Novavax Inc. (NASDAQ:NVAX) shares are up on Thursday following the company’s announcement of its fourth-quarter and full-year 2025 financial results.
Earnings
Novavax reported fourth-quarter earnings of 11 cents, a shift from a loss of 51 cents a year ago. evenue for the fourth quarter was $147 million, a 67% year-over-year increase.
Novavax on Thursday said it beat its 2025 cost-cutting targets across both GAAP and Non-GAAP R&D and SG&A spending and is tightening future expense goals.
The company now expects Non-GAAP R&D and SG&A expenses (net of R&D reimbursements) of $325 million in 2026, $225 million in 2027, and $200 million or less in 2028 (newly introduced target).
Management Commentary
“In 2025, we made significant progress on our corporate strategy, marked with the successful achievement of key milestones under our Sanofi agreement, progress towards potential new partnerships, in the form of multiple MTAs signed with other parties enabling experimentation with our Matrix-M adjuvant technology and the advancement of our …