On Wednesday, Novavax Inc. (NASDAQ:NVAX) reported second-quarter 2025 sales of $239.24 million, compared to $415 million a year ago, beating the consensus of $156.29 million.
The company completed the transition of Nuvaxovid commercial leadership in the U.S. to Sanofi SA (NASDAQ:SNY) for the 2025-2026 COVID-19 vaccination season.
Licensing, royalties, and other revenue of $229 million in the second quarter of 2025 includes a $175 million milestone earned related to the Nuvaxovid BLA approval.
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Cost of sales for the second quarter of 2025 was $15 million, compared to $46 million a year ago.
R&D expenses were $79 million, compared to $107 million a year ago, primarily due to reductions in overall expenditures related to COVID-19 vaccine development and the elimination of the related commercial manufacturing network infrastructure.
The COVID-19 vaccine maker reported an earnings per share of 62 cents, down from 99 cents a year ago.
Net income for the second quarter of 2025 was $107 million, compared to net income of $162 million in the same period in 2024.
Cash, cash equivalents, marketable securities and restricted cash were $628 million as of June 30, 2025, compared to $938 million as of December 31, 2024.
Receipt of the $175 million milestone earned in the second quarter of 2025 related to the Nuvaxovid BLA approval is expected in the third quarter of 2025.
Outlook
Novavax raises fiscal year 2025 sales guidance from $975 million-$1.025 billion to $1 billion-$1.05 billion versus the Wall Street estimate of $1.039 billion.
Nuvaxovid product sales for 2025 are expected to be $610 million, and adjusted supply sales of $25-$40 million compared to prior expectation of $20 million- $35 million.
On Tuesday, the U.S. Department of Health and Human Services (HHS) said it will cancel 22 vaccine development projects totaling $500 million, marking a major policy shift under Secretary Robert F. Kennedy Jr.
In a press release on Tuesday, the agency said it would wind down its mRNA vaccine development activities under the Biomedical Advanced Research and Development Authority (BARDA).
During the earnings conference call, Novavax said the company continues to work with BARDA on potential funding for the pandemic influenza vaccine candidate.
In June, Novavax released results from the initial cohort of its COVID-19-Influenza Combination (CIC) and standalone trivalent hemagglutinin nanoparticle seasonal influenza (tNIV) Phase 3 trial.
The study showed that the CIC and flu vaccine candidates induced immune responses similar to those of licensed comparators, Nuvaxovid and Sanofi’s Fluzone HD, respectively.
Price Action: NVAX stock is trading higher by 19.5% to $8.042 at last check Wednesday.
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