Pfizer agreement announced in January 2026 for non-exclusive license to utilize Matrix-M® in two infectious disease areas Multiple Material Transfer Agreements signed in 2025 and Q1 2026 with pharmaceutical companies, including major global pharmaceutical companies exploring the utility of Matrix-M for their vaccine portfolios Successful execution of Sanofi partnership with $225 million in milestones earned in full year 2025 Total revenue of $147 million in the fourth quarter of 2025 and $1.1 billion for th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 000-26770 NOVAVAX, INC. (Exact name of registrant as specified in its charter) Delaware 22-2816046 (State of incorporation) (I.R.S. ...

Novavax to Report Fourth Quarter and Full Year 2025 Financial Results on February 26, 2026 [Accessibility Statement] Skip NavigationGAITHERSBURG, Md., Feb. 19, 2026 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced it will report its fourth quarter and full year 2025 financial results and operational highlights at 8:30 a.m. Eastern Time (ET) on Thursday, February 26, 2026. Details of the event and replay are as follows:Conference call details:Date:February 26, 2026Time:8:30 a.m. ETURL to register ...

Company Performance - Novavax (NVAX) closed at $8.97, reflecting a +2.51% increase from the previous day, outperforming the S&P 500 which had a daily loss of 0.01% [1] - Over the past month, Novavax shares gained 0.92%, while the Medical sector and S&P 500 experienced losses of 1.31% and 0.28% respectively [1] Earnings Expectations - The upcoming earnings report for Novavax is expected to show an EPS of -$0.66, a decline of 29.41% compared to the same quarter last year [2] - Revenue is anticipated to be $78.41 million, indicating an 11.21% decrease from the same quarter of the previous year [2] Full-Year Estimates - Zacks Consensus Estimates project full-year earnings of $1.94 per share and revenue of $1.05 billion, representing year-over-year increases of +257.72% and +54.62% respectively [3] Analyst Forecast Revisions - Recent revisions to analyst forecasts for Novavax are important as they reflect short-term business trends, with positive revisions indicating analysts' confidence in the company's performance [4] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown that 1 ranked stocks have yielded an average annual return of +25% since 1988 [6] - Novavax currently holds a Zacks Rank of 3 (Hold), with a 9.04% increase in the Zacks Consensus EPS estimate over the last 30 days [6] Industry Context - Novavax operates within the Medical - Biomedical and Genetics industry, which has a Zacks Industry Rank of 84, placing it in the top 35% of over 250 industries [7] - Strong individual industry groups, as measured by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [7]

Group 1 - Pfizer Inc. is set to release its fourth-quarter earnings results on February 3, with analysts expecting earnings of 57 cents per share, a decrease from 63 cents per share in the same period last year [1] - The consensus estimate for Pfizer's quarterly revenue is $16.83 billion, down from $17.76 billion a year earlier [1] Group 2 - Novavax, Inc. announced a license agreement with Pfizer for the use of its Matrix-M adjuvant on January 20 [2] - Following the announcement, Pfizer's shares increased by 1.4%, closing at $26.44 [2]

Core Insights - Novavax, Inc. is recognized as a high growth small-cap stock, ranking second on a recent list of profitable high growth stocks [1] - Bank of America (BofA) raised its price target for Novavax to $7 from $6 while maintaining an Underperform rating, following a licensing deal with Pfizer for its Matrix-M adjuvant [2] - Despite the positive interest indicated by the licensing agreement, BofA remains cautious about the timing of development for the licensed assets [2] - Unusually strong bullish options activity was observed for Novavax, with call trading at three times normal levels and implied volatility increasing to above 71% [3] - Novavax is focused on developing vaccines for serious infectious diseases, including COVID-19 and influenza, utilizing its recombinant protein platform and Matrix-M adjuvant [4]

Core Insights - Moderna, Inc. (MRNA) and Novavax, Inc. (NVAX) were highly discussed stocks in the biotech, pharma, and healthcare sectors five years ago, indicating their significant market presence and investor interest [1]. Group 1 - The investing group Haggerston BioHealth, led by a biotech consultant with over five years of experience, provides detailed reports on more than 1,000 companies in the biotech, healthcare, and pharma industries [1]. - Haggerston BioHealth offers insights into catalysts for investment decisions, including buy and sell ratings, product sales forecasts, and integrated financial statements [1]. - The group also conducts discounted cash flow analysis and market-by-market analysis for major pharmaceutical companies [1].

