Novavax Reports $666.7 Million Revenue and $518.6 Million Net Income in Latest Quarter

Novavax, Inc. reported significant financial growth in its latest quarterly results, with total revenue reaching $666.7 million for the three months ended March 31, 2025, compared to $93.9 million in the same period of 2024. This increase of $572.8 million was primarily driven by the recognition of previously deferred revenue from the termination of advance purchase agreements (APAs) with Canada and New Zealand, which accounted for $575.7 million and $27.3 million, respectively. Product sales surged to $621.7 million, up from $89.8 million a year earlier, largely due to sales of its COVID-19 vaccine, Nuvaxovid™, and related supply agreements.

The company also reported a net income of $518.6 million, or $3.22 per share, a substantial turnaround from a net loss of $147.6 million, or $1.05 per share, in the prior year. This improvement was attributed to a combination of increased revenue and reduced expenses, which totaled $151.1 million for the quarter, down from $238.7 million in the same period last year. The decrease in expenses was driven by lower costs of sales, research and development, and selling, general, and administrative expenses, reflecting the company's ongoing restructuring efforts.

Strategically, Novavax has focused on enhancing its partnerships, particularly with Sanofi, with whom it entered a collaboration and license agreement in May 2024. This partnership aims to co-commercialize Novavax's COVID-19 vaccine and includes potential milestone payments totaling up to $650 million. Additionally, Novavax has amended its agreement with Takeda Pharmaceutical Company to improve financial terms, which includes a $20 million upfront payment and ongoing royalties based on net sales.

Operationally, Novavax is advancing its pipeline of vaccine candidates, including a COVID-19-influenza combination vaccine and a stand-alone influenza vaccine, with a Phase 3 trial currently underway. The company is also exploring early-stage research in various infectious diseases, including respiratory syncytial virus and Clostridium difficile. As of March 31, 2025, Novavax had approximately $278.5 million in cash, cash equivalents, and restricted cash, down from $545.3 million at the end of 2024, reflecting its investment in marketable securities and ongoing operational costs.

Looking ahead, Novavax anticipates continued engagement with regulatory authorities, particularly the U.S. FDA, regarding its COVID-19 vaccine's Biologics License Application (BLA), which is currently under review. The company expects to have sufficient capital to fund its operations for at least the next year, supported by its revenue streams and strategic partnerships.