Revenue contracted by 79.1% year-over-year in 2026Q1, illustrating that recent profitability is largely driven by non-recurring licensing inflows rather than stable commercial vaccine sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 596.34M | 1.12B | 682.16M | 556.38M | 1.6B | 197.58M | 22.39M | 18.66M | 34.29M | 31.18M | 15.35M | 36.25M | 30.66M | 20.91M | 22.08M | 14.69M | 343K | 325K | 1.06M | 1.51M | 4.68M | 7.39M | 8.26M | 11.79M | 15.01M | 24.07M | 2.48M | 1.2M | 700K | 500K | 100K |
| Revenue Growth % | -52.48% | 64.69% | 22.61% | -65.2% | 709.26% | 782.53% | 19.97% | -45.57% | 9.98% | 103.06% | -57.65% | 18.24% | 46.59% | -5.26% | 50.3% | 4182.22% | 5.54% | -69.45% | -29.68% | -67.69% | -36.61% | -10.56% | -29.91% | -21.46% | -37.65% | 872.36% | 106.25% | 71.43% | 40% | 400% | - |
| Cost of Goods Sold | 91.62M | 71.14M | 202.74M | 343.77M | 902.64M | 0 | 0 | 113.84M | 0 | 0 | 237.94M | 162.64M | 14.99M | 8.22M | 14.69M | 7M | 0 | 0 | 0 | 221K | 6.47M | 5.79M | 3.49M | 2.06M | 3.56M | 4.05M | -594K | -400K | -300K | -300K | -300K |
| COGS % of Revenue | - | 6.33% | 29.72% | 61.79% | 56.45% | - | - | 610.02% | - | - | 1549.79% | 448.67% | 48.88% | 39.31% | 66.55% | 47.68% | - | - | - | 14.61% | 138.22% | 78.38% | 42.25% | 17.45% | 23.72% | 16.84% | -24% | -33.33% | -42.86% | -60% | -300% |
| Gross Profit | 504.72M | 1.05B | 479.42M | 212.61M | 696.31M | 197.58M | 22.39M | -95.18M | 34.29M | 31.18M | -222.59M | -126.39M | 15.67M | 12.69M | 7.38M | 7.68M | 343K | 325K | 1.06M | 1.29M | -1.79M | 1.6M | 4.77M | 9.73M | 11.45M | 20.01M | 3.07M | 1.6M | 1M | 800K | 400K |
| Gross Margin % | 84.64% | 93.67% | 70.28% | 38.21% | 43.55% | 100% | 100% | -510.02% | 100% | 100% | -1449.79% | -348.67% | 51.12% | 60.69% | 33.45% | 52.32% | 100% | 100% | 100% | 85.39% | -38.22% | 21.62% | 57.75% | 82.55% | 76.28% | 83.16% | 124% | 133.33% | 142.86% | 160% | 400% |
| Gross Profit Growth % | - | 119.5% | 125.49% | -69.47% | 252.42% | 782.53% | 123.52% | -377.59% | 9.98% | 114.01% | -76.1% | -906.5% | 23.47% | 71.9% | -3.92% | 2140.52% | 5.54% | -69.45% | -17.65% | 172.18% | -212.09% | -66.52% | -50.97% | -15.01% | -42.81% | 552.13% | 91.81% | 60% | 25% | 100% | - |
| Operating Expenses | 571.48M | 489.07M | 728.35M | 779.13M | 1.34B | 1.88B | 439.11M | 148.26M | 208.21M | 202.89M | 284.47M | 193.49M | 99.36M | 65.13M | 37.05M | 29.26M | 38.84M | 37.71M | 35.42M | 31.56M | 22.82M | 10.77M | 29.23M | 25.78M | 33M | 29.27M | 15.81M | 6.2M | 6.2M | 5.6M | 5.9M |
| OpEx % of Revenue | - | 43.53% | 106.77% | 140.03% | 83.87% | 953.61% | 1961.35% | 794.44% | 607.23% | 650.78% | 1852.84% | 533.75% | 324.09% | 311.39% | 167.82% | 199.24% | 11322.74% | 11602.46% | 3329.32% | 2086.12% | 487.23% | 145.75% | 353.92% | 218.77% | 219.95% | 121.62% | 638.83% | 516.67% | 885.71% | 1120% | 5900% |
| Selling, General & Admin | 127.98M | 150.35M | 337.19M | 468.95M | 488.69M | 298.36M | 145.29M | 34.42M | 34.41M | 34.45M | 46.53M | 30.84M | 19.93M | 14.82M | 10.99M | 11.38M | 10.8M | 11.93M | 11.09M | 13.96M | 11.29M | 16.66M | 33.03M | 15.72M | 21.5M | 18.49M | 5.86M | 2.4M | 2.5M | 2.4M | 1.9M |
