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EarningsQ4 2025 Earnings Report
PCVX Q4 2025 EPS Results
Actual EPS-$1.81
Consensus EPS-$1.53
Beat/MissMissed by -$0.28
One Year Ago EPS-$1.02
PCVX Q4 2025 Revenue Results
Actual Revenue$0.00
Expected Revenue$0.00
Beat/MissMet expectations
YoY Revenue Growth―
Earnings Announcement Details
QuarterQ4 2025
Date02/24/2026
TimeAfter Close
Conference CallTuesday, February 24, 2026
PCVX Upcoming Earnings
Vaxcyte's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q4 2025 Earnings Call Audio
PCVX Q4 2025 Earnings Call
0:00 / 0:00
Q4 2025 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2025 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operational and clinical momentum story: robust balance sheet extended by a ~$600M financing, completion of a commercial-scale manufacturing facility on time and on budget, initiation of three pivotal/Phase III adult OPUS trials with expected top-line readouts over the next 18 months, completed infant enrollment (900 infants), and resumption of the Group A Strep program. Offsetting risks are mostly predictable near-term impacts from materially higher R&D and manufacturing expenses in 2026, serotype-level regulatory uncertainties (and the idiosyncratic challenge of serotype 3), and a competitive landscape with other PCV developers. Overall, the highlights—particularly cash runway, manufacturing completion, and late-stage clinical progress—materially outweigh the lowlights, which are manageable programmatic and financial execution risks.Company Guidance
Strong Financial Position and Recent Financing
Cash, cash equivalents and investments of $2.4 billion as of Dec 31, 2025, plus a subsequent public equity offering raising approximately $600.2 million in net proceeds; company states cash runway to at least the end of 2028.
Late-Stage Clinical Momentum — OPUS Phase III Program Initiated
Initiated OPUS-1 (pivotal noninferiority) in December, OPUS-2 (concomitant with seasonal influenza vaccine) in January, and OPUS-3 this month; the three OPUS trials will enroll ~6,000 adults total with ~3,400 receiving VAX-31; top-line OPUS-1 safety/tolerability/immunogenicity data expected in Q4 2026, OPUS-2/3 readouts expected in H1 2027.
Positive Phase II Immunogenicity Signals in Adults
Company cites 'unprecedented' Phase II adult results for VAX-31 versus Prevnar 20: directionally higher responses across common serotypes (18 of 20 directionally higher in Phase II) with 7 of 20 statistically significantly higher in Phase II, and 10–11 incremental serotypes over comparators.
Infant Program Enrollment Complete and Broad Pediatric Coverage
VAX-31 infant Phase II modified to include an optimized higher-dose arm; enrollment complete with 900 infants dosed. Company claims VAX-31 is designed to cover over 90% of invasive pneumococcal disease (IPD) and acute otitis media in U.S. children and states coverage of ~95%–98% of circulating disease in the U.S. and Europe, respectively.
Manufacturing and Commercial Readiness Achievements
Completed construction of a dedicated large-scale manufacturing facility on time and on budget; initiated build-out of a high-volume custom fill-finish production line in North Carolina as part of up to $1 billion long-term U.S. manufacturing and services investment; began scaling commercial organization including hiring first Chief Commercial Officer and launching launch planning activities.
Pipeline Re‑acceleration — VAX-A1 (Group A Strep) Resumed
After a prior pause, company plans to initiate a Phase I adult trial of VAX-A1 in 2026 focused on safety, tolerability and immunogenicity (serum and saliva IgG/IgA); program targeting Australia for early proof-of-concept given local disease burden.
Regulatory Engagement and Program Design Aligned with FDA
Pivotal Phase III program and supporting studies were designed in consultation with the FDA; company notes FDA feedback allowing limited serotype misses in totality-based licensure assessments and alignment around post-marketing surveillance approaches consistent with prior PCV approvals.
PCVX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed