Novavax (NASDAQ:NVAX) Issues Earnings Results, Beats Estimates By $0.77 EPS

Novavax (NASDAQ:NVAX) issued its earnings results on Thursday. The biopharmaceutical company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.77, FiscalAI reports. The company had revenue of $136.40 million for the quarter, compared to analysts’ expectations of $90.26 million. Novavax had a net margin of 32.10% and a negative return on equity of 217.02%. The firm’s quarterly revenue was up 66.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.51) earnings per share.

Here are the key takeaways from Novavax’s conference call:

• Pfizer partnership: Novavax signed a Matrix‑M license with Pfizer that delivered a $30M upfront payment and up to $500M of development/sales milestones across two disease areas, plus long‑term royalties, a deal the company says could translate into multi‑billion dollars if Pfizer commercializes a significant product.
• 2025 financials and cash runway: Novavax reported $1.1B in 2025 revenue (65% YoY, including $625M non‑cash APA items), positive GAAP income for Q4 and full year, $857M cash/accounts receivable at year‑end plus ~$80M in early 2026 and credit facility access, and believes it can fund operations into 2028 without new cash.
• Cost reductions and guidance: The company cut combined R&D and SG&A (net of partner reimbursements) by 42% (FY) and 53% (Q4), is annualizing to a ~$328M run‑rate, and set non‑GAAP combined R&D/SG&A targets of $325M (2026), $225M (2027) and ≤$200M (2028) with a goal of non‑GAAP profitability by 2028.
• R&D and Matrix expansion: Novavax is building a portfolio of Matrix‑based adjuvants (including new formulations like dry powder) and advancing internal preclinical programs (C. difficile, shingles, RSV triple combo) with the intent to file at least one IND and enter the clinic as early as 2027, citing encouraging early C. diff data.
• Execution and regulatory risks: Future revenue materially depends on partner commercial success (notably Sanofi) and regulatory outcomes (e.g., US ACIP/FDA uncertainty), and Sanofi’s request to shift tech transfer to a US site may delay recognition/timing of a $75M milestone despite management saying it does not affect the stated cash runway.

Novavax Price Performance

Shares of NVAX traded up $1.66 during mid-day trading on Thursday, reaching $11.19. The stock had a trading volume of 23,891,770 shares, compared to its average volume of 3,456,571. The business has a fifty day moving average of $8.27 and a 200 day moving average of $8.02. The company has a debt-to-equity ratio of 5.93, a quick ratio of 2.24 and a current ratio of 2.27. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 6.25 and a beta of 2.58. Novavax has a 12 month low of $5.01 and a 12 month high of $11.97.

Institutional Investors Weigh In On Novavax

A number of institutional investors and hedge funds have recently bought and sold shares of NVAX. Legal & General Group Plc boosted its stake in shares of Novavax by 1.0% in the third quarter. Legal & General Group Plc now owns 155,743 shares of the biopharmaceutical company’s stock worth $1,350,000 after acquiring an additional 1,529 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Novavax by 2.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 78,048 shares of the biopharmaceutical company’s stock worth $492,000 after purchasing an additional 1,718 shares in the last quarter. E Fund Management Co. Ltd. boosted its stake in Novavax by 9.0% in the 2nd quarter. E Fund Management Co. Ltd. now owns 28,280 shares of the biopharmaceutical company’s stock worth $178,000 after purchasing an additional 2,326 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Novavax by 2.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 104,562 shares of the biopharmaceutical company’s stock valued at $678,000 after buying an additional 2,750 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Novavax by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,335,053 shares of the biopharmaceutical company’s stock valued at $8,972,000 after buying an additional 3,767 shares in the last quarter. 53.04% of the stock is owned by institutional investors.

More Novavax News

Here are the key news stories impacting Novavax this week:

• Positive Sentiment: Q4 beat — Novavax reported a surprise GAAP profit (EPS $0.11) and materially beat revenue expectations (Q4 revenue ~ $147M), driving the initial rally. Article Title
• Positive Sentiment: Raised 2026 adjusted revenue outlook — management said milestone and licensing payments (from partners) should offset weaker end-market demand, supporting revenue expectations for 2026. Article Title
• Positive Sentiment: Partnerships and milestones — Company highlighted a $225M Sanofi milestone earned in 2025 and a January 2026 non‑exclusive Matrix‑M licensing agreement with Pfizer, which underpin near-term cash generation and validation of the adjuvant platform. Article Title
• Positive Sentiment: Solid balance sheet and cost progress — Novavax ended 2025 with roughly $751M in cash and reported R&D and SG&A reductions, reducing financing risk and increasing runway for pipeline work. Article Title
• Neutral Sentiment: Investor events — Management will present at upcoming investor conferences (TD Cowen fireside chat on March 3), which gives investors a chance to hear management’s outlook and Q&A. Article Title
• Neutral Sentiment: Earnings call transcript available — The full Q4 earnings call transcript and slides give detail on product deliveries, milestone timing and pipeline timing for investors who want to dig deeper. Article Title
• Negative Sentiment: Cautious FY‑2026 revenue guide — Management issued FY‑2026 revenue guidance (approximately $230M–$270M), which is well below consensus estimates and implies near‑term demand weakness; this tempered some upside despite the beat. (Guidance disclosed in company materials and filings.)

Wall Street Analysts Forecast Growth

NVAX has been the subject of several research analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Novavax in a report on Tuesday, January 20th. TD Cowen cut their price target on Novavax from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, November 4th. B. Riley Financial reiterated a “buy” rating and issued a $16.00 price objective (down from $18.00) on shares of Novavax in a research note on Monday, November 10th. Weiss Ratings restated a “sell (d+)” rating on shares of Novavax in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Novavax from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Tuesday, November 18th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.25.

Novavax Company Profile

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company’s lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.