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Novavax (NVAX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

Novavax (NVAX - Free Report) closed at $9.40 in the latest trading session, marking a -3.09% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.7% for the day. At the same time, the Dow added 0.28%, and the tech-heavy Nasdaq gained 0.83%.

Shares of the vaccine maker witnessed a loss of 8.75% over the previous month, trailing the performance of the Medical sector with its gain of 3.23%, and the S&P 500's loss of 1.21%.

Investors will be eagerly watching for the performance of Novavax in its upcoming earnings disclosure. In that report, analysts expect Novavax to post earnings of -$0.33 per share. This would mark year-over-year growth of 46.77%. Our most recent consensus estimate is calling for quarterly revenue of $50.61 million, down 28.15% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of -$0.38 per share and a revenue of $377.43 million, demonstrating changes of -114.73% and -66.4%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Novavax. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 16.88% upward. As of now, Novavax holds a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. At present, this industry carries a Zacks Industry Rank of 100, placing it within the top 41% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NVAX in the coming trading sessions, be sure to utilize Zacks.com.

Novavax (NVAX - Free Report) closed at $10.82 in the latest trading session, marking a -3.91% move from the prior day. This move lagged the S&P 500's daily gain of 0.41%. Elsewhere, the Dow lost 0.07%, while the tech-heavy Nasdaq added 1.11%.

Shares of the vaccine maker witnessed a gain of 11.38% over the previous month, beating the performance of the Medical sector with its gain of 1.97%, and the S&P 500's gain of 1.46%.

The investment community will be closely monitoring the performance of Novavax in its forthcoming earnings report. It is anticipated that the company will report an EPS of -$0.33, marking a 46.77% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $50.61 million, showing a 28.15% drop compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.38 per share and a revenue of $377.43 million, signifying shifts of -114.73% and -66.4%, respectively, from the last year.

Investors should also pay attention to any latest changes in analyst estimates for Novavax. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 16.88% higher. Novavax is currently a Zacks Rank #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 91, this industry ranks in the top 37% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Shah Capital, one of Novavax's (NVAX.O) top shareholders, said on Friday ​it no longer seeks to influence ‌control of the vaccine maker after restructuring into a family office.

The investor ​has filed with the US ​Securities and Exchange Commission to voluntarily ⁠withdraw its registration as an investment ​adviser, it said in a regulatory ​filing

Himanshu Shah Family Office LLC has been established to manage the investments, the filing ​said

Himanshu Shah is the founder, ​president and chief investment officer of Shah ‌Capital, ⁠Novavax's second-largest shareholder, according to LSEG data

Shah Capital reported beneficial ownership of 10.54 million Novavax shares, or about ​6.39% ​of the ⁠company

The filing also disclosed that Shah Capital Fund LLC ​sold 2.87 million shares ​on ⁠October 5 at an average price of about $11.35 apiece

Himanshu Shah reported beneficial ⁠ownership ​of 10.66 million shares, ​representing about 6.46% of Novavax

Novavax (NVAX - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Over the past month, shares of this vaccine maker have returned +18.4%, compared to the Zacks S&P 500 composite's +1.3% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which Novavax falls in, has lost 6%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Novavax is expected to post a loss of $0.38 per share, indicating a change of +38.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -8.1% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of -$0.48 points to a change of -118.6% from the prior year. Over the last 30 days, this estimate has changed -3.9%.

For the next fiscal year, the consensus earnings estimate of $0.07 indicates a change of +114.6% from what Novavax is expected to report a year ago. Over the past month, the estimate has changed -163.6%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Novavax.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Novavax, the consensus sales estimate of $50.61 million for the current quarter points to a year-over-year change of -28.2%. The $377.43 million and $341.69 million estimates for the current and next fiscal years indicate changes of -66.4% and -9.5%, respectively.

Last Reported Results and Surprise HistoryNovavax reported revenues of $56.7 million in the last reported quarter, representing a year-over-year change of -76.3%. EPS of -$0.32 for the same period compares with $0.62 a year ago.

