Catalent vs. Novavax: A Decade of SG&A Management

In the ever-evolving pharmaceutical landscape, managing Selling, General, and Administrative (SG&A) expenses is crucial for maintaining profitability. Over the past decade, Catalent, Inc. and Novavax, Inc. have demonstrated contrasting approaches to SG&A cost management. Catalent's SG&A expenses have steadily increased, peaking at approximately $935 million in 2024, reflecting a strategic expansion and investment in operational capabilities. In contrast, Novavax's SG&A costs surged dramatically, especially between 2020 and 2022, with a peak of nearly $489 million in 2022, likely driven by the pandemic's demands.

While Catalent's expenses grew by about 179% from 2014 to 2024, Novavax experienced a staggering increase of over 2,300% during the same period. This disparity highlights Catalent's consistent growth strategy versus Novavax's reactive cost management. As the industry continues to evolve, these trends offer valuable insights into each company's strategic priorities and financial health.