NOVAVAX INC NVAX
Novavax, Inc., together with our wholly owned subsidiaries, tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M™ adjuvant and protein-based nanoparticles.
Our corporate growth strategy focuses on maximizing the impact of our cutting-edge technology by forging partnerships for our Matrix-M adjuvant and research and development (R&D) assets while maintaining a lean and focused operating model.
Our technology platform, combined with our deep vaccine expertise, is the fuel for innovation and partnerships, and we believe it has the potential to create significant value. Our proprietary Matrix-M™ adjuvant when added to vaccines, has been shown to help induce a stronger and longer-lasting immune response. Our recombinant protein-based nanoparticle technology has been shown to be highly immunogenetic. Together, we believe that our technology platform can induce potent, durable and broad immune responses, with the potential to be antigen-sparing. Our Matrix-M™ adjuvant can increase both antibody and cell-mediated immune responses to the vaccine and it has demonstrated a favorable tolerability profile in clinical trials. Our technology platform is used in our authorized COVID-19 Vaccine (Nuvaxovid) and the R21/Matrix-M™ adjuvant malaria vaccine (as defined below).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $682.2M | $983.7M | $1.98B | $1.15B | $475.6M | $18.7M | $34.3M | $31.2M | $15.4M |
| Cost of revenue | $73.0M | $202.7M | $343.8M | $902.6M | $0 | $0 | — | — | — | — |
| Gross profit | $1.05B | $479.4M | $639.9M | $1.08B | $1.15B | $475.6M | — | — | — | — |
| R&D | $342.3M | $391.2M | $737.5M | $1.24B | $2.53B | $747.0M | $113.8M | $173.8M | $168.4M | $237.9M |
| SG&A | $157.5M | $337.2M | $468.9M | $488.7M | $298.4M | $145.3M | $34.4M | $34.4M | $34.5M | $46.5M |
| Total operating expenses | $670.7M | $931.1M | $1.55B | $2.63B | $2.83B | $892.3M | $139.2M | $208.2M | $202.9M | $284.5M |
| Operating income | $452.8M | -$248.9M | -$566.5M | -$644.7M | -$1.69B | -$416.7M | -$120.6M | -$173.9M | -$171.7M | -$269.1M |
| Interest expense | $22.5M | $20.1M | $14.4M | $19.9M | $21.1M | $15.1M | $13.6M | $13.6M | $14.1M | $13.0M |
| Pre-tax income | $442.2M | -$176.6M | -$543.0M | -$653.6M | -$1.71B | -$418.3M | -$132.7M | — | — | — |
| Income tax | $1.9M | $10.9M | $2.0M | $4.3M | $29.2M | $0 | $0 | — | — | — |
| Net income | $440.3M | -$187.5M | -$545.1M | -$657.9M | -$1.74B | -$418.3M | -$132.7M | -$184.7M | -$183.8M | -$280.0M |
| EPS, basic | 2.72 | -1.23 | -5.41 | -8.42 | -23.44 | -7.27 | -5.51 | — | — | — |
| EPS, diluted | 2.58 | -1.23 | -5.41 | -8.42 | -23.44 | -7.27 | -5.51 | -9.99 | -12.56 | -1.03 |
| Shares, diluted (wtd. avg.) | $173.1M | $152.2M | $100.8M | $78.2M | $74.4M | $57.6M | $24.1M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $240.6M | $530.2M | $568.5M | $1.35B | $1.53B | $648.7M | $82.2M | $82.0M | $135.4M | $179.3M |
| Short-term investments | $494.4M | $392.9M | $0 | — | $0 | $157.6M | $0 | $22.0M | $51.0M | $91.1M |
| Receivables | — | — | — | — | $455.0M | $262.0M | $7.5M | — | — | $233.0K |
| Inventory | $11.5M | $8.7M | $41.7M | $36.7M | $8.9M | — | — | — | — | — |
| Total current assets | $978.3M | $1.13B | $1.14B | $1.70B | $2.16B | $1.25B | $97.2M | $119.3M | $203.3M | $287.8M |
| Property, plant and equipment | $44.8M | $138.4M | $305.8M | $294.2M | $225.7M | $180.0M | $11.4M | $28.4M | $36.0M | $40.2M |
| Goodwill | $113.5M | $107.5M | $127.5M | $126.3M | $131.5M | $135.4M | $51.2M | $52.0M | $53.6M | $51.7M |
| Other intangibles | — | — | — | — | $4.8M | $5.7M | $5.6M | $6.5M | $7.9M | $9.2M |
| Total assets | $1.18B | $1.56B | $1.80B | $2.26B | $2.58B | $1.58B | $173.0M | $208.0M | $302.5M | $394.3M |
| Accounts payable | $24.6M | $41.6M | $132.6M | $216.5M | $127.0M | $54.3M | $2.9M | $9.3M | $5.6M | $5.7M |
| Total current liabilities | $459.9M | $1.15B | $1.64B | $2.46B | $2.39B | $579.7M | $25.8M | $45.5M | $73.7M | $66.4M |
| Total liabilities | $1.30B | $2.18B | $2.51B | $2.89B | $2.93B | $955.3M | $359.0M | $375.9M | $404.2M | $399.8M |
| Retained earnings | -$4.57B | -$5.01B | -$4.82B | -$4.28B | -$3.62B | -$1.87B | -$1.43B | -$1.30B | -$1.11B | -$930.0M |
| Total equity | -$127.8M | -$623.8M | -$716.9M | -$634.1M | -$351.7M | $627.2M | -$186.0M | -$167.9M | -$101.7M | -$5.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$244.6M | -$87.3M | -$714.0M | -$415.9M | $322.9M | -$42.5M | -$136.6M | -$184.8M | -$144.5M | -$258.8M |
| Depreciation and amortisation | $28.0M | $48.0M | $41.0M | $29.0M | $13.0M | $4.3M | $5.1M | $7.4M | $7.6M | $7.7M |
| Stock-based compensation | $36.0M | $48.2M | $85.4M | $130.3M | $183.6M | $128.0M | $17.0M | $18.3M | $19.8M | $19.2M |
| Capital expenditure | $5.6M | $13.1M | $53.8M | $89.1M | $54.5M | $54.5M | $1.9M | $1.4M | $4.2M | $18.2M |
| Investing cash flow | -$78.3M | -$204.0M | -$58.8M | -$93.0M | $100.2M | -$377.8M | $38.5M | $28.6M | $36.0M | $28.0M |
| Financing cash flow | $27.7M | $260.6M | $4.5M | $325.0M | $461.7M | $984.8M | $98.4M | $102.8M | $64.5M | $279.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027328.
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