Novavax makes vaccines for COVID-19, flu, and RSV using a protein-based nanoparticle platform, like a vaccine factory for serious bugs.
Money comes from selling its COVID-19 shot, with revenue hitting USD 1.12B in 2025 and gross margins around 94% in mid-2025, though quarterly sales swing wildly.
Its protein-based vaccine tech is hard to copy, but Pfizer, Moderna, and Sanofi are pushing mRNA and other rivals, weakening its edge.

Key events, in time order
Q2 revenue $57M beat but down 76% YoY; net loss $53M; FY revenue guidance raised to $235-275M
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