Compared to the Zacks Consensus Estimate of $50.04 million, the reported revenues represent a surprise of +13.31%. The EPS surprise was +11.11%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Novavax is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Novavax. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Novavax (NVAX - Free Report) closed the most recent trading day at $11.27, moving -10.31% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.58%. Elsewhere, the Dow gained 0.49%, while the tech-heavy Nasdaq added 0.45%.

Heading into today, shares of the vaccine maker had gained 22.9% over the past month, outpacing the Medical sector's loss of 4.26% and the S&P 500's gain of 0.84%.

The upcoming earnings release of Novavax will be of great interest to investors. The company's upcoming EPS is projected at -$0.37, signifying a 40.32% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $42.96 million, indicating a 39.01% downward movement from the same quarter last year.

NVAX's full-year Zacks Consensus Estimates are calling for earnings of -$0.46 per share and revenue of $357.88 million. These results would represent year-over-year changes of -117.83% and -68.15%, respectively.

It's also important for investors to be aware of any recent modifications to analyst estimates for Novavax. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Novavax is currently a Zacks Rank #4 (Sell).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 179, which puts it in the bottom 28% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Novavax (NVAX) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions could translate into further price increase in the near term.

In the latest close session, Novavax (NVAX - Free Report) was up +1.53% at $10.79. This move outpaced the S&P 500's daily loss of 0.77%. Meanwhile, the Dow lost 0.67%, and the Nasdaq, a tech-heavy index, lost 0.92%.

Shares of the vaccine maker witnessed a gain of 14.8% over the previous month, beating the performance of the Medical sector with its loss of 3.65%, and the S&P 500's gain of 0.96%.

Investors will be eagerly watching for the performance of Novavax in its upcoming earnings disclosure. In that report, analysts expect Novavax to post earnings of -$0.37 per share. This would mark year-over-year growth of 40.32%. Our most recent consensus estimate is calling for quarterly revenue of $42.96 million, down 39.01% from the year-ago period.

NVAX's full-year Zacks Consensus Estimates are calling for earnings of -$0.46 per share and revenue of $357.88 million. These results would represent year-over-year changes of -117.83% and -68.15%, respectively.

It is also important to note the recent changes to analyst estimates for Novavax. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.05% higher. Novavax is currently sporting a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 176, finds itself in the bottom 29% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NVAX in the coming trading sessions, be sure to utilize Zacks.com.

Novavax (NVAX - Free Report) closed the most recent trading day at $10.11, moving +1.1% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.17%. Meanwhile, the Dow lost 0.18%, and the Nasdaq, a tech-heavy index, added 0.4%.

Prior to today's trading, shares of the vaccine maker had gained 18.76% outpaced the Medical sector's gain of 0.65% and the S&P 500's loss of 1.29%.

The upcoming earnings release of Novavax will be of great interest to investors. The company's earnings per share (EPS) are projected to be -$0.37, reflecting a 40.32% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $42.96 million, down 39.01% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.46 per share and revenue of $357.88 million. These totals would mark changes of -117.83% and -68.15%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Novavax. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 7.86% fall in the Zacks Consensus EPS estimate. Novavax presently features a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NVAX in the coming trading sessions, be sure to utilize Zacks.com.

Novavax (NVAX - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this vaccine maker have returned +18.8%, compared to the Zacks S&P 500 composite's -2% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which Novavax falls in, has gained 2.9%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Novavax is expected to post a loss of $0.37 per share for the current quarter, representing a year-over-year change of +40.3%. Over the last 30 days, the Zacks Consensus Estimate has changed -208.3%.

The consensus earnings estimate of -$0.46 for the current fiscal year indicates a year-over-year change of -117.8%. This estimate has changed -7.9% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.11 indicates a change of +76.5% from what Novavax is expected to report a year ago. Over the past month, the estimate has changed +2100%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Novavax is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Novavax, the consensus sales estimate of $42.96 million for the current quarter points to a year-over-year change of -39%. The $357.88 million and $221.59 million estimates for the current and next fiscal years indicate changes of -68.1% and -38.1%, respectively.

