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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Novavax (NVAX) investor relations material
Novavax Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved significant cost reductions and financial strengthening, including a drop in liabilities from $2.5B to $1.2B (2022–2024) and operating expenses from $1.7B to $728M, while transitioning to a partnership and R&D-driven model with expanded collaborations and a diversified pipeline.
Transitioned commercial responsibility for Nuvaxovid to Sanofi, achieving all 2025 milestones and securing $1.1B in non-dilutive cash over eight quarters, with expanded Sanofi partnership to pandemic flu.
Early-stage R&D pipeline advanced, targeting C. diff, shingles, RSV combination, and pandemic flu, with promising preclinical data and ongoing efforts to secure funding.
Maryland site consolidation generated $60M in near-term cash and is expected to yield $230M in long-term savings.
For the nine months ended September 30, 2025, total revenue was $976.3M, up $382.5M year-over-year, driven by APA terminations and Sanofi milestones.
Financial highlights
Q3 2025 total revenue was $70M, down 18% from $85M in Q3 2024, with product sales at $13M and licensing, royalties, and other revenue at $57M, mainly from Sanofi.
Combined R&D and SG&A expenses for Q3 2025 were $130M, an 18% reduction year-over-year; SG&A alone dropped 55%.
Non-cash charges of $126M in Q3, including $97M asset impairment and $29M loss on debt extinguishment.
Net loss for Q3 2025 was $202M, or $1.25 per diluted share, compared to $121M in Q3 2024.
Cash and equivalents plus accounts receivable totaled $812M as of September 30, 2025, with $778M in cash, cash equivalents, and marketable securities.
Outlook and guidance
Full-year 2025 adjusted total revenue guidance is $1,040M–$1,060M, with Nuvaxovid product sales of $610M (including $603M from APA terminations).
Combined R&D and SG&A expense guidance for 2025 is $505M–$535M, with non-GAAP midpoint at $450M; targets for 2026 and 2027 are $350M and $250M, respectively.
2026 adjusted total revenue expected at $185M–$205M, including a $75M milestone for manufacturing tech transfer to Sanofi.
Non-GAAP profitability now targeted as early as 2028, contingent on Sanofi CIC launch timing.
Sufficient capital is expected to fund operations for at least one year from the reporting date.
Quantify Sanofi Nuvaxovid royalty expectations.
Detail annual impact of Maryland site savings.
Update on Matrix-M non-Sanofi partnerships.
Impact of Sanofi CIC program on 2028 profitability
Pipeline strategy for C. diff, shingles, RSV, oncology
Potential 2026 revenue beyond current framework
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Jefferies London Healthcare Conference 202519 Nov, 2025
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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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