| SG&A % of Revenue | - | 13.38% | 49.43% | 84.28% | 30.56% | 151.01% | 648.96% | 184.42% | 100.35% | 110.5% | 303.05% | 85.08% | 65% | 70.85% | 49.77% | 77.47% | 3150.15% | 3670.15% | 1042.29% | 922.87% | 241.04% | 225.47% | 399.84% | 133.42% | 143.31% | 76.85% | 236.73% | 200% | 357.14% | 480% | 1900% |
| Research & Development | 345.36M | 336.82M | 391.17M | 737.5M | 1.24B | 2.53B | 747.03M | 113.84M | 173.8M | 168.44M | 237.94M | 162.64M | 79.44M | 50.31M | 26.06M | 17.89M | 28.03M | 25.78M | 24.33M | 17.6M | 11.53M | 5.08M | 7.37M | 10.06M | 11.5M | 10.78M | 9.36M | 3.4M | 3.4M | 2.9M | 3.7M |
| R&D % of Revenue | - | 29.98% | 57.34% | 132.55% | 77.26% | 1282.77% | 3336.73% | 610.02% | 506.87% | 540.27% | 1549.79% | 448.67% | 259.09% | 240.54% | 118.05% | 121.77% | 8172.59% | 7932.31% | 2287.03% | 1163.25% | 246.19% | 68.69% | 89.21% | 85.35% | 76.65% | 44.77% | 378.1% | 283.33% | 485.71% | 580% | 3700% |
| Other Operating Expenses | 2M | 1.9M | 0 | -427.32M | -382.92M | -948.71M | -453.21M | -13K | 108K | 67K | -31K | -120K | 0 | 182K | 45K | 0 | 0 | 0 | 0 | 0 | 0 | -10.96M | -11.16M | 0 | 0 | 0 | 594K | 400K | 300K | 300K | 300K |
| Operating Income | -66.76M | 563.27M | -248.93M | -566.51M | -644.74M | -1.69B | -416.72M | -120.58M | -173.92M | -171.71M | -269.11M | -157.24M | -83.69M | -52.43M | -29.66M | -21.58M | -38.49M | -37.38M | -34.36M | -30.27M | -24.61M | -9.17M | -24.46M | -16.05M | -21.56M | -9.26M | -12.74M | -4.6M | -5.2M | -4.8M | -5.5M |
| Operating Margin % | -11.19% | 50.14% | -36.49% | -101.82% | -40.32% | -853.61% | -1861.35% | -646.13% | -507.23% | -550.78% | -1752.84% | -433.75% | -272.97% | -250.7% | -134.38% | -146.92% | -11222.74% | -11502.46% | -3229.32% | -2000.73% | -525.45% | -124.13% | -296.17% | -136.22% | -143.67% | -38.46% | -514.83% | -383.33% | -742.86% | -960% | -5500% |
| Operating Income Growth % | - | 326.28% | 56.06% | 12.13% | 61.77% | -304.73% | -245.59% | 30.67% | -1.29% | 36.19% | -71.15% | -87.88% | -59.61% | -76.75% | -37.47% | 43.94% | -2.97% | -8.8% | -13.51% | -23.02% | -168.31% | 62.51% | -52.39% | 25.53% | -132.93% | 27.37% | -177% | 11.54% | -8.33% | 12.73% | - |
| EBITDA | -47.48M | 590.88M | -200.44M | -525.29M | -615.68M | -1.67B | -411.83M | -114.78M | -165.76M | -161.89M | -260.61M | -151.25M | -79.27M | -49.84M | -28M | -19.97M | -37.12M | -36.19M | -33.47M | -31.28M | -21.89M | -5.7M | -21.41M | -14.87M | -20.42M | -5.77M | -12.15M | -4.2M | -4.9M | -4.5M | -5.2M |
| EBITDA Margin % | -7.96% | 52.59% | -29.38% | -94.41% | -38.51% | -847.2% | -1839.53% | -615.05% | -483.43% | -519.29% | -1697.44% | -417.25% | -258.54% | -238.31% | -126.83% | -135.93% | -10822.74% | -11135.08% | -3145.39% | -2067.22% | -467.48% | -77.1% | -259.21% | -126.16% | -136.09% | -23.96% | -490.83% | -350% | -700% | -900% | -5200% |