Last Reported Results and Surprise HistoryNovavax reported revenues of $56.7 million in the last reported quarter, representing a year-over-year change of -76.3%. EPS of -$0.32 for the same period compares with $0.62 a year ago.

Compared to the Zacks Consensus Estimate of $50.04 million, the reported revenues represent a surprise of +13.31%. The EPS surprise was +11.11%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Novavax is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Novavax. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Novavax, Inc. (NVAX) Presents at Citigroup's Biopharma Back to School Summit 2026 Transcript

Novavax, Inc. (NVAX) 12th Annual Cantor Fitzgerald Global Healthcare Conference September 9, 2026 9:45 AM EDT

Company Participants

John Jacobs - President, CEO & Director
Robert Walker - Executive VP and Head of Research & Development
James Kelly - Executive VP, CFO & Treasurer

Conference Call Participants

Pete Stavropoulos - Cantor Fitzgerald & Co., Research Division

Presentation

Pete Stavropoulos
Cantor Fitzgerald & Co., Research Division

Here we go. With us, we have Novavax, and I'm now pleased to introduce John Jacobs, CEO; Bob Walker, Head of Research and Development; and Jim Kelly, CFO. So with that -- introduction -- please start off with the introduction of yourself, a snapshot of the company for those not familiar.

John Jacobs
President, CEO & Director

Thank you, Pete. I'm John Jacobs, CEO. As you said, Bob Walker is to my left, Head of R&D; and Jim Kelly, our esteemed CFO.

And let's talk about Novavax a little bit. Just for those who don't know us, Novavax is an innovative biotech company that has a proven technology platform in vaccines and potentially immunotherapeutics with our nanoparticle protein-based platform for antigen development and our unique and differentiated Matrix-M adjuvant, which can help vaccines perform even better, driving immunity and potentially lower COGS and other things for other pharmaceutical companies when used in combination.

We've really transformed ourselves over the last 3 years from a company, Pete, who was solely focused on commercializing one vaccine, our COVID vaccine during the pandemic to a company now that's in a completely different arena, where our focus is out-licensing our technology to global partners who have the infrastructure and capabilities to build portfolios of potential vaccines that might include our technology. And also while maintaining our own R&D capabilities, we're making select bets to advance our own assets and expand the utility of our own technology.

Novavax Inc. (NASDAQ:NVAX) shares are trading higher. Strength may be due to an increase in investor attention related to an unconfirmed rumor suggesting that Matrix-M has a favorable safety profile with mostly mild-to-moderate, self-limiting side effects.

Novavax stock is holding steady today. What should traders watch with NVAX? The Matrix-M SpeculationMatrix-M is Novavax’s proprietary adjuvant, designed to strengthen and broaden immune response, and it already appears in globally approved vaccines including the R21/Matrix-M malaria vaccine. Retail traders on platforms like StockTwits have been extrapolating the platform’s broader potential toward possible oncology applications, though no verified Novavax announcement has tied Matrix-M to a new deal or disclosed safety data supporting the rumor. The company has previously disclosed that its partners are running experiments across more than 30 areas spanning infectious disease and oncology.

Momentum Builds with Approvals, Royalty Resumption, and Raised OutlookThe speculation comes amid a broader wave of positive developments for Novavax. The company announced on August 28 that its partners received approvals for the XFG-adapted formulation of its Nuvaxovid COVID-19 vaccine, and its high-teens royalty structure on Sanofi’s global Nuvaxovid net sales resumed for 2026 and 2027.

Those developments followed Novavax’s second-quarter earnings on August 6, when the company reported revenue of $56.7 million, with product sales up 76% year-over-year on Matrix-M adjuvant demand and raised its 2026 adjusted total revenue framework to a range of $235 million to $275 million.

Novavax Shares Edge HigherNVAX Price Action: At the time of publication, Novavax shares are trading 0.69% higher at $10.18, according to data from Benzinga Pro.

Image via Shutterstock

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Shares of Novavax Inc. (NASDAQ:NVAX) are trading higher Monday morning. The stock is extending its 30% monthly gains as investors respond positively to regulatory approvals across major jurisdictions for its updated protein-based COVID-19 vaccine ahead of the 2026–2027 autumn vaccination campaign, alongside broader sector strength bolstered by positive late-stage oncology clinical trial results across the biotech landscape.

