Novavax Q4 Revenue Jumps 66.6% to $147.1M and Secures $30M Pfizer Deal
Novavax reported Q4 CY2025 revenue of $147.1 million (up 66.6% year-on-year) and GAAP EPS of $0.11, lifting full-year 2025 revenue to $1.1 billion with $751 million in cash. It received a $30 million upfront payment from Pfizer for Matrix-M licensing (potential $500 million milestones), earned $225 million from Sanofi and raised its 2026 adjusted revenue outlook.
1. Q4 CY2025 Results
Novavax delivered revenue of $147.1 million in Q4 CY2025, a 66.6% increase year-on-year, and reported GAAP EPS of $0.11. The strong quarterly performance drove full-year 2025 revenue to $1.1 billion and left the company with $751 million in ending cash.
2. Pfizer Matrix-M Licensing Agreement
In January 2026, Novavax entered a non-exclusive license agreement with Pfizer for its Matrix-M adjuvant technology, receiving a $30 million upfront payment and eligibility for up to $500 million in development and sales milestones plus royalties. Pfizer will handle development and commercialization while Novavax supplies Matrix-M.
3. 2026 Outlook and Partnerships
Novavax earned $225 million in full-year 2025 milestones from its Sanofi partnership and signed multiple material transfer agreements to explore additional Matrix-M applications. Buoyed by these deals, the company raised its 2026 adjusted revenue outlook to reflect expected milestone payments offsetting softer vaccine demand.