Novavax Q4 net income $18M, full-year profit $440M; Pfizer Matrix-M license deal

NOVAVAX INC

2025-FY EPS reported $2.58 revenue$1,123,479,000

Q4 2025 revenue $147M (+67% YoY); net income $18M vs $81M loss in Q4 2024.
Full year 2025 revenue $1.12B (+65% YoY); net income $440M vs $187M loss in 2024.
Jan 2026: non-exclusive Pfizer license for Matrix-M in two areas; $30M upfront, up to $500M milestones plus royalties.
Cash $751M at Dec 2025 (down from $938M); Feb 2026 $330M credit facility from MidCap Financial, initial $50M draw.
Cost reductions exceed goals; 2026 Non-GAAP R&D+SG&A target $310-340M, falling to ≤$200M by 2028.

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