Novavax shares are climbing with conviction. Why is NVAX stock surging? Global Regulatory Clearances Validate Licensing Partnership StrategyThe momentum behind Novavax follows regulatory milestones secured late last week when the U.S. FDA granted approval for updated COVID-19 vaccines targeting dominant circulating variants.

Clearances for Novavax’s XFG-adapted Nuvaxovid vaccine alongside commercial partners Sanofi and Takeda ensure timely distribution heading into the fall immunization season.

The approvals could serve as proof of concept for Novavax’s pivoted operating model, which leverages partner infrastructure to maintain steady high-margin licensing royalties without heavy internal commercial overhead.

Competitive Landscape: Landmark Merck-Moderna Phase 3 Cancer Vaccine Milestone The broader vaccine landscape was reshaped in August by major news from Merck & Co and Moderna Inc. The two pharmaceutical giants announced that their Phase 3 INTerpath-001 clinical trial evaluating intismeran autogene (mRNA-4157), a personalized mRNA cancer vaccine, in combination with Keytruda successfully met its primary endpoint.

The combination regimen significantly improved recurrence-free survival and distant metastasis-free survival in patients with high-risk stage III/IV melanoma following surgical resection. The breakthrough late-August trial results validated mRNA technology beyond infectious disease and sparked an August rally in the State Street SPDR S&P Biotech ETF (NYSE:XBI).

Q2 Financial Beat And Executive Focus On Operational EfficiencyThe regulatory tailwinds build on Novavax’s second-quarter earnings delivered on August 6. Second-quarter revenue reached $415 million, driven by strategic milestone payments and cost-reduction initiatives, helping narrow operating losses and bolster the cash position.

During Novavax’s second-quarter earnings call, President and Chief Executive Officer John C. Jacobs emphasized the structural transformation of the business:

"Our second-quarter performance underscores the strength of our lean operating model and strategic partnerships. By combining our protein-based technology with commercial leaders like Sanofi, we are expanding global patient access while maintaining strict cost discipline and generating durable value across our broader pipeline."

NVAX Price Action: Novavax shares were up 4.10% at $9.64 at the time of publication on Monday, according to Benzinga Pro data.

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COVID-19 remains a public health challenge, particularly among older adults and high-risk populations1 Novavax's partners are ready to bring its protein-based, non-mRNA vaccine with a favorable tolerability profile to global markets, providing an important option for healthcare providers and patients , /PRNewswire/ -- Novavax, Inc.'s (Nasdaq: NVAX) partners have received approvals for the Nuvaxovid™ formulation to target the SARS-CoV-2 XFG variant for the 2026-2027 vaccination season in major markets including the U.S., European Union (EU) and Japan. These approvals position Novavax to continue earning royalties on net sales in these markets this season.

"We believe our partners Sanofi and Takeda are well-positioned for this commercial season. Sanofi has an expanded U.S. marketing campaign and launches in additional international markets, and under Takeda's leadership, Nuvaxovid® has become the second-leading COVID-19 vaccine in one of the world's largest healthcare markets," said John C. Jacobs, President and Chief Executive Officer, Novavax. "With these approvals, Novavax is eligible for continued royalties on partner sales without carrying commercial infrastructure of our own, a testament to the value creation of our business model."

COVID-19 continues to present a meaningful public health challenge, particularly among older adults and other high-risk populations. Novavax is committed to working with its partners to ensure a protein-based, non-mRNA vaccine option is available for the fall season. Results from Sanofi's Phase 4 COMPARE study – a large head-to-head evaluation of Nuvaxovid and a next-generation mRNA COVID-19 vaccine – demonstrated Nuvaxovid's favorable tolerability profile, an important consideration for healthcare providers and patients when making informed vaccine choices.  

