Company / R&D Expense
NOVAVAX INC R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$342.3M
FY2025
5-year range
$342.3M / $2.5B
FY2021-FY2025
Trend
-12.5%
vs FY2024
Sector context
#50 of 210
Health Care
What the data says
NOVAVAX INC's r&d expense of $342M is higher than 76% of companies in the Health Care sector (FY2025). R&D Expense has declined for 4 consecutive years, from $2.5B in FY2021 to $342M in FY2025.
Based on SEC 10-K filings.
$342M in FY2025 with a 5-year CAGR of -14.5%. Top quartile in the Health Care sector.
Declined from $738M to $342M over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- -22.9%
- 5-Year CAGR
- -14.5%
- 10-Year CAGR
- -
Sector benchmark
Top 24% in Health CareTop 24% of 210This company $342.3M Sector average $644.0M
▼
-46.8% below sector average
Key checks
Key Insights
- NOVAVAX INC's r&d expense has declined for 4 consecutive years.
- 5-year CAGR of -14.5%, indicating a declining trend.
- In FY2025, r&d expense decreased 12.5% year-over-year.
- Ranks #50 out of 210 companies in the Health Care sector.
Company context
Key Data Points
- Altman Z-Score -0.87 (distress zone, below 1.8 threshold)
- Negative profit margin: -27.5%
- Low earnings quality (accrual-heavy earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $342.3M | -12.5% |
| FY2024 | $391.2M | -47.0% |
| FY2023 | $737.5M | -1.3% |
| FY2022 | $747.0M | -70.5% |
| FY2021 | $2.5B | +239.3% |
| FY2020 | $747.0M | +343.5% |
| FY2019 | $168.4M | -29.2% |
| FY2018 | $237.9M | +46.3% |
| FY2017 | $162.6M | +72.3% |
| FY2016 | $94.4M | +61.3% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026