Novavax Reports 65% Revenue Growth to $1.1B, Secures $30M Pfizer Deal
Novavax delivered 2025 revenue of $1.1 billion, a 65% year-over-year increase, achieved positive income and ended the year with $857 million in cash plus $80 million added in early 2026, providing a cash runway into 2028. The company secured a Pfizer partnership with a $30 million upfront payment, potential $500 million in development and sales milestones across two disease areas and two-decade royalties, while guiding 2026 revenue to $230–270 million and cutting combined R&D and SG&A to $325 million.
1. 2025 Financial Performance
Novavax reported total 2025 revenue of $1.1 billion, up 65% year-over-year, and achieved positive income. The company closed the year with $857 million in cash and receivables plus $80 million added in early 2026, securing funding into 2028.
2. Pfizer License Agreement Details
The Pfizer license agreement includes a $30 million upfront fee and potential for up to $500 million in development and sales milestones across two disease areas, with $70 million in development and $180 million in sales milestones each, plus royalties for 20 years.
3. Cost Guidance and Operational Efficiency
Management guided 2026 revenue of $230–270 million and plans to reduce combined R&D and SG&A expenses to $325 million in 2026, $225 million in 2027 and ≤$200 million in 2028. CEO Jacobs emphasized a lean operating model supporting the shift from a COVID focus to partnering and R&D.
4. Strategic Partnerships and Pipeline Development
Novavax secured multiple material transfer agreements with pharmaceutical companies, sold a U.S. facility and equipment to AstraZeneca for $60 million and a Czech manufacturing site to Novo Nordisk for $200 million. Its internal pipeline focuses on C. difficile, shingles and an RSV triple combination aiming for clinical entry by 2027 and explores new Matrix-based adjuvants and formulations.