Sanofi, Novavax's largest partner, leads Nuvaxovid commercial activities across most major markets and looks to be positioned for a robust 2026-2027 season, expanding the vaccine's commercial reach through broader activities in the U.S. and launches in Germany, Canada and other international markets from 2026 onward. Novavax is eligible to receive ongoing royalties from sales of the vaccine per their 2024 collaboration and license agreement (CLA).

Takeda commercializes Nuvaxovid in Japan. In the 2025-2026 season, Nuvaxovid was the second-most used COVID-19 vaccine in Japan, with delivery volumes and the number of sites receiving the vaccine increasing significantly year over year. Under the CLA terms announced in May 2025, Novavax earns annual milestones tied to regulatory approvals and royalties on net sales each season.

About Nuvaxovid™
Nuvaxovid is formulated to target the XFG variant. It is a protein-based vaccine made by creating copies of the surface spike protein of the SARS-CoV-2 that causes COVID-19. With Novavax's unique recombinant nanoparticle technology, the non-infectious spike protein serves as the antigen that primes the immune system to recognize the virus, while Novavax's Matrix-M adjuvant enhances and broadens the immune response. The vaccine is packaged in pre-filled syringes and is stored at 2° to 8°C, enabling the use of existing vaccine supply and cold chain channels.

About Matrix-M® Adjuvant
Matrix-M is Novavax's proprietary adjuvant that can be added to a vaccine to stimulate a stronger immune response and is currently used in globally approved vaccines. It is clinically proven to induce potent, durable and broad immune responses with an acceptable safety and tolerability profile.2 The Company's recombinant, protein-based nanoparticles are combined with its Matrix-M adjuvant, constituting the basis of Novavax's expanding pipeline.

About Novavax
Novavax, Inc. (Nasdaq: NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M adjuvant and protein-based nanoparticles. The Company's corporate growth strategy is designed to deliver value via three key strategic pillars: partnering its technology, targeted and capital-efficient R&D innovation and a lean and efficient operating model. This includes maximizing impact through partnerships for its marketed products (Nuvaxovid, R21/Matrix-M), Matrix technology and R&D assets. Please visit novavax.com and LinkedIn for more information.

Forward-Looking Statements
Statements herein relating to the future of Novavax, its operating plans and prospects, the possible achievement and timing of achievement of milestone and receipt of royalties under the collaboration and licensing agreements with Sanofi and Takeda, and our partners' ability to launch products and operate effectively in U.S. and international markets, are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, antigenic drift or shift in the SARS-CoV-2 spike protein; challenges satisfying, alone or together with partners, various safety, efficacy and product characterization requirements, including those related to process qualification, assay validation and stability testing, necessary to satisfy applicable regulatory authorities; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import restrictions, and export licensing requirements; difficulty obtaining scarce raw materials and supplies; resource constraints, including human capital and manufacturing capacity; constraints on Novavax's ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; challenges or delays in obtaining commercial adoption and market acceptance of its COVID-19 vaccine or any COVID-19 variant strain containing formulation; manufacturing, distribution or export delays or challenges; Novavax's substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co-formulation and filling Novavax's COVID-19 vaccine and the impact of any delays or disruptions in their operations; and those other risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Novavax's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov and www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Contacts:

Investors
Naina Zaman
240-410-5353
[email protected]

Media
Yvonne Sprow
844-264-8571
[email protected]

References

CDC. (2025). People with Certain Medical Conditions and COVID-19 Risk Factors, Updated June 11, 2025. Available from: https://www.cdc.gov/covid/risk-factors/index.html. Accessed August 24, 2026. Stertman L. et al.; The Matrix-M™ adjuvant: A critical component of vaccines for the 21st century. Hum Vaccin Immunother. 2023 Dec 31;19(1):2189885. doi: 10.1080/21645515.2023.2189885. SOURCE Novavax, Inc.

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Analysts Think These Stocks Could More Than Double in ValueNovavax NASDAQ: NVAX reported second-quarter 2026 revenue of $57 million and a net loss of $53 million, while highlighting progress in its Sanofi partnership, expanding use of its Matrix-M adjuvant platform and continued cost reductions.

