# Novavax Inc. (NVAX)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $1.56B  
**Price:** $9.01 (+5.26%)

> Novavax Inc. is a biotechnology company specializing in the discovery, development, and commercialization of recombinant vaccines to address serious infectious diseases. The company focuses on using a proprietary recombinant nanoparticle technology platform combined with advanced adjuvants to generate robust immune responses. Novavax develops vaccine candidates targeting both well-established and emerging pathogens, supporting public health needs across global markets. Its operations center on research and development, clinical testing, regulatory approvals, and collaborations with health authorities and commercial partners to broaden access to its vaccines. Headquartered in Gaithersburg, Maryland, and working with international subsidiaries, Novavax plays a role in the biopharmaceutical and vaccine ecosystem by supplying protein-based vaccine options that complement other vaccine modalities. The company’s products and pipeline are directed toward preventing infectious diseases in diverse populations, including adults and potentially high-risk groups, through partnerships with governments, healthcare systems, and global health organizations.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.12B | $1.05B | $453M | $440M | — |
| 2024 | $682M | $479M | -$249M | -$187M | — |
| 2023 | $984M | $640M | -$567M | -$545M | — |
| 2022 | $1.98B | $1.08B | -$645M | -$658M | — |
| 2021 | $1.15B | $1.15B | -$1.69B | -$1.74B | — |
| 2020 | $476M | $476M | -$417M | -$418M | — |
| 2019 | $19M | — | -$121M | -$133M | — |
| 2018 | $34M | — | -$174M | -$185M | — |
| 2017 | $31M | — | -$172M | -$184M | — |
| 2016 | $15M | — | -$269M | -$280M | — |
| 2015 | $36M | — | -$157M | -$157M | — |
| 2014 | $31M | — | -$84M | -$83M | — |
| 2013 | $21M | — | -$52M | -$52M | — |
| 2012 | $22M | — | -$30M | -$29M | — |
| 2011 | $15M | — | -$22M | -$19M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.18B | $1.30B | -$128M | $241M | $244M |
| 2024 | $1.56B | $2.18B | -$624M | $530M | — |
| 2023 | $1.80B | $2.51B | -$717M | $569M | — |
| 2022 | $2.26B | $2.89B | -$634M | $1.34B | — |
| 2021 | $2.58B | $2.93B | -$352M | $1.52B | — |
| 2020 | $1.58B | $955M | $627M | $553M | — |
| 2019 | $173M | $359M | -$186M | $79M | — |
| 2018 | $208M | $376M | -$168M | $70M | — |
| 2017 | $302M | $404M | -$102M | $106M | — |
| 2016 | $394M | $400M | -$6M | $144M | — |
| 2015 | $386M | $93M | $293M | $93M | — |
| 2014 | $276M | $46M | $230M | $32M | — |
| 2013 | $235M | $32M | $203M | $119M | — |
| 2012 | $102M | $22M | $80M | $17M | — |
| 2011 | $67M | $13M | $54M | $14M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$245M | — | — |
| 2024 | -$87M | — | — |
| 2023 | -$714M | — | — |
| 2022 | -$416M | — | — |
| 2021 | $323M | — | — |
| 2020 | -$43M | — | — |
| 2019 | -$137M | — | — |
| 2018 | -$185M | — | — |
| 2017 | -$144M | — | — |
| 2016 | -$259M | — | — |
| 2015 | -$126M | — | — |
| 2012 | -$18M | — | — |
| 2011 | -$24M | — | — |
| 2010 | -$33M | — | — |
| 2009 | -$33M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/NVAX)