| EBITDA Growth % | -110.41% | 394.8% | 61.84% | 14.68% | 63.22% | -306.45% | -258.8% | 30.75% | -2.39% | 37.88% | -72.3% | -90.81% | -59.03% | -78.02% | -40.23% | 46.22% | -2.58% | -8.13% | -7% | -42.87% | -284.34% | 73.4% | -44.01% | 27.19% | -254.15% | 52.54% | -189.24% | 14.29% | -8.89% | 13.46% | - |
| D&A (Non-Cash Add-back) | 19.27M | 27.61M | 48.5M | 41.23M | 29.05M | 12.66M | 4.88M | 5.8M | 8.16M | 9.82M | 8.51M | 5.98M | 4.42M | 2.59M | 1.67M | 1.61M | 1.37M | 1.19M | 893K | -1.01M | 2.71M | 3.48M | 3.05M | 1.19M | 1.14M | 3.49M | 594K | 400K | 300K | 300K | 300K |
| EBIT | -76.28M | 464.71M | -156.54M | -528.62M | -633.77M | -1.69B | -403.11M | -119.08M | -172.56M | -169.7M | -267M | -156.7M | -82.79M | -51.8M | -28.48M | -18.94M | -36.15M | -39.56M | -34.36M | -30.27M | -21.12M | -4.32M | -24.46M | -16.05M | -21.56M | -9.26M | -12.74M | -4.6M | -5.2M | -4.8M | -5.5M |
| Net Interest Income | -11.92M | -22.55M | -20.07M | -14.42M | -19.88M | -21.13M | -15.14M | -12.1M | -13.61M | -14.07M | -12.96M | -241K | -157K | -160K | -32K | 127K | 180K | -501K | -724K | 1.68M | 1.54M | -2M | -1.53M | -1.22M | -1.14M | -490K | 551K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136K | 189K | 0 | 959K | 3.29M | 1.54M | 0 | 0 | 0 | 0 | 0 | 551K | 0 | 0 | 0 | 0 |
| Interest Expense | 11.92M | 22.55M | 20.07M | 14.42M | 19.88M | 21.13M | 15.14M | 13.61M | 12.19M | 14.07M | 12.96M | 241K | 157K | 160K | 32K | 9K | 9K | 501K | 1.68M | 1.61M | 0 | 2M | 1.53M | 1.22M | 1.14M | 490K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -19.43M | -121.1M | 72.32M | 23.48M | -8.91M | -27.96M | -1.54M | -12.11M | -10.83M | -12.06M | -10.85M | 299K | 744K | 476K | 1.16M | 2.63M | 2.34M | -991K | -1.69M | 1.68M | 1.54M | -2M | -1.46M | -1.22M | -1.14M | -490K | 0 | 0 | 300K | 200K | 100K |
| Pretax Income | -86.19M | 442.17M | -176.62M | -543.03M | -653.65M | -1.71B | -418.26M | -132.69M | -184.75M | -183.77M | -279.97M | -156.94M | -82.95M | -51.96M | -28.51M | -18.95M | -36.16M | -38.37M | -36.05M | -34.77M | -23.07M | -11.17M | -25.92M | -17.27M | -22.7M | -9.74M | 0 | 0 | -4.9M | -4.6M | -5.4M |
| Pretax Margin % | -14.45% | 39.36% | -25.89% | -97.6% | -40.88% | -867.76% | -1868.23% | -711.04% | -538.81% | -589.46% | -1823.53% | -432.93% | -270.55% | -248.42% | -129.13% | -129.03% | -10541.69% | -11807.38% | -3388.06% | -2297.75% | -492.59% | -151.25% | -313.8% | -146.57% | -151.26% | -40.49% | - | - | -700% | -920% | -5400% |
| Income Tax | 1.65M | 1.86M | 10.88M | 2.03M | 4.29M | 29.21M | 0 | 0 | 1.36M | 0 | 2.32M | 0 | 0 | 25K | 77K | 412K | -450K | -203K | 1.69M | -675K | 0 | 0 | 0 | 0 | 0 | 0 | -551K | -100K | -400K | -300K | 100K |
| Effective Tax Rate % | -1.91% | 0.42% | -6.16% | -0.37% | -0.66% | -1.7% | 0% | 0% | -0.74% | 0% | -0.83% | 0% | 0% | -0.05% | -0.27% | -2.17% | 1.24% | 0.53% | -4.69% | 1.94% | 0% | 0% | 0% | 0% | 0% | 0% | - | - | 8.16% | 6.52% | -1.85% |
| Net Income | -87.83M | 440.3M | -187.5M | -545.06M | -657.94M | -1.74B | -418.26M | -130.1M | -184.75M | -183.77M | -279.97M | -156.94M | -82.95M | -51.98M | -28.51M | -19.36M | -35.71M | -38.37M | -36.05M | -34.77M | -23.07M | -11.17M | -25.92M | -17.27M | -22.7M | -9.74M | -12.19M | -4.5M | -4.8M | -4.5M | -5.5M |
