On Thursday, Novavax Inc. (NASDAQ:NVAX) reported first-quarter 2025 sales of $667 million, compared to $94 million a year ago, beating the consensus of $343.85 million.

Higher product sales for the first quarter of 2025 were primarily due to $603 million of revenue recognized with the termination of two Advance Purchase Agreements (APA) and related to cash received in prior years. 

$45 million of Licensing, Royalties, & Other Revenue in the first quarter of 2025 was higher than the prior year due to $40 million of Sanofi revenue associated with upfront payment, milestone amortization, and cost reimbursement.

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The COVID-19 vaccine maker reported an earnings per share of $2.93, a turnaround from a loss of $1.05, beating the Wall Street Estimate of 71 cents.

"I am pleased with the progress we have made in the first quarter on our corporate growth strategy," said John Jacobs, President and Chief Executive Officer, Novavax. "We remain focused on creating shareholder value as we advance our three priorities for the year – optimizing our partnership with Sanofi, advancing new and existing partnership opportunities and continuing the development of our early-stage organic pipeline." 

Nuvaxovid sales reached $608 million, up from $82 million a year ago.

Cost of sales for the first quarter of 2025 was $14 million, compared to $59 million in the same period in 2024.

R&D expenses were $89 million, compared to $93 million a year ago, primarily due to reductions in overall expenditures related to COVID-19 vaccine development.

SG&A expenses reached $48 million, compared to $87 million a year ago, due to the completion of commercial activities and ongoing cost reduction efforts.

Cash and equivalents were $747 million as of March 31, 2025, compared to $938 million as of December 31, 2024.

Guidance: Beginning with the 2025-2026 vaccination season, Novavax transitioned lead commercial responsibility of Nuvaxovid to Sanofi for select markets.

Since Novavax relies on Sanofi SA's (NASDAQ:SNY) sales forecasts for certain revenue components, these are not included in the Full-Year 2025 Revenue Framework.

For 2025, Novavax expects to achieve adjusted total revenue between $975 million and $1.025 billion versus the consensus of $724.16 million and the prior range of $300 million-$350 million.

Nuvaxovid product sales for 2025 are expected to be $610 million, and adjusted supply sales of $20-$35 million.

According to a media report in early April, the regulators missed the deadline for deciding to grant full approval to Novavax's shot.

In an SEC filing, Novavax said, "We believe that our Biologics License Application (BLA) is approvable based on conversations with U.S. Food and Drug Administration (FDA), as of our Prescription Drug User Fee Act date on April 1 and through today."

The company said that it received formal communication from the FDA in the form of an information request for a post-marketing commitment to generate additional clinical data.

Price Action: NVAX stock is up 16.10% at $6.91 at the last check on Thursday.

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