Adjusted EBITDA of $245-$260 million. The longer runway eases near-term fundraising pressure and supports development and industrialization, including scaling the Cobra separator process and advancing B1 cells. In Q3, QuantumScape invoiced $12.8 million in billings (not revenue), signaling early monetization and growing partner engagement. Risks include scaling performance, converting billings to recurring revenue, and securing future licensing deals. QS has outperformed peers and jumped ~242% YTD, though execution remains key.
Gogo (GOGO) Beats Q3 Earnings and Revenue Estimates Amid Mixed Outlook
November 6, 2025, 12:40 PM EST. Gogo (GOGO) reported Q3 earnings of $0.10 per share, topping the Zacks Consensus of $0.07 and marking a +42.86% surprise from the quarter. Revenue reached $223.59 million, slightly above the consensus by 0.2%, up from $100.53 million a year earlier. The company has surpassed EPS estimates in all four of the last four quarters. Management commentary on the upcoming earnings call will be crucial to gauge the sustainability of the move, as the stock has gained about 8.3% year-to-date versus the S&P 500's 15.6% gain. The current Zacks Rank remains #3 Hold, with near-term estimates for next quarter at $0.05 on $226.45 million in revenue and the current fiscal year at $0.30 on $905.94 million in revenue. Industry expectations for Wireless National remain a headwind.
C4 Therapeutics Q3 Loss Narrower, Revenue Beats Estimates; Zacks Rank Up (Buy)
November 6, 2025, 12:37 PM EST. C4 Therapeutics (CCCC) posted Q3 loss of $0.44 per share, better than the Zacks consensus of a $0.47 loss and up from $0.35 a year ago (adjusted for non-recurring items), delivering an earnings surprise of +6.38%. Revenue came in at $11.23 million, topping the consensus by 72.77% and down from $15.36 million a year earlier. The stock has shed about 34.2% this year, underperforming the S&P 500's 15.6% gain. On the outlook, near-term estimates were favorable going into the print, and C4 remains rated Zacks Rank #2 (Buy), with current consensus for the next quarter at -$0.29 on $9.5 million in revenues and -$1.46 on $29.7 million for the full year. Investors will await management commentary on the earnings call.
Microsoft Stock Split: Is a Dow-Linked Move Imminent?
November 6, 2025, 12:32 PM EST. Microsoft could be eyeing a stock split to ease its impact on the Dow Jones Industrial Average, a price-weighted index where MSFT wields outsized influence. With shares around the mid- to high-$400s, a split would keep the stock from creeping toward four figures and help maintain Dow eligibility among its 30 components. The case strengthens as Satya Nadella has steered the company into a cloud- and AI-driven growth era, lifting the stock since 2014 after the Ballmer era. Not since 2003 has MSFT split, and the market's structure-rather than the business itself-could motivate action before pricing milestones. Watch for signals from Microsoft leadership or Dow index committees.
Titan International Q3 Revenue Beats, but Q4 Guidance Falls Short
November 6, 2025, 12:31 PM EST. Titan International (NYSE:TWI) reported Q3 CY2025 revenue of $466.5 million, up 4.1% YoY and ahead of $458.9 million consensus (1.7% beat). GAAP EPS was -$0.04, vs -$0.03 expected, a $0.01 miss, while adjusted EBITDA reached $29.77 million on a 6.4% margin, an 11.1% beat. The company guided Q4 revenue at $397.5 million midpoint, below consensus of $420.7 million, and EBITDA at $10 million vs $16.48 million. Operating margin rose to 2.1% from 0.9% YoY; free cash flow margin slipped to 6.4% from 9.3%. Market cap is about $508 million. In a cyclical Agricultural Machinery backdrop, Titan faces growth headwinds but has shown some resilience in product demand.