Group 1 - Moderna, Inc. (MRNA) and Novavax, Inc. (NVAX) were highly discussed stocks in the biotech, pharma, and healthcare sectors five years ago [1] - The Haggerston BioHealth investing group provides insights for both novice and experienced biotech investors, including catalysts, buy and sell ratings, product sales forecasts, and integrated financial statements [1] Group 2 - The Haggerston BioHealth group has compiled detailed reports on over 1,000 companies in the biotech, healthcare, and pharma industries [1] - The group offers market-by-market analysis and discounted cash flow analysis for major pharmaceutical companies [1]

Core Viewpoint - Novavax has experienced a significant decline in market value over the past five years, losing more than 90% despite successfully launching a coronavirus vaccine later than expected, which has affected its competitiveness in the market [1] Group 1: Recent Developments - Novavax's shares have increased by 28% in 2026 following a licensing deal with Pfizer for its Matrix-M adjuvant technology [2] - The licensing agreement with Pfizer includes an upfront payment of $30 million, potential milestone payments of up to $500 million, and royalties on future approved products utilizing the adjuvant technology [3] - This is not the first licensing deal for Novavax's Matrix-M platform, as Sanofi also entered a similar agreement two years prior [4] Group 2: Revenue and Market Challenges - Novavax's revenue has been inconsistent, and changes in U.S. regulatory recommendations regarding coronavirus vaccine eligibility may hinder future sales [5] - Sanofi will lead commercialization efforts for Novavax's vaccine in the U.S. and other markets, with Novavax receiving royalties on sales, but the revenue outlook remains uncertain [6] - The market for coronavirus vaccines is unpredictable, and Novavax's financial success may depend on the performance of pipeline products from Pfizer or Sanofi that utilize its adjuvant technology [7] Group 3: Internal Developments - Novavax is also working on developing several vaccines internally, including a flu vaccine and a combination coronavirus/flu vaccine [8] - Phase 3 studies for these candidates were placed on clinical hold in October 2024 due to suspected adverse reactions, which has delayed progress despite the hold being lifted [8]

Core Insights - Novavax (NVAX) has entered a non-exclusive license agreement with Pfizer (PFE), allowing Pfizer to utilize its Matrix-M adjuvant technology for up to two disease areas, indicating the growing recognition of Matrix-M's versatility in vaccine development [1] Financial Highlights - Novavax will receive an upfront payment of $30 million from Pfizer and has the potential to earn up to $500 million in development and commercial milestone payments, along with tiered, high, mid-single-digit royalties on net sales of products incorporating Matrix-M [2][6] - Over the past year, NVAX's shares have decreased by 7.1%, while the industry has seen a rise of 15.1% [3] Matrix-M Adjuvant Technology - Matrix-M is a proprietary, saponin-based adjuvant technology from Novavax designed to enhance immune responses to vaccines, currently used in a globally approved vaccine and as a key component of Novavax's COVID-19 vaccine, Nuvaxovid/Covovax [4] - The University of Oxford has utilized Matrix-M to develop the R21 malaria vaccine, with commercialization rights licensed to the Serum Institute of India, and several other partners are evaluating Matrix-M for malaria vaccine development [7] Licensing Agreements - Novavax has a co-exclusive licensing agreement with Sanofi (SNY) that includes a non-exclusive license for Matrix-M in vaccine products, with the agreement amended in September 2025 to expand Sanofi's license for its pandemic influenza vaccine candidate program, potentially earning Novavax up to $210 million plus mid-single-digit royalties [8] - In 2023, Matrix-M technology was also licensed to the Bill & Melinda Gates Medical Research Institute and SK Bioscience for preclinical vaccine research, supporting global vaccine discovery efforts [9]