Novavax's Q3 2025 Financial Results Show Revenue Decline but Strategic Partnerships Thrive

Novavax Reports Third Quarter 2025 Financial Results

On November 6, 2025, Novavax, Inc. (Nasdaq NVAX) disclosed its financial performance and operational progress for the third quarter ending September 30, 2025. The report showcased a total revenue of $70 million, reflecting an 18% decline from $85 million in the same quarter the previous year.

Strategic Partnerships Driving Growth

Despite the drop in revenue, Novavax highlighted the ongoing success of its collaboration with Sanofi. The partnership has accrued $225 million in milestone payments through the year, with $50 million in achievements attributed to marketing authorization transfers for both the EU and US markets. This collaboration specifically centers around the COVID-19 vaccine Nuvaxovid™.

Sanofi also revealed promising preliminary data from its Phase 1/2 trials that underscore the immunogenicity and safety of Nuvaxovid™ when administered alongside Fluzone High-Dose and Flublok. Both of these vaccine programs have received Fast Track designation from the FDA, pointing towards a robust regulatory path moving forward.

In addition, in August, the FDA granted approval for the 2025-2026 formula of Nuvaxovid targeted at older adults and those at higher risk. This extended the vaccine’s shelf life to six months in a convenient pre-filled syringe format, enhancing its distribution capabilities.

Novavax's strategic priorities are focused not only on optimizing existing partnerships but also on leveraging technology to explore new collaborations, further capitalizing on its Matrix-M® adjuvant technology. The completion of the transfer of marketing authorization for Nuvaxovid to Sanofi adds another layer of financial stability for Novavax as it works to streamline its operational focus.

Financial Insights

The financial report also outlined company expenses. Total costs for the third quarter were $248 million, up from $219 million in the same quarter last year. Research and Development (R&D) expenses rose to $98 million, reflecting Novavax's commitment to innovative vaccine development, while Selling, General, and Administrative expenses significantly decreased to $32 million due to the transition of commercial responsibilities to Sanofi.

With a non-cash asset impairment related to site consolidation procedures leading to a net loss of $202 million, compared to a loss of $121 million the previous year, Novavax is positioning itself for long-term growth through rigorous cost management strategies and a focus on operational efficiencies.

Looking Forward: 2025 Financial Guidance

As part of its ongoing strategy, Novavax adjusted its full-year revenue guidance to reflect a range of $1,040 to $1,060 million for 2025, supported primarily by projected Nuvaxovid product sales of around $610 million. This updated framework aligns with the expected contributions from Sanofi’s commercialization efforts.

Moreover, the company successfully refinanced convertible debt in August 2025, extending the maturity of the majority of its existing notes, further bolstering its financial position to execute its growth strategies effectively.

Novavax aims to host a conference call at 8:30 a.m. ET on November 6, 2025, to discuss these results and engage with stakeholders regarding upcoming initiatives. Ongoing collaborations and strategic moves place Novavax in a favorable position to address not only the current public health challenges but also to innovate in vaccine development moving forward.

For more detailed inquiries about its financial performance and future outlook, stakeholders can access the company’s investor relations resources. With its promising pipeline and strong partnerships, Novavax is set to navigate the complexities of the healthcare landscape in the coming years.