Novavax's stock experienced a significant pre-market plunge of 8.71% on Thursday, following the release of its fourth quarter and full year 2025 financial results.

The biotech company reported better-than-expected Q4 results with earnings of $0.11 per share and revenue of $147.1 million, beating analyst estimates. However, investors reacted negatively to the company's 2026 adjusted revenue guidance of $230 million to $270 million, which falls significantly short of the analyst consensus estimate of $377 million.

While Novavax raised its 2026 outlook from previous forecasts and highlighted strength in vaccine supply and licensing deals, the guidance disappointment overshadowed the positive quarterly results. The company continues to face challenges from restrictive U.S. recommendations for COVID-19 shots and sagging demand, though milestone payments from partnerships with Sanofi and Pfizer are expected to provide some offset.