Short answer
NOVAVAX INC (NVAX) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $1.1B (+64.7% year over year) and net income of $440M.
- Top risk flagged: Regulatory risk: Uncertainty in revenue recognition from licensing agreements under ASC 606 requiring judgment on variable consideration and revenue timing
FY2025 key financial metrics · XBRL
- Revenue
- $1.1B
- +64.7% YoY
- Net income
- $440M
- +334.8% YoY
- Operating margin
- 40.3%
- +76.8 pp YoY
- EPS (diluted)
- $2.58
- +309.8% YoY
- ROE
- -344.7%
- −374.7 pp YoY
- Operating cash flow
- −$245M
- −180.3% YoY
Source: XBRL data from the NOVAVAX INC (NVAX) FY2025 10-K on SEC EDGAR. USD.
NOVAVAX INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: development and commercialization of vaccines using proprietary recombinant nanoparticle technology and Matrix-M™ adjuvant platform
- New emphasized partnerships: non-exclusive Matrix-M™ licenses to Pfizer (Jan 2026) and expanded Sanofi agreement for pandemic influenza and COVID-19 combination vaccines
- Strategic shift: transitioned COVID-19 Vaccine commercialization leadership to Sanofi in 2025; focus on partnerships and licensing over direct commercialization
- Notable quantitative metric: $0.4 billion remaining obligations under advance purchase agreements; recognized $575.7 million product sales from terminated Canada APA in 2025
- Noteworthy fact: WHO prequalified the R21/Matrix-M™ adjuvant malaria vaccine in Dec 2023 with rollout in 24 countries as of Feb 2026, marking major commercial expansion beyond COVID-19
Management Discussion & Analysis
- Revenue $1.12B in 2025, up $441.3M YoY, driven by $685M product sales (+$471.8M) and $438.4M licensing (-$30.5M)
- Operating expenses $670.7M in 2025 vs $931.1M in 2024; cost of sales 10.7% of product sales vs 95.1% in 2024; R&D $342.3M vs $391.2M; SG&A $157.5M vs $337.2M
- Net income $440.3M in 2025 vs net loss $187.5M in 2024; operating margin approx. 38.7% ($440.3M net income / $1.12B revenue) vs negative margin prior year
- Best segment: Product sales $685.0M, +221% YoY; Worst segment: Licensing, royalties, and other $438.4M, -6.5% YoY
- Cash $750.5M end 2025 vs $938.2M end 2024; Operating cash flow used $244.6M; Issued $225M convertible notes; No dividends or buybacks disclosed
- Guidance: Expect funding from Sanofi milestones, royalties, product sales, $330M Credit facility available; Risks include regulatory approval delays, APA cancellations (Australia), and capital raising challenges
Risk Factors
- Regulatory risk: Uncertainty in revenue recognition from licensing agreements under ASC 606 requiring judgment on variable consideration and revenue timing
- Macroeconomic threat: Exposure to fluctuating interest rates with 4.625% Convertible Senior Notes and variable term loans tied to Term SOFR plus 5.00%
- Operational risk: Reliance on third-party CMOs and CDMOs for vaccine component manufacturing and raw material procurement, creating supply chain timing and cost estimation challenges
- Competitive risk: Partnership with Pfizer for Matrix-M adjuvant potentially faces competition in infectious disease vaccines market including influenza-COVID-19 combos by Sanofi
- Financial risk: $330 million senior secured term loan facility maturing in 2031 with mandatory principal and interest repayment increasing leverage and cash flow obligations
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