Novavax Inc. (NASDAQ:NVAX) shares remained subdued Thursday despite reporting fourth-quarter results that exceeded analyst expectations. The vaccine maker posted adjusted earnings per share of $0.11, beating the consensus estimate of -$0.49, with revenue reaching $147 million, a 67% increase from the prior year.

For the full year 2025, Novavax's total revenue climbed 65% year-over-year to $1.1 billion, driven primarily by $625 million in Nuvaxovid product sales. The fourth quarter included $98 million from its Sanofi partnership, which contributed $225 million in milestones during the full year. The company also announced a January 2026 licensing agreement with Pfizer for its Matrix-M adjuvant technology, generating a $30 million upfront payment with potential for up to $500 million in additional milestones.

Despite the strong financial performance, Novavax shares initially fell premarket before trading around 0.7% higher. For 2026, the company provided guidance for adjusted total revenue of $230 million to $270 million, with combined R&D and SG&A expenses expected to range from $310 million to $340 million. The subdued market reaction suggests investors may be focused on the company's revenue guidance and expense outlook rather than the quarterly beat.