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Novavax (NVAX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Novavax (NVAX) reported revenue of $667M for the first quarter 2025 (Q1 2025), +610% from a year earlier and +655% from the quarter before. Operating margin was 77.3%, net earnings $519M (77.8% of revenue).
Novavax, Q1 2025: revenue $667M (+610% year over year), operating margin 77.3%, net earnings $519M, operating cash flow −$186M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $667M | +655% | +610% |
| Operating profit | $516M | — | — |
| Net earnings | $519M | — | — |
| Operating cash flow | −$186M | — | — |
What changed
Revenue was $666.7M in Q1 2025, up 610% year over year and up 655% from the previous quarter. Nuvaxovid sales was the largest line at 91% of revenue. Nuvaxovid sales added $525.7M year over year (up 639%), 92% of the total change.
Operating profit was $515.5M, a 77.3% margin (up 231.6 points year over year). Total costs fell 37% while revenue rose 610%. Net earnings were $518.6M. The effective tax rate was 0.2%.
Operating cash flow was −$185.5M. Non-cash charges added back $8.3M of depreciation and amortization and $10.3M of share-based compensation. Working capital and other items used $722.8M. Capital expenditures of $1.2M exceeded it, leaving free cash flow of −$186.7M.
Questions
What was Novavax's revenue in the first quarter 2025?
Novavax (NVAX) reported revenue of $667M for the first quarter 2025 (Q1 2025), +610% from a year earlier and +655% from the quarter before.
Was Novavax profitable in the first quarter 2025?
Operating profit was $516M (77.3% of revenue) and net earnings $519M.
Source: Novavax 10-Q on SEC EDGAR.