Novavax (NVAX) Operating Expenses (2010 - 2026)

Over the trailing twelve months to Jun 30, 2026, Novavax reported Operating Expenses of $647.92 million, down 10.9% year-over-year; for FY2025, it was $670.68 million, down 28.0% from FY2024.

• Operating Expenses has declined in each of the last four years, with a five-year compound annual growth rate of -5.6% (FY2020 to FY2025).
• Going back by year, Operating Expenses was $931.09 million in FY2024 (-39.9%), $1.55 billion in FY2023 (-41.0%), $2.63 billion in FY2022 (-7.3%) and $2.83 billion in FY2021 (+217.5%).
• The Q2 2026 figure represents the lowest quarterly Operating Expenses since Q2 2020.
• Year-over-year, Operating Expenses increased in two of the last eight quarters, with an average decline of 26.1%.
• The fastest year-over-year change in Operating Expenses over five years came in Q4 2021 (growth of 126.4%), and the weakest in Q3 2023 (a decline of 63.7%).
• Business Quant data shows NVAX's Operating Expenses at $154.94 million (Q1 2026), $132.91 million (Q4 2025) and $248.46 million (Q3 2025) in the three quarters before Q2 2026.