| Net Margin % | -14.73% | 39.19% | -27.49% | -97.97% | -41.15% | -882.55% | -1868.23% | -697.15% | -538.81% | -589.46% | -1823.53% | -432.93% | -270.55% | -248.54% | -129.13% | -131.84% | -10410.5% | -11807.38% | -3388.06% | -2297.75% | -492.59% | -151.25% | -313.8% | -146.57% | -151.26% | -40.49% | -492.57% | -375% | -685.71% | -900% | -5500% |
| Net Income Growth % | -118.35% | 334.83% | 65.6% | 17.16% | 62.27% | -316.91% | -221.49% | 29.58% | -0.53% | 34.36% | -78.39% | -89.2% | -59.57% | -82.35% | -47.22% | 45.77% | 6.95% | -6.45% | -3.69% | -50.71% | -106.44% | 56.89% | -50.06% | 23.9% | -132.91% | 20.06% | -170.91% | 6.25% | -6.67% | 18.18% | - |
| Net Income (Continuing) | -87.83M | 440.3M | -187.5M | -545.06M | -657.94M | -1.74B | -418.26M | -132.69M | -184.75M | -183.77M | -279.97M | -156.94M | -82.95M | -51.98M | -28.51M | -19.36M | -35.71M | -38.37M | -36.32M | -28.59M | -19.58M | -11.17M | -25.92M | -17.27M | -22.7M | -9.74M | -12.19M | -4.5M | -4.8M | -4.5M | -5.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.54 | 2.54 | -1.23 | -5.41 | -8.42 | -23.44 | -7.43 | -5.40 | -9.99 | -12.56 | -20.68 | -11.97 | -7.35 | -6.13 | -4.33 | -3.41 | -6.82 | -8.97 | -10.58 | -11.38 | -7.86 | -5.23 | -14.04 | -11.57 | -18.58 | -8.60 | -12.82 | -6.20 | -7.72 | -7.71 | -10.86 |
| EPS Growth % | -122.64% | 306.5% | 77.26% | 35.75% | 64.08% | -215.48% | -37.59% | 45.95% | 20.46% | 39.27% | -72.77% | -62.86% | -19.9% | -41.57% | -26.98% | 50% | 23.97% | 15.22% | 7.03% | -44.78% | -50.29% | 62.75% | -21.35% | 37.73% | -116.05% | 32.92% | -106.77% | 19.69% | -0.13% | 29.01% | - |
| EPS (Basic) | - | 2.72 | -1.23 | -5.41 | -8.42 | -23.44 | -7.43 | -5.40 | -9.99 | -12.56 | -20.68 | -11.97 | -7.35 | -6.13 | -4.33 | -3.41 | -6.82 | -8.97 | -10.58 | -11.38 | -7.86 | -5.23 | -14.04 | -11.57 | -18.58 | -8.60 | -12.82 | -6.20 | -7.72 | -7.71 | -10.86 |
| Diluted Shares Outstanding | 163.28M | 173.1M | 152.19M | 100.77M | 78.18M | 74.4M | 57.55M | 24.1M | 18.49M | 14.63M | 13.54M | 13.11M | 11.29M | 8.48M | 6.59M | 5.68M | 5.24M | 4.28M | 3.41M | 3.06M | 2.93M | 2.14M | 1.85M | 1.49M | 1.22M | 1.13M | 950.78K | 725.55K | 621.42K | 583.37K | 506.64K |
| Basic Shares Outstanding | 163.28M | 161.99M | 152.19M | 100.77M | 78.18M | 74.4M | 57.55M | 24.1M | 18.49M | 14.63M | 13.54M | 13.11M | 11.29M | 8.48M | 6.59M | 5.68M | 5.24M | 4.28M | 3.41M | 3.06M | 2.93M | 2.14M | 1.85M | 1.49M | 1.22M | 1.13M | 950.78K | 725.55K | 621.42K | 583.37K | 506.64K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue volatility and seasonality
According to recent financial filings, NVAX experienced a sharp 79.1% year-over-year revenue contraction in 2026Q1, highlighting the inherent instability of a business model heavily reliant on lumpy, non-recurring licensing milestones rather than consistent, volume-driven commercial product sales across its core respiratory vaccine portfolio.