Revenue declined from $239 million a year earlier, primarily because the second quarter of 2025 included a $202 million benefit from a biologics license application approval milestone and a Takeda amendment, Chief Financial Officer Jim Kelly said. The latest quarter included $19 million in product sales, up 76% year over year, driven by demand for Matrix-M from Takeda and Serum Institute. Novavax also recorded $36 million in Sanofi-related revenue, largely from research-and-development reimbursements and amortization.

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Is Biotech’s Bull Run Over? Examining Election ImpactsThe company ended the quarter with $743 million in cash and accounts receivable. Kelly said Novavax reduced combined non-GAAP R&D and selling, general and administrative expenses by 36% year over year during the quarter.

Sanofi milestones and Nuvaxovid commercialization Chief Executive Officer John Jacobs said Sanofi has confirmed its intention to be among the first companies to enter the COVID-19/influenza combination-vaccine market. Sanofi is in advanced discussions with regulators on the timing of a Phase III study for a program combining Nuvaxovid with Sanofi’s influenza vaccines, according to Novavax.

Moderna Dips on Q2 Earnings But Can It Rip on a Short Squeeze?Initiation of that Phase III study in either the U.S. or European Union would trigger a $125 million milestone payment to Novavax. Separately, Novavax expects to earn a $75 million manufacturing technology-transfer milestone from Sanofi around mid-2027. Kelly said the anticipated payment would extend the company’s cash runway from 2028 into 2029.

Jacobs said the two potential milestones provide visibility to an additional $200 million in near-term payments, on top of more than $1 billion in upfront payments, milestones, royalties and cost savings that Novavax has already realized through its Sanofi relationship.

Sanofi is preparing a broader commercial campaign for Nuvaxovid in the U.S., including pharmacy activation and direct-to-consumer outreach, Chief Strategy Officer Elaine O’Hara said. The partner also plans to expand availability to markets including the United Kingdom, Germany and Canada during the coming season.

Kelly described the U.S. COVID-19 vaccine market as primarily consumer- and retail-driven, saying more than 85% of vaccinations are administered through retail channels. He said Novavax expects Sanofi’s direct-to-consumer campaign and retail presence to support a multi-year effort to establish the protein-based vaccine option in the market.

Novavax said the vaccine Sanofi plans to distribute matches the strain selections of U.S. and other regulators, and Jacobs said the company remains on track to deliver doses to Sanofi.

Matrix-M partnerships broaden into oncology Management emphasized expanding interest in Matrix-M, the company’s saponin-based adjuvant. Jacobs said four of the world’s 10 largest pharmaceutical companies now have licensing or material transfer agreements involving Matrix-M. Licensed partners and material transfer agreement holders collectively have rights to more than 30 areas of experimentation in infectious disease and oncology, according to the company.

O’Hara said Novavax executed a material transfer agreement during the second quarter with a leading global pharmaceutical company active in immuno-oncology for therapeutic cancer-vaccine applications. She said cancer-vaccine programs may generate meaningful clinical data and development milestones more quickly than infectious-disease vaccines because trials typically enroll patients with active disease.

Head of R&D Bob Walker said Novavax is increasingly focused on Matrix-M’s possible oncology applications. A study published by Novavax in npj Vaccines showed that Matrix-M supports antigen cross-presentation and downstream CD8 T-cell activation, he said. Walker also cited Stanford research published in Science Advances on saponin adjuvants used alone or with innate immune stimulators.

Novavax is conducting internal oncology research across multiple target types and expects partner work to add independent data sets. Jacobs said the company believes Matrix-M “as it stands today” may have potential in oncology, while Novavax is also evaluating other approaches that could expand its use across both oncology and infectious disease.

C. difficile program advances Novavax said it initiated good manufacturing practice production and pre-investigational new drug interactions with the FDA for its multivalent C. difficile vaccine candidate. Walker said the company remains on track for potential clinical entry as early as 2027.

The candidate is intended to cover most circulating C. difficile clades and ribotypes, according to Walker. In response to analyst questions, he said Novavax is generally pursuing preventive vaccines and that Phase I plans are not being disclosed in detail, beyond describing the study as a standard dose-escalation effort focused on safety.

