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Novavax (NVAX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Novavax (NVAX) reported revenue of $239M for the second quarter 2025 (Q2 2025), -42% from a year earlier and -64% from the quarter before. Operating margin was 42.2%, net earnings $107M (44.5% of revenue).
Novavax, Q2 2025: revenue $239M (-42% year over year), operating margin 42.2%, net earnings $107M, operating cash flow −$127M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $239M | -64% | -42% |
| Operating profit | $101M | -80% | -37% |
| Net earnings | $107M | -79% | -34% |
| Operating cash flow | −$127M | — | — |
What changed
Revenue was $239.2M in Q2 2025, down 42% year over year and down 64% from the previous quarter. Licensing, royalties, and other was the largest line at 96% of revenue. Licensing, royalties, and other lost $164.4M year over year (down 42%), 93% of the total change.
Operating profit was $101.1M, a 42.2% margin (up 3.5 points year over year). Total costs fell 46% while revenue fell 42%. Net earnings were $106.5M, down 34% year over year. The effective tax rate was 0.9%.
Operating cash flow was −$127.5M. Non-cash charges added back $7.6M of depreciation and amortization and $9.2M of share-based compensation. Working capital and other items used $250.7M. Capital expenditures of $247K exceeded it, leaving free cash flow of −$127.7M.
Questions
What was Novavax's revenue in the second quarter 2025?
Novavax (NVAX) reported revenue of $239M for the second quarter 2025 (Q2 2025), -42% from a year earlier and -64% from the quarter before.
Was Novavax profitable in the second quarter 2025?
Operating profit was $101M (42.2% of revenue) and net earnings $107M.
Source: Novavax 10-Q on SEC EDGAR.