The revenue profile appears increasingly bifurcated, where periods of significant growth are driven by one-time collaboration payments rather than organic market penetration. Investors should monitor whether the company can transition toward a more predictable revenue stream, as the current reliance on seasonal respiratory windows creates extreme quarterly variance.
As reported in financial statements, NVAX achieved a gross margin of 78.0% in 2026Q1, yet this figure appears heavily influenced by high-margin licensing recognition rather than the underlying economics of vaccine manufacturing, which historically faced significant cost pressures and inventory write-downs during periods of lower commercial demand.
The wide fluctuations in gross margin, ranging from 28.3% to 97.9% over the last ten quarters, suggest that the company's profitability is highly sensitive to the accounting treatment of partnership agreements. This volatility warrants further investigation into the true cost-to-serve for their recombinant protein platform once licensing tailwinds normalize.
Based on NVAX's reported figures, the company's operating margin swung from a positive 77.3% in 2025Q1 to a negative 11.1% by 2026Q1, indicating that the firm has yet to achieve the necessary scale to absorb its fixed R&D and administrative cost base without relying on external capital.
The inability to maintain positive operating leverage suggests that the company's cost structure remains rigid despite management's efforts to pivot toward an asset-light model. The persistent R&D spend, while necessary for pipeline development, continues to weigh heavily on the bottom line during quarters where licensing revenue fails to materialize.
A critical challenge to the current narrative is that NVAX's recent profitability appears largely artificial, as the $518.6M net income reported in 2025Q1 was primarily a function of non-recurring collaboration inflows rather than a sustainable improvement in the company's core commercial vaccine business model.
Short-term profitability metrics may obscure the underlying operational challenges, including the competitive pressure from mRNA incumbents and the ongoing financial obligations related to the Gavi settlement. Investors should remain cautious, as the current valuation may be overestimating the long-term durability of the company's licensing-heavy revenue strategy.
Quick answers to the most common questions about buying NVAX stock.
For fiscal year 2025, Novavax, Inc. (NVAX) reported total revenue of $1.12B. This represents a 1123379.0% increase compared to $0.1M in 1996.
Novavax, Inc. (NVAX) is profitable, generating $440.3M in net income for the fiscal year ending 2025 with a net profit margin of 39.2%.
Novavax, Inc. (NVAX) reported an operating income of $563.3M, resulting in an operating profit margin of 50.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Novavax, Inc. (NVAX) generated $1.05B in gross profit for the year, representing a gross profit margin of 93.7%. This demonstrates the company's core pricing power and production efficiency.