Novavax, Inc.
novavax.comWhat Do They Do?
Sells coronavirus vaccines to governments and commercial buyers, and supplies its Matrix-M adjuvant and other vaccine materials to pharmaceutical partners.
10-K for FY2025, filed Feb 26, 2026In 2025 and continuing during the term of the Sanofi CLA, Sanofi will lead commercialization efforts for our COVID-19 Vaccine (Nuvaxovid™).…View ↗
Product sales include sales associated with COVID-19 Vaccine supply agreements, sometimes referred to as advanced purchase agreements…View ↗
Furthermore, we provide our Matrix-M™ adjuvant for use in collaborations. These include the R21/Matrix-M™ adjuvant malaria vaccine, a…View ↗
How Do They Make Money?
Governments and commercial buyers pay for vaccine doses, while partners buy adjuvant and other supplies; product revenue is earned when products are delivered and accepted. Partner agreements also bring license fees, milestone payments when achieved, royalties when licensed-product sales occur, and fees for services over time.
10-K for FY2025, filed Feb 26, 2026Product sales include sales associated with COVID-19 Vaccine supply agreements, sometimes referred to as advanced purchase agreements…View ↗
In the fourth quarter of 2023, the Company commenced sales of COVID-19 Vaccine to the U.S. commercial market. Product sales in the U.S. are…View ↗
The Company also has various arrangements that include a right for a customer to use the Company's intellectual property as a functional…View ↗
The terms of the Company’s third-party licensing agreements may contain multiple performance obligations, including licenses, transition…View ↗
For multiple performance obligation arrangements, the Company allocates the transaction price to each distinct performance obligation based…View ↗
$1.1B
-
10-K for FY2025, filed Feb 26, 2026
$1.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product sales
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
61%
FY2022: 78%
|
Product sales, FY2025
$685M Sources
|
Sold outright |
|
Licensing, royalties, and other
|
39%
FY2022: 2.2%
|
Licensing, royalties, and other, FY2025
$438.4M Sources
|
|
|
Grants
|
0.0%
FY2022: 19%
|
Grants, FY2025
$0 Sources
|
Who Are Their Customers?
Governments buy vaccine through supply agreements; U.S. commercial sales go through pharmaceutical wholesalers to retailers, healthcare providers and other indirect customers. Pharmaceutical partners also buy adjuvant and other materials.
10-K for FY2025, filed Feb 26, 2026Product sales include sales associated with COVID-19 Vaccine supply agreements, sometimes referred to as advanced purchase agreements…View ↗
Product Sales - U.S. CommercialView ↗
Wholesale distributor fees, discounts, and chargebacks: The Company has arrangements under which indirect customers such as retailers…View ↗
(1)Nuvaxovid sales are sales of the Company’s COVID-19 Vaccine associated with APAs with governments and commercial markets, where the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 39 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 26, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$53.4MView ↗
- ▼ Now a loss
- vs $106.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Flat. Revenue was $1.1B in FY2025, about the same as the $1.1B of FY2021.
Commercialization and partnerships
The older report described Novavax as developing and commercializing its coronavirus vaccine while advancing influenza and other vaccine candidates. The latest report says Sanofi leads commercialization of that vaccine and emphasizes partner agreements around Matrix-M and research assets.
10-K for FY2022, filed Feb 28, 2023 10-K for FY2025, filed Feb 26, 2026We have developed and begun commercialization of a COVID-19 vaccine, NVX-CoV2373 (“Nuvaxovid™,” “Covovax™,” “Novavax COVID-19 Vaccine…View ↗
In 2025 and continuing during the term of the Sanofi CLA, Sanofi will lead commercialization efforts for our COVID-19 Vaccine (Nuvaxovid™).…View ↗
In November 2025, we announced that we completed the transfer of the Nuvaxovid™ BLA to Sanofi, who remains responsible for further…View ↗
Our corporate growth strategy focuses on maximizing the impact of our cutting-edge technology by forging partnerships for our Matrix-M…View ↗
We continue to evaluate commercial opportunities for the use of our Matrix-M™ adjuvant alongside vaccine antigens produced by other…View ↗
Who Do They Compete With?
Competes with Pfizer, Moderna, Sanofi, GSK, and Seqirus
10-K for FY2025, filed Feb 26, 2026A number of vaccine manufacturers, research institutions, and other organizations have developed a vaccine for SARS-CoV-2, the virus that…View ↗
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