We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Novavax expects operations funded into 2028 with partner reimbursements and new credit access.
Novavax (NVAX - Free Report) incurred a loss of 6 cents per share in the first quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 25 cents. In the year-ago quarter, the company had recorded EPS of $2.93, driven by higher sales.
Quarterly revenues totaled $139.5 million, down 79% year over year. This metric beat the Zacks Consensus Estimate of $69.5 million.
Novavax’s shares were up about 16% yesterday, likely due to the better-than-expected results. The quarter reflected a business mix that is increasingly tied to partners, with management highlighting that partners now have rights to evaluate its proprietary Matrix-M technology in more than 30 fields spanning infectious diseases and oncology.
Shares of Novavax have increased 39% so far this year compared with the industry’s nil growth.
Image Source: Zacks Investment Research
NVAX’s Q1 Earnings in Detail
A key theme this quarter was the shifting composition of revenues as NVAX prioritizes monetizing Matrix-M through partners. Product sales were led by supply activity and direct demand for the company’s COVID-19 vaccine, Nuvaxovid, in a smaller set of markets, while partner-related revenues benefited from licensing activity across multiple counterparties.
Novavax recorded $42.2 million in product sales, down 93% year over year. This includes about $10 million from Nuvaxovid, reflecting sales primarily in Germany for the 2025-2026 season and the continued transition of commercial responsibility in Europe to Sanofi (SNY - Free Report) . Supply sales were nearly $33 million, up 136% year over year, supported by higher demand for Matrix-M adjuvant from partners as well as COVID-19 supply to SNY.
Last year, Sanofi acquired exclusive rights to market Nuvaxovid globally, except in certain territories where Novavax maintains existing partnership agreements.
Licensing, royalties and other revenues totaled $97.3 million, including $30 million recognized as an upfront payment received from Pfizer (PFE - Free Report) in connection with a non-exclusive license agreement for Matrix-M signed earlier this year. The metric increased 116% on a year-over-year basis.
NVAX’s Costs Improve While Strengthening Liquidity Profile
Research and development (R&D) expenses totaled $95.5 million, up 7% year over year, driven by increased costs tied to post-marketing commitments and annual strain change activities. This figure does not include the $28 million of R&D reimbursement from Sanofi.
Selling, general and administrative (SG&A) expenses declined 40% to $29 million. This downside was primarily due to the transition of lead commercial activities to Sanofi and the elimination of Novavax’s commercial infrastructure.
As of March 31, 2026, Novavax had $795 million in cash and cash equivalents compared with $751 million in the previous quarter. Management also highlighted access to additional non-dilutive capital, including a new $330 million credit facility established in the first quarter, with an initial $50 million draw.
Based on quarter-end liquidity and anticipated partner reimbursements, management said it believes the company can fund operations into 2028 before considering any incremental cash flow from future upfront payments, milestones or royalties.
NVAX’s Financial Guidance
For 2026
With Sanofi leading commercialization in key COVID-19 markets, NVAX continues to emphasize an adjusted revenue framework rather than total revenue guidance. For 2026, the company reiterated an adjusted total revenue outlook of $230 million to $270 million, which does not include any amounts receivable from SNY.
Novavax expects full-year combined R&D and SG&A expenses to be in the band of $380-$420 million. This figure excludes $70 million to $80 million in anticipated R&D reimbursements from Sanofi.
Beyond 2026
Novavax reiterated that adjusted combined R&D and SG&A expenses, inclusive of R&D reimbursements, are expected to be approximately $225 million in 2027 (at the midpoint).
For 2028, the company refined its target range to $150-$200 million from its prior goal of below $200 million.
NVAX Builds a Wider Funnel for Matrix-M Applications
Novavax continues to position Matrix-M as the centerpiece of its partnering strategy. During the quarter, the company emphasized that its non-exclusive model enables multiple companies to explore similar high-potential areas, which can increase the probability of downstream success and broaden potential royalty streams.
Operationally, management noted that it signed four new material transfer agreements in early 2026, including a new oncology-focused collaboration with a top-10 global pharmaceutical company last month. NVAX also pointed to expanding activity with existing counterparties, including a new agreement allowing preclinical work in up to nine additional infectious disease fields.
Novavax Highlights C. Diff as Next In-House Value Catalyst
Beyond partnering, Novavax is selectively advancing internal R&D to support future deals and generate differentiated proof points. The company prioritized its Clostridium difficile colitis (C. Diff.) vaccine candidate as its next potential program to enter the clinic, targeting entry as early as 2027.
Management framed C. Diff. as a large unmet-need opportunity with no approved vaccine today and indicated the candidate is designed with broader coverage using multiple antigens, along with an emphasis on mucosal immunity, given the gut-based nature of infection. Novavax also stated that it is conducting an IND-enabling repeat-dose toxicity study and expects to pursue pre-IND discussions with the FDA to inform next steps.
