Novavax Shifts From COVID Sales to R&D Focus While Updating 2025 Forecast

Core Insights - Novavax, Inc. (NASDAQ:NVAX) is transitioning from a direct COVID-19 commercial operation to a research and development-focused company, particularly through its partnership with Sanofi [1] Financial Performance - For Q3 2025, Novavax reported total revenue of $70 million, an 18% decrease from $85 million in the same quarter last year [2] - Licensing, royalties, and other revenue increased from $43 million to $57 million, while product sales dropped significantly from $41 million to $13 million year-over-year [2] Future Projections - The company raised its full-year 2025 adjusted revenue projection to $1,040–$1,060 million, with expectations of $610 million in Nuvaxovid product sales and $35–45 million in adjusted supply sales [3] - Analyst Mayank Mamtani from B. Riley Securities reiterated a Buy rating for Novavax but lowered the price target from $18 to $16 [3] Company Overview - Novavax is a biotechnology firm focused on developing and commercializing innovative vaccines to prevent serious infectious diseases, utilizing recombinant nanoparticle technology and its proprietary Matrix-M adjuvant to enhance immune response [4]