Novavax Q3 Earnings & Revenues Beat Estimates, '25 Sales View Raised

Core Insights - Novavax reported a narrower loss of 62 cents per share in Q3 2025, compared to the Zacks Consensus Estimate of a loss of $1.08 per share and a loss of 79 cents per share in the same quarter last year [1][7] - Quarterly revenues reached $70 million, down 18% year-over-year, but exceeded the Zacks Consensus Estimate of $40 million [2][7] - The company raised its 2025 revenue guidance to between $1.04 billion and $1.06 billion, up from the previous estimate of $1.00 billion to $1.05 billion [10] Financial Performance - Novavax's product sales were $13 million, a significant decrease from $41.5 million in the prior year, with no revenue generated from its COVID vaccine Nuvaxovid during the quarter [3] - Licensing, royalties, and other revenues totaled $57 million, including a $48 million milestone payment from Sanofi, marking a 33% increase year-over-year [4] - Research and development (R&D) expenses were $98 million, up 12.6% year-over-year, while selling, general, and administrative (SG&A) expenses decreased by 55% to $32 million [8] Cash Position - As of September 30, 2025, Novavax had $778 million in cash and cash equivalents, an increase from $628 million as of June 30, 2025 [9] Strategic Developments - Novavax completed the transition of the COVID vaccine's commercial leadership to Sanofi for the 2025-2026 vaccination season [4] - The company amended its collaboration and license agreement with Sanofi to expand the use of its Matrix-M adjuvant in pandemic influenza vaccine candidates [11][12] - Novavax received an additional $50 million in milestone payments due to the transfer of marketing authorization for Nuvaxovid to Sanofi in the U.S. and EU [13][14] Market Performance - Shares of Novavax have declined by 5.6% year-to-date, contrasting with an 11.4% rise in the industry [5]