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Novavax NVAX Q1 2025 earnings

Reported May 8, 2025 · Before market open

Revenue$666.7MBeat by $322.8M
EPS$2.93Beat by $2.22
Revenue estimate$343.9M
EPS estimate$0.71

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$72.7M
EPS estimate-$0.37

Financials

Q1 2025

Income statement

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Revenue$666.7M+610%
Gross profit$652.5M+1,783%
Operating income$515.5M+456%
Net income$518.6M+452%
EPS (diluted)$2.93+379%

Balance sheet

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Cash & equivalents$263.3M-45.2%
Total debt$58.5M-3.9%
Total equity-$75.6M+91.3%
Total assets$1.3B-4.5%

Cash flow

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Operating cash flow-$185.5M-122%
CapEx$1.6M-76.8%
Free cash flow-$187.1M-107%

Valuation & ratios

Valuation

as of 03/31/25
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Market cap$1.03B+54.1%
Enterprise value$826.21M+231%
P/E2.2×—
P/S0.8×+0.2×

Profitability

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Gross margin87.4%+24.5pp
Operating margin32.8%+21.2pp
Net margin38.1%+25.2pp
FCF margin-15.7%-6.4pp

Returns & leverage

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Current ratio2.1×+1.2×

Segments

By product

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Licensing, royalties, and other$45.0M—
Upfront fee amortization$19.9M—
Cost reimbursements$11.3M—
Milestones amortization$9.1M—
Milestones-—

By geography

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Rest of North America$143.9M—
Rest of the world$43.5M+341%
Europe$8.1M-91.1%

By segment

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Reportable Segment$666.7M+610%

FAQ

When did Novavax report Q1 2025 earnings?
Novavax (NVAX) reported Q1 2025 earnings on May 8, 2025 before market open.
What were Novavax's Q1 2025 revenue and EPS?
Novavax reported revenue of $666.7M and eps of $2.93 for Q1 2025.
Did Novavax beat estimates in Q1 2025?
Revenue beat the consensus estimate of $343.9M by $322.8M. EPS beat the consensus estimate of $0.71 by $2.22.
How did Novavax's Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 610.3% from $93.9M a year earlier.
Where can I find Novavax's Q1 2025 SEC filings?
You can read the 8-K earnings release (0001104659-25-044372) and the 10-Q periodic report (0001000694-25-000021) directly on SEC EDGAR. The filing index links above go to sec.gov.