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Develops and sells protein-based vaccines, including a COVID-19 vaccine and a combination flu/COVID pipeline.
Develops and sells protein-based vaccines, including a COVID-19 vaccine and a combination flu/COVID pipeline.
Under a 2024 deal Sanofi now sells the COVID shot in most markets, so Novavax earns mainly milestone payments and royalties rather than its own product sales. Its Matrix-M adjuvant, an ingredient that strengthens the immune response, is also licensed into other makers' vaccines, including the R21 malaria vaccine. The company has cut costs sharply to match.
Moat: narrow (IP / patents, regulatory licence). Proprietary Matrix-M adjuvant and protein-vaccine platform, but a distant also-ran versus mRNA COVID vaccine leaders.
Headquarters: Gaithersburg, Maryland, US · Founded: 1987 · Employees: 749
Size Novavax (NVAX) is a United States Health Care company (Biotechnology) with a market value of $1.78B, the 1873rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $10.78 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against 0.0% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue fell 61.6% over the last twelve months (peer median +22.1%); the operating margin is -28.8% (peer median -42.2%).
Valuation It trades at 3.3× enterprise value to sales against a peer median of 15.0× (3rd cheapest of 19).
Short interest Short interest is 28.7% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $414M | $1.12B | $682M | $984M | $1.98B |
| Revenue growth | — | +65% | -31% | -50% | — |
| Gross profit | $325M | $1.05B | $484M | $704M | $1.08B |
| EBITDA | -$101M | $591M | -$183M | -$374M | -$616M |
| Net income | -$248M | $440M | -$187M | -$545M | -$658M |
| Free cash flow | -$42.9M | -$250M | -$100M | -$771M | -$505M |
| Capital expenditure | $5.95M | $6.39M | $14.6M | $58.8M | $93.0M |
| Total debt | $297M | $278M | $263M | $281M | $617M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Novavax NVAX | $1.78B | +7% | -62% | -29% | 3.3× | n/a |
| Pfizer PFE | $168B | +14% | +1% | 26% | 3.4× | -4.3% |
| Moderna MRNA | $101B | +43% | -28% | -149% | 43.8× | n/a |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 2.6× | -5.4% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 2.9× | -0.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NVAX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | -7.2% | 8th highest of 20 |
| 6-month return | +6.6% | 0.0% | 8th highest of 20 |
| Distance from 52-week high | -19.5% | -36.6% | 3rd highest of 20 |
| Revenue growth (TTM) | -61.6% | +22.1% | 4th lowest of 20 |
| Operating margin | -28.8% | -42.2% | 10th highest of 20 |
| EV / Sales | 3.3× | 15.0× | 3rd cheapest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Novavax NVAX | United States | $1.78B | +7% | -62% | -29% | 3.3× | n/a | n/a |
| Zhejiang Hengtong 600226.SS | China | $1.76B | -23% | +71% | 0% | 4.5× | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | 991.7× | n/a | n/a |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | 50.3× | n/a | n/a |
| CanSino Biologics 688185.SS | China | $1.73B | +21% | +30% | -4% | 8.5× | n/a | n/a |
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | 15.2× | n/a | n/a |
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 6.2× | 45.1% | -2.5% |
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | 1,588.4× | n/a | n/a |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | 14.8× | n/a | n/a |
| Kailera Therapeutics KLRA | United States | $1.68B | -40% | n/a | n/a | n/a | n/a | n/a |
| Generate Biomedicines GENB | United States | $1.68B | -4% | +56% | -737% | 40.2× | n/a | n/a |
| Nurix Therapeutics NRIX | United States | $1.67B | -7% | +739% | 41% | 1.0× | -19.0% | +36.4% |
| Alvotech ALVO | United States | $1.90B | +49% | -12% | 9% | 6.5× | n/a | n/a |
| Peptron 087010.KS | South Korea | $1.67B | -63% | +16% | -427% | 369.5× | n/a | n/a |
| Wuhan Healthgen Biotechnology 688765.SS | China | $1.64B | -44% | +90% | -297% | 231.2× | n/a | n/a |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | 23.6× | n/a | n/a |
| PolyPeptide PPGN.SW | Switzerland | $1.62B | +6% | +22% | 7% | 3.3× | n/a | n/a |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | 9.3× | n/a | n/a |
| BioCryst Pharmaceuticals BCRX | United States | $1.97B | -11% | +60% | 42% | 2.5× | -10.6% | +117.9% |
| Precigen PGEN | United States | $1.60B | +6% | +1,875% | -46% | 19.4× | n/a | n/a |