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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Novavax
Novavax (NVAX) investor relations material
Novavax Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved significant milestones in 2025, including $225 million in Sanofi partnership milestones, new and expanded agreements with Pfizer and Sanofi, and multiple new material transfer agreements with major pharmaceutical and oncology companies.
Shifted strategy from a COVID-only focus to a diversified technology platform, advancing Matrix-M technology for internal R&D and external partnerships in infectious diseases and oncology.
Achieved FY 2025 total revenue of $1.12 billion, a 65% year-over-year increase, and Q4 2025 revenue of $147 million, up 67% year-over-year.
FY 2025 net income reached $440 million, with Q4 2025 net income at $18 million.
Reduced R&D and SG&A spend significantly, supporting a sustainable growth strategy and lean operating model.
Financial highlights
FY 2025 total revenue: $1.12 billion (65% YoY increase); Q4 2025: $147 million (67% YoY increase).
FY 2025 net income: $440 million; Q4 2025 net income: $18 million.
FY 2025 combined R&D and SG&A expenses: $500 million (31% YoY decrease); non-GAAP: $408 million (42% YoY decrease).
Cash and accounts receivable at year-end 2025 totaled $857 million; cash and equivalents at $751 million.
Added $80 million in non-dilutive cash in Q1 2026, including a $30 million Pfizer upfront payment and $50 million from a new $330 million credit facility.
Outlook and guidance
Estimated cash runway into 2028 without new cash inflows.
2026 adjusted total revenue guidance: $230–$270 million, with significant royalty growth expected as Sanofi commercializes Nuvaxovid.
2028 combined R&D and SG&A expense target set at $200 million or below, a 50% decrease from 2025.
Non-GAAP combined R&D and SG&A guidance: $310–$340 million for 2026, $225 million for 2027.
Targeting non-GAAP profitability as early as 2028, driven by Sanofi CIC launch and expanded partnerships.
Matrix-M royalty growth drivers beyond 2026?
Estimate 2026 Nuvaxovid revenue from Sanofi sales
How will 2026 profitability be maintained with lower revenue?
Detail Matrix-based adjuvant portfolio strategy
Key drivers for 2028 non-GAAP profitability?
Preclinical pipeline's role in new partnerships?
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Next Novavax earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
Novavax
Next Novavax earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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Frequently asked questions
Novavax, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious infectious diseases and address health needs. The company's recombinant nanoparticle vaccine technology is based on its proprietary MVA-VLP platform, which is designed to entrap antigens within its shell while displaying antigens on its surface. The company has clinical, licensed, or in-licensed product candidates in development for the prevention of respiratory syncytial virus (RSV), Middle East respiratory syndrome coronavirus (MERS-CoV), and seasonal influenza viruses, as well as a non-clinical RSV F gene antagonist program. Available products include RespiGam; and Pediatrics Respiratory Influenza Vaccine (RIV) for children. Novavax, Inc. is based in Gaithersburg, Maryland.
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