Walker also said preclinical models have shown evidence that the candidate could induce mucosal immunity, although the company will discuss the finding further if it is observed in human studies.

Updated 2026 outlook and cost targets Novavax raised its 2026 adjusted total revenue framework to $235 million to $275 million, from a prior midpoint that was $5 million lower. The midpoint of $255 million reflects a $5 million increase in adjusted supply sales, a $10 million increase in other partner-related revenue, and a $10 million reduction in partner R&D reimbursements as Novavax completes obligations more efficiently.

The company expects most remaining 2026 revenue to arrive in the fourth quarter, driven by the COVID-19 vaccine season. Its adjusted revenue framework excludes Sanofi supply sales, royalties and milestones.

Novavax also reduced its midpoint guidance for combined 2026 GAAP R&D and SG&A expenses by $10 million to $390 million. It reiterated expected non-GAAP R&D and SG&A expenses, net of partner reimbursements, of $325 million at the midpoint.

Looking to 2028, the company continues to target combined non-GAAP R&D and SG&A expenses of $150 million to $200 million, non-GAAP profitability as early as 2028, and repayment of pandemic-era advance purchase agreement liabilities by the first quarter of 2029. Kelly said Novavax anticipates reducing headcount to less than half of its first-quarter 2026 level and is exploring a reduction of more than 50% in its operating footprint.

About Novavax (NASDAQ:NVAX)Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company's lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Novavax (NVAX - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.

Novavax is a member of our Medical group, which includes 914 different companies and currently sits at #6 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Novavax is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for NVAX's full-year earnings has moved 6.7% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the latest available data, NVAX has gained about 14.6% so far this year. In comparison, Medical companies have returned an average of 0.9%. This means that Novavax is outperforming the sector as a whole this year.

Addus HomeCare (ADUS - Free Report) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 8.5%.

For Addus HomeCare, the consensus EPS estimate for the current year has increased 0% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

To break things down more, Novavax belongs to the Medical - Biomedical and Genetics industry, a group that includes 439 individual companies and currently sits at #106 in the Zacks Industry Rank. This group has gained an average of 3.5% so far this year, so NVAX is performing better in this area.

On the other hand, Addus HomeCare belongs to the Medical - Outpatient and Home Healthcare industry. This 14-stock industry is currently ranked #72. The industry has moved +20.4% year to date.

Novavax and Addus HomeCare could continue their solid performance, so investors interested in Medical stocks should continue to pay close attention to these stocks.

Reported total revenue of $57 million for the second quarter of 2026 and raised full-year 2026 Revenue Framework Improved GAAP Combined R&D and SG&A expense guidance by $10 million at mid-point  Sanofi confirmed with Novavax that they are in advanced discussions with regulators regarding their Phase 3 COVID-19-Influenza Combination trial timing and intend to be among the first movers in the combination vaccine segment Completion of manufacturing technology transfer to Sanofi expected in mid-2027 and would trigger a $75 million milestone payment to Novavax Multiple partner-led experiments with Matrix-M are currently underway in a wide array of infectious disease and oncology targets On track to advance C. difficile vaccine program into the clinic as early as 2027 , /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced its financial results and operational highlights for the second quarter ended June 30, 2026.

"We're encouraged by the momentum we're seeing across our business as we continue to advance our strategy," said John C. Jacobs, President and Chief Executive Officer, Novavax. "As we enter the second half of 2026 and prepare for next year, we believe we are well positioned to deliver several important partner milestones while we advance our internal R&D programs and progress our MTA collaborations. This continued progress reinforces our confidence in our strategy and the potential to drive vaccine innovation to create meaningful value for our shareholders."

