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Novavax NVAX Q2 2025 earnings

Reported August 6, 2025 · Before market open

Revenue$239.2MBeat by $183.6M
EPS$0.62Beat by $0.69
Revenue estimate$55.6M
EPS estimate-$0.07

Next report

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

Financials

Q2 2025

Income statement

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Revenue$239.2M-42.4%
Gross profit$223.9M-39.4%
Operating income$101.1M-37.2%
Net income$106.5M-34.4%
EPS (diluted)$0.62-37.4%

Balance sheet

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Cash & equivalents$253.7M-62.7%
Total debt$57.9M-10.1%
Total equity$37.6M+109%
Total assets$1.3B-26.5%

Cash flow

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Operating cash flow-$127.5M-141%
CapEx$527.0K-81.7%
Free cash flow-$128.0M-141%

Valuation & ratios

Valuation

as of 06/30/25
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Market cap$1.05B-43.6%
Enterprise value$855.37M-31.5%
P/E2.5×—
P/S1×-0.9×

Profitability

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Gross margin88.3%+24.6pp
Operating margin32.6%+22.1pp
Net margin39.2%+27.4pp
FCF margin-59%-61.5pp

Returns & leverage

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Debt / equity1.5×—
Current ratio2.4×+1.3×

Segments

By product

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Licensing, royalties, and other$228.5M-41.8%
Milestones$175.0M—
Upfront fee$18.5M—
Upfront fee amortization$12.3M—
Cost reimbursements$6.5M—

By geography

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Rest of North America$143.9M—
Rest of the world$37.4M+84.6%
Europe$3.6M+414%

By segment

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Reportable Segment$239.2M-42.4%

FAQ

When did Novavax report Q2 2025 earnings?
Novavax (NVAX) reported Q2 2025 earnings on August 6, 2025 before market open.
What were Novavax's Q2 2025 revenue and EPS?
Novavax reported revenue of $239.2M and eps of $0.62 for Q2 2025.
Did Novavax beat estimates in Q2 2025?
Revenue beat the consensus estimate of $55.6M by $183.6M. EPS beat the consensus estimate of $-0.07 by $0.69.
How did Novavax's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 42.4% from $415.5M a year earlier and eps declined 37.4% from $0.99.
Where can I find Novavax's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001000694-25-000031) and the 10-Q periodic report (0001000694-25-000029) directly on SEC EDGAR. The filing index links above go to sec.gov.