Novavax layoffs, on the record
Every job cut, severance charge and restructuring Novavax reported in its annual reports, 2023 to 2025, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 1,543 full-time employees | February 23, 2024 |
Job cuts, severance and restructuring
Our summaryNovavax announced a global restructuring and cost reduction plan that includes a reduction to its global workforce, with an approximately 25% cut in global workforce (about 20% of full-time employees).
Word for word“In our May 2023 announcement, the workforce reduction plan included an approximately 25% reduction in the Company's global workforce, comprised of an approximately 20% reduction in full-time Company employees and the remainder comprised of contractors and consultants.” 10-K for 2023
Our summaryDuring 2023 Novavax recorded a charge for one-time employee severance and benefit costs and separately for consolidation of facilities and infrastructure under the restructuring plan.
Word for word“During 2023, we recorded a charge of $4.5 million related to one-time employee severance and benefit costs and $10.1 million costs related to the consolidation of facilities and infrastructure, the majority of which were incurred in the second quarter of 2023.” 10-K for 2023
Our summaryNovavax announced an additional reduction of its global workforce, comprising a further 9% cut in full-time employees with the rest from contractors and consultants, and expects the resulting workforce to be about 30% lower than at the end of Q1 2023.
Word for word“Additionally, in January 2024 we announced an additional 12% reduction of our global workforce, comprised of an additional 9% reduction in the Company's full-time employees and the remainder comprised of contractors and consultants.” 10-K for 2023
Our summaryNovavax announced a global restructuring and cost reduction plan that includes a reduction to its global workforce, announced in May 2023.
Word for word“In May 2023, we announced a global restructuring and cost reduction plan.” 10-K for 2024
Our summaryNovavax recorded 2024 one-time employee severance and benefit costs and impairment of long-lived assets under the restructuring plan.
Word for word“We recorded an additional charge of $12.8 million related to one-time employee severance and benefit costs and $4.1 million costs related to the Impairment of long-lived assets during the year ended December 31, 2024.” 10-K for 2024
Our summaryNovavax recorded 2023 charges under the restructuring plan for employee severance and for consolidation of facilities and infrastructure.
Word for word“During 2023, we recorded a charge of $4.5 million related to one-time employee severance and benefit costs and $10.1 million of costs related to the consolidation of facilities and infrastructure, the majority of which were incurred in the second quarter of 2023.” 10-K for 2024
Our summaryNovavax recorded an impairment charge on ROU facility leases affected by the Restructuring Plan; no such charge was recorded in 2024.
Word for word“During the year ended December 31, 2023, the Company recorded an impairment charge of $ 5.9 million related to ROU facility leases used for research and development, manufacturing and offices space that are impacted by the Restructuring Plan.” 10-K for 2024
Our summaryIn May 2023 the company announced a global restructuring and cost reduction plan that cut about 25% of its global workforce, including about 20% of full-time employees, with the rest being contractors and consultants.
Word for word“In May 2023, we announced a global restructuring and cost reduction plan. The planned workforce reduction included an approximately 25% reduction in our global workforce, comprised of an approximately 20% reduction in full-time Novavax employees and the remainder comprised of contractors and consultants.” 10-K for 2025
Our summaryThe company recorded further restructuring charges in 2025 for one-time severance and benefit costs and for long-lived asset impairment.
Word for word“We recorded an additional charge of $7.8 million related to one-time employee severance and benefit costs and $102.7 million costs related to the Impairment of long-lived assets during the year ended December 31, 2025.” 10-K for 2025
Our summaryThe company says it continues restructuring its global footprint, with further workforce reductions and disposal of Gaithersburg real estate.
Word for word“In accordance with our ongoing Restructuring Plan, we continue to restructure our global footprint including further reductions in our global workforce and facilitating the disposal of real estate assets in Gaithersburg, Maryland.” 10-K for 2025
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2022-12-31 | — | $0 |
| 2023-12-31 | $4.5 million | $14.6 million |
Novavax filed 2 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Novavax’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.