---
schema_version: "secwatch.filing_event.v1"
accession: "0001000694-26-000011"
form_type: "8-K"
ticker: "NVAX"
cik: "0001000694"
company_name: "NOVAVAX INC"
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:20:50.699071+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001000694-26-000011
- form_type: 8-K
- ticker: NVAX
- cik: 0001000694
- company_name: NOVAVAX INC
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000694/000100069426000011/0001000694-26-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000694/000100069426000011/nvax-20260226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001000694-26-000011
- JSON: https://secwatch.observer/filing/0001000694-26-000011.json
- Plain text: https://secwatch.observer/filing/0001000694-26-000011.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.