NOVAVAX INC NVAX

Healthcare SIC 2836 - Biological Products, (No Diagnostic Substances) NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Biological Product (except Diagnostic) Manufacturing derived Nasdaq

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).

Last close 9.70 2026-10-23
Market cap $1.60B 2026-06-30 share count
52-week range 6.20 - 13.38

Valuation FY2025 figures against the last close

P/S1.4x
P/E3.8x
P/FCF—
EV/EBITDA3.3x
Dividend yield—
Diluted EPS2.58

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Rest of North America
  • United States
  • Rest of the world
  • Europe
Revenue by geography, 4 categories over 2 years. The same figures are in the table below. FY2025 Rest of North America, FY2025: 575.7M (51.2%) 51% Rest of North America United States, FY2025: 405.6M (36.1%) 36% United States Rest of the world, FY2025: 126.5M (11.3%) 11% Europe, FY2025: 15.7M (1.4%) FY2023 Rest of North America, FY2023: 13.4M (1.4%) United States, FY2023: 443.9M (45.1%) 45% Rest of the world, FY2023: 254.5M (25.9%) 26% Europe, FY2023: 272M (27.6%) 28%
Region FY2025FY2023
Rest of North America $575.7M $13.4M
United States $405.6M $443.9M
Rest of the world $126.5M $254.5M
Europe $15.7M $272.0M

As the company reported it, from the “Segment Reporting - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 173.1M152.2M100.8M78.2M74.4M57.6M24.1M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B -1B 0 1B 2B Revenue, FY2016: 15.4M Net income, FY2016: -280M Revenue, FY2017: 31.2M Net income, FY2017: -183.8M Revenue, FY2018: 34.3M Net income, FY2018: -184.7M Revenue, FY2019: 18.7M Net income, FY2019: -132.7M Revenue, FY2020: 475.6M Gross profit, FY2020: 475.6M Net income, FY2020: -418.3M Revenue, FY2021: 1.1B Gross profit, FY2021: 1.1B Net income, FY2021: -1.7B Revenue, FY2022: 2B Gross profit, FY2022: 1.1B Net income, FY2022: -657.9M Revenue, FY2023: 983.7M Gross profit, FY2023: 639.9M Net income, FY2023: -545.1M Revenue, FY2024: 682.2M Gross profit, FY2024: 479.4M Net income, FY2024: -187.5M Revenue, FY2025: 1.1B Gross profit, FY2025: 1.1B Net income, FY2025: 440.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $15.4M $31.2M $34.3M $18.7M $475.6M $1.15B $1.98B $983.7M $682.2M $1.12B
Gross profit — — — — $475.6M $1.15B $1.08B $639.9M $479.4M $1.05B
Net income -$280.0M -$183.8M -$184.7M -$132.7M -$418.3M -$1.74B -$657.9M -$545.1M -$187.5M $440.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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