By Amira McKee
Shares of Novavax soared after the company swung to an unexpected profit in the fourth quarter and exceeded its expense-reduction goals.
The stock leapt 16% to $11.03 in Thursday afternoon trading, marking a new 52-week high. The shares have gained 50% in the past year.
The biotechnology company recorded fourth-quarter net income of $17.5 million, or 11 cents a share, compared with a net loss of $81 million, or 51 cents a share, a year earlier.
The results outperformed Wall Street's forecast for a loss of 48 cents a share, according to FactSet.
Revenue jumped 67% to $147.1 million, beating the $89.8 million that analysts polled by FactSet had expected.
Novavax halved its selling, general and administrative expenses in the quarter and cut its research-and-development spend by 24%. The company said it has exceeded its cost-cutting goals for 2025 with full-year R&D and SG&A expenses of $499.8 million. In 2026, the company plans to cut those costs further to $380 million to $420 million.
Write to Amira McKee at amira.mckee@wsj.com
(END) Dow Jones Newswires
February 26, 2026 12:57 ET (17:57 GMT)
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