NOVAVAX INC (NASDAQ:NVAX) Surges on Q2 2025 Earnings Beat and FDA Approval for Nuvaxovid

Novavax Inc (NASDAQ:NVAX) reported second-quarter 2025 financial results that significantly exceeded analyst expectations, triggering a sharp pre-market rally. The biotech company posted revenue of $239 million, surpassing the consensus estimate of $150.9 million, while earnings per share (EPS) of $0.62 contrasted starkly with the anticipated loss of $0.11 per share.

Key Takeaways from the Earnings Report

• Revenue Beat: The $239 million figure represents a 58% upside to estimates, driven largely by a milestone payment from its partnership with Sanofi. The deal, worth up to $1.2 billion, granted the French drugmaker rights to Novavax’s COVID-19 vaccine, Nuvaxovid.
• Profitability Surprise: Analysts had expected another quarterly loss, but the company delivered positive EPS of $0.62, marking a notable turnaround.
• Regulatory Progress: The FDA granted Biologics License Application (BLA) approval for Nuvaxovid, the only recombinant protein-based, non-mRNA COVID-19 vaccine in the U.S. market. This could help Novavax regain footing after previous manufacturing and regulatory setbacks.

Market Reaction

The stock surged 5.5% in pre-market trading, reflecting investor optimism following the earnings beat. However, the broader trend remains mixed—shares are down 4.4% over the past month and 6.8% over the last two weeks, suggesting lingering skepticism about long-term execution. The immediate rally indicates relief at the company’s ability to monetize its vaccine technology through partnerships, but challenges persist in competing with dominant mRNA rivals like Pfizer and Moderna.

Forward-Looking Estimates vs. Press Release Outlook

While the press release did not provide explicit forward guidance, analyst estimates for Q3 2025 remain cautious, projecting a loss of $0.51 per share on $100.9 million in revenue. Full-year 2025 revenue expectations stand at $1.037 billion, which Novavax could revise upward if further milestone payments or commercial traction materialize.

Strategic Context

Novavax’s shift toward partnership-driven commercialization appears to be paying off, as evidenced by the Sanofi deal. The FDA approval for Nuvaxovid also opens a potential pathway for market differentiation, though uptake remains uncertain given entrenched mRNA alternatives.

For a deeper dive into Novavax’s earnings history and future estimates, see the full earnings and estimates breakdown here.

Disclaimer: This article is not investment advice. Investors should conduct their own research or consult a financial advisor before making decisions.