Novavax Reports $70.4 Million Revenue in Q3 2025, Down 16.6% Year-Over-Year

Novavax, Inc. reported a total revenue of $70.4 million for the third quarter of 2025, a decrease of 16.6% from $84.5 million in the same period of 2024. The decline was primarily attributed to a significant drop in product sales, which fell to $13.4 million from $41.5 million year-over-year. This reduction in product sales was largely due to the transition of commercial responsibilities for the COVID-19 vaccine, Nuvaxovid, to Sanofi, which resulted in lower direct sales by Novavax. However, licensing, royalties, and other revenue increased to $57.0 million, up from $43.0 million, driven by revenue from transition services and technology transfer under the Sanofi collaboration agreement.

For the nine months ended September 30, 2025, Novavax reported total revenue of $976.3 million, a substantial increase from $593.9 million in the prior year. This growth was primarily fueled by the recognition of $575.7 million in revenue from the termination of advance purchase agreements (APAs) with Canada and New Zealand. Product sales for the nine-month period also rose significantly to $645.8 million, compared to $154.0 million in 2024, reflecting the impact of the APAs and increased sales of the COVID-19 vaccine.

Total expenses for the third quarter of 2025 were $248.5 million, up from $218.5 million in the same quarter of 2024. The increase was driven by a $97 million impairment charge related to assets held for sale, as the company classified its corporate headquarters as held for sale. Research and development expenses rose to $98.3 million, reflecting ongoing investments in vaccine development, while selling, general, and administrative expenses decreased significantly to $31.7 million, down from $70.7 million, due to cost containment measures.

As of September 30, 2025, Novavax had cash and cash equivalents of $268.0 million, down from $530.2 million at the end of 2024. The company also held $494.9 million in marketable securities. The decrease in cash was primarily due to net cash used in operating activities of $205.2 million during the nine-month period, compared to cash provided in the same period of the previous year. The company anticipates that its current cash position, along with expected milestone payments and revenue from product sales, will be sufficient to fund operations for at least the next year.

Looking ahead, Novavax remains focused on optimizing its partnership with Sanofi, enhancing existing collaborations, and advancing its technology platform and early-stage pipeline. The company is also in the process of restructuring to reduce costs and improve operational efficiency, which is expected to yield significant savings over the long term. The successful execution of these strategies, along with anticipated regulatory approvals and product launches, will be critical for Novavax as it navigates the evolving landscape of vaccine development and commercialization.