Full Year 2025 Financial Guidance
Novavax is providing Full Year 2025 Financial Guidance for R&D plus SG&A expenses and expects to achieve the following results:
| $ in millions | Full Year 2025 (as of February 27, 2025) |
| Combined R&D and SG&A Expenses | $475 - $525 |
2025 Revenue Framework
Novavax has transitioned lead commercial responsibility of Nuvaxovid beginning with the 2025-2026 vaccination season to Sanofi for select markets. Since Novavax is reliant on Sanofi's sales forecasts for certain revenue components, these will not be included in the 2025 Revenue Framework at this time. For 2025, Novavax expects to achieve Adjusted Licensing, Royalties and Other Revenue of between $300 million to $350 million.
| $ in millions | Full Year 2025 (as of February 27, 2025) |
| Sanofi Royalties | No guidance at this time |
| Sanofi CIC and Matrix-M Milestones | No guidance at this time |
| Product Sales | No guidance at this time |
| Adjusted Licensing, Royalties and Other Revenue 1.2,3,4,5 | $300 - $350 |
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