NOVAVAX INCNVAX

NOVAVAX INC Segments Disclosure

10-KFiled Feb 26, 20262 min read
Segment Reporting
The Company manages its business as one reportable operating segment, an in-house early-stage R&D business to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s CODM to make decisions about allocating resources and assessing the Company’s performance. The Company’s CODM uses consolidated single-segment net loss as reported in the consolidated statements of operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.
The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):
Year Ended December 31,
202520242023
Revenue
$1,123,479 $682,162 $983,705 
Cost of sales
73,040 202,739 343,768 
Research and development expenses:
Direct COVID-19 Vaccine(1)
80,444 81,736 377,603 
Direct CIC and influenza vaccines(1)
30,019 44,831 38,044 
Direct other vaccine development programs(1)
4,634 510 1,042 
Employee and benefit expenses
145,211 163,728 210,589 
Facility and other research and development expenses(2)
82,012 100,364 110,224 
Selling, general, and administrative expense
157,479 337,185 468,946 
Other segment income (expense)(3)
(110,338)61,432 21,449 
Net income (loss)
$440,302 $(187,499)$(545,062)
(1)    Direct research and development expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct coronavirus vaccines expenses include costs associated with the Phase 3 trial for the Company’s CIC and stand-alone influenza vaccine candidates.
(2)    Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology and facility-based expenses not allocated to a specific program.
(3)     Other segment income (expense) includes interest expense, impairment of assets held for sale, loss on debt extinguishment, gain on disposition of Novavax CZ assets, income tax expense (benefit), and other income, net.
Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):
Year Ended December 31,
202520242023
United States
$405,611 $522,535 $443,894 
Rest of North America
575,670 4,462 13,388 
Europe15,740 96,143 271,964 
Rest of the world
126,458 59,022 254,459 
Total revenue
$1,123,479 $682,162 $983,705 
Total long-lived assets of the Company by geographic location were as follows (in thousands):
December 31,
20252024
United States
$60,682 $295,879 
Europe7,015 4,119 
Total long-lived assets
$67,697 $299,998 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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