Novavax Swings to Q4 Profit of $0.11 on 67% Revenue Jump
Novavax posted Q4 profit of $0.11 per share on $147 million in revenue, a 67% increase that reversed a $0.51 per share loss a year earlier. The company beat 2025 cost-cutting targets and guided 2026 revenue of $230–270 million with non-GAAP R&D and SG&A expenses of $325 million.
1. Fourth-Quarter Results
Novavax reported fourth-quarter earnings per share of $0.11 on $147 million in revenue, marking a 67% year-over-year increase and reversing a $0.51 loss per share from the prior-year period. The unexpected profitability and strong top-line growth drove a sharp share rally.
2. Cost-Cutting Achievements
The company exceeded its 2025 targets for both GAAP and non-GAAP R&D and SG&A spending, highlighting successful implementation of its expense reduction initiatives. Management emphasized continued discipline as it tightens expense goals for the coming years.
3. 2026 Guidance and Outlook
Novavax forecasted adjusted total revenue of $230 million to $270 million for 2026, below the consensus of $381.22 million, and set non-GAAP R&D and SG&A expense targets of $325 million in 2026, $225 million in 2027 and $200 million or less in 2028.