Novavax Q3 net loss $202M, revenue down to $70M; raises FY2025 revenue guidance

NOVAVAX INC

2025-Q3 EPS reported $2.53 revenue$976,340,000

Total revenue $70M, down 18% YoY from $85M; product sales (Nuvaxovid) $0 vs $38M.
Net loss $202M vs $121M YoY; includes $97M asset impairment from Maryland site consolidation.
Cash $778M as of Sep 30, 2025; completed convertible debt refinancing extending maturities to 2031.
Sanofi milestones $225M YTD; $50M earned on marketing authorization transfers in Q4 2025.
Maryland site consolidation yields $60M cash proceeds, ~$230M cost savings over 11 years.

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