View the Zacks #1 Rank List
Image: Shutterstock
NVAX Q1 Earnings Beat, Stock Jumps 16% on Matrix-M Deal Momentum
Key Takeaways
Novavax (NVAX - Free Report) incurred a loss of 6 cents per share in the first quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 25 cents. In the year-ago quarter, the company had recorded EPS of $2.93, driven by higher sales.
Quarterly revenues totaled $139.5 million, down 79% year over year. This metric beat the Zacks Consensus Estimate of $69.5 million.
Novavax’s shares were up about 16% yesterday, likely due to the better-than-expected results. The quarter reflected a business mix that is increasingly tied to partners, with management highlighting that partners now have rights to evaluate its proprietary Matrix-M technology in more than 30 fields spanning infectious diseases and oncology.
Shares of Novavax have increased 39% so far this year compared with the industry’s nil growth.
Image Source: Zacks Investment Research
NVAX’s Q1 Earnings in Detail
A key theme this quarter was the shifting composition of revenues as NVAX prioritizes monetizing Matrix-M through partners. Product sales were led by supply activity and direct demand for the company’s COVID-19 vaccine, Nuvaxovid, in a smaller set of markets, while partner-related revenues benefited from licensing activity across multiple counterparties.
Novavax recorded $42.2 million in product sales, down 93% year over year. This includes about $10 million from Nuvaxovid, reflecting sales primarily in Germany for the 2025-2026 season and the continued transition of commercial responsibility in Europe to Sanofi (SNY - Free Report) . Supply sales were nearly $33 million, up 136% year over year, supported by higher demand for Matrix-M adjuvant from partners as well as COVID-19 supply to SNY.
Last year, Sanofi acquired exclusive rights to market Nuvaxovid globally, except in certain territories where Novavax maintains existing partnership agreements.
Licensing, royalties and other revenues totaled $97.3 million, including $30 million recognized as an upfront payment received from Pfizer (PFE - Free Report) in connection with a non-exclusive license agreement for Matrix-M signed earlier this year. The metric increased 116% on a year-over-year basis.
NVAX’s Costs Improve While Strengthening Liquidity Profile
Research and development (R&D) expenses totaled $95.5 million, up 7% year over year, driven by increased costs tied to post-marketing commitments and annual strain change activities. This figure does not include the $28 million of R&D reimbursement from Sanofi.
Selling, general and administrative (SG&A) expenses declined 40% to $29 million. This downside was primarily due to the transition of lead commercial activities to Sanofi and the elimination of Novavax’s commercial infrastructure.
As of March 31, 2026, Novavax had $795 million in cash and cash equivalents compared with $751 million in the previous quarter. Management also highlighted access to additional non-dilutive capital, including a new $330 million credit facility established in the first quarter, with an initial $50 million draw.
Based on quarter-end liquidity and anticipated partner reimbursements, management said it believes the company can fund operations into 2028 before considering any incremental cash flow from future upfront payments, milestones or royalties.
NVAX’s Financial Guidance
For 2026
With Sanofi leading commercialization in key COVID-19 markets, NVAX continues to emphasize an adjusted revenue framework rather than total revenue guidance. For 2026, the company reiterated an adjusted total revenue outlook of $230 million to $270 million, which does not include any amounts receivable from SNY.
Novavax expects full-year combined R&D and SG&A expenses to be in the band of $380-$420 million. This figure excludes $70 million to $80 million in anticipated R&D reimbursements from Sanofi.
Beyond 2026
Novavax reiterated that adjusted combined R&D and SG&A expenses, inclusive of R&D reimbursements, are expected to be approximately $225 million in 2027 (at the midpoint).
For 2028, the company refined its target range to $150-$200 million from its prior goal of below $200 million.
NVAX Builds a Wider Funnel for Matrix-M Applications
Novavax continues to position Matrix-M as the centerpiece of its partnering strategy. During the quarter, the company emphasized that its non-exclusive model enables multiple companies to explore similar high-potential areas, which can increase the probability of downstream success and broaden potential royalty streams.
Operationally, management noted that it signed four new material transfer agreements in early 2026, including a new oncology-focused collaboration with a top-10 global pharmaceutical company last month. NVAX also pointed to expanding activity with existing counterparties, including a new agreement allowing preclinical work in up to nine additional infectious disease fields.
Novavax Highlights C. Diff as Next In-House Value Catalyst
Beyond partnering, Novavax is selectively advancing internal R&D to support future deals and generate differentiated proof points. The company prioritized its Clostridium difficile colitis (C. Diff.) vaccine candidate as its next potential program to enter the clinic, targeting entry as early as 2027.
Management framed C. Diff. as a large unmet-need opportunity with no approved vaccine today and indicated the candidate is designed with broader coverage using multiple antigens, along with an emphasis on mucosal immunity, given the gut-based nature of infection. Novavax also stated that it is conducting an IND-enabling repeat-dose toxicity study and expects to pursue pre-IND discussions with the FDA to inform next steps.
Novavax, Inc. Price
Novavax, Inc. price | Novavax, Inc. Quote
NVAX’s Zacks Rank
Novavax currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.