Second Quarter 2026 and Recent Highlights

Key Business Highlights

Sanofi partnership continues to advance, supporting significant potential near- and long-term value creation. Sanofi confirmed with Novavax they intend to be among the first movers in the combination vaccine segment and that they are in advanced discussions with regulators regarding their Phase 3 COVID-19-Influenza Combination (CIC) trial timing. Initiation of this trial in the U.S. or European Union will trigger a $125 million milestone to Novavax. Manufacturing technology transfer to Sanofi for Nuvaxovid™ is expected to be completed in mid-2027, which would trigger a $75 million milestone payment to Novavax. Sanofi is expanding the commercial reach of Nuvaxovid through broader commercial activities in the U.S. and launches in the United Kingdom, Germany and Canada from 2026 onwards, with Novavax eligible to receive royalties in the high teens to low twenties as a percentage of Sanofi's global net sales. Sanofi received Fast Track designation from the U.S. Food and Drug Administration (FDA) for its H5 pandemic influenza vaccine candidate (SP0335) utilizing Matrix-M®. A growing body of scientific evidence supports Matrix-M's utility in oncology and infectious disease. Multiple scientific evaluations by partners and potential partners are underway, enabling future licensing opportunities. Advanced Novavax's differentiated C. difficile vaccine candidate into pre-IND interactions with the FDA and initiated GMP manufacturing process, supporting potential clinical entry as early as 2027. Second Quarter 2026 Total Revenue

$ in millions

Q2 2026

Q2 2025

Change

%

Nuvaxovid Sales 1

$          0

$          (2)

$            2

N/A

Supply Sales 2

19

13

6

47 %

Product Sales

19

11

8

76 %

Sanofi 3

36

199

(164)

(82 %)

Takeda

0

27

(27)

(99 %)

Serum

2

2

0

N/A

Licensing, Royalties
and Other Revenue

38

229

(191)

(83 %)

Total Revenue

$        57

$       239

$       (183)

(76 %)

Notes

1.

Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of its COVID-19 vaccine.

2.

Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners.

3.

Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement.

Second Quarter 2026 Financial Results

Total revenue for the second quarter of 2026 was $57 million, a 76% decrease compared to $239 million in the same period in 2025. The prior year's second quarter 2025 total revenue included the benefit of $202 million from the combination of a $175 million milestone earned for the Nuvaxovid U.S. Biologics License Application (BLA) approval and a $27 million Takeda amendment. Product sales of $19 million in the second quarter of 2026 were 76% higher than the same period in 2025 due to higher Matrix-M adjuvant demand and sales to license partners. Cost of sales for the second quarter of 2026 were $14 million, compared to $15 million in the same period in 2025.
  Research and development (R&D) expenses for the second quarter of 2026 were $71 million, compared to $79 million in the same period in 2025. R&D expenses reimbursed by partners in the second quarter of 2026 were $23 million. Non-GAAP R&D expenses, net of partner reimbursement, were $48 million in the second quarter of 2026, a 34% decrease when compared to $73 million in the same period in 2025. The lower Non-GAAP R&D expenses were driven by the ongoing Novavax cost reduction program as it streamlines operations and makes targeted R&D investments. Selling, general and administrative expenses (SG&A) expenses for the second quarter of 2026 were $27 million, a 39% decrease compared to $44 million for the same period in 2025. The decrease was primarily due to the transition of lead commercial activities to Sanofi and the elimination of commercial infrastructure plus the ongoing general administrative cost reduction program.  Net loss for the second quarter of 2026 was $53 million, compared to net income of $107 million in the same period in 2025. The prior years, second quarter of 2025 net income benefited from $202 million from a combination of a $175 million milestone earned for the Nuvaxovid U.S. BLA approval and a $27 million Takeda amendment. Cash, cash equivalents, marketable securities and restricted cash (Cash) were $724 million as of June 30, 2026, compared to $751 million as of December 31, 2025. Financial Framework

Improves Full Year 2026 Financial Guidance

Novavax improved its Full Year 2026 Financial Guidance by reducing Combined R&D and SG&A Expense guidance while maintaining Non-GAAP Combined R&D and SG&A Expense guidance and expects to achieve the following results:

$ in millions

Full Year 2026

(as of Aug 6, 2026)

Full Year 2026

(as of May 6, 2026)

Combined R&D and SG&A
Expenses

$370 - $410

$380 - $420

Less: R&D Reimbursements

($60 - $70)

($70 - $80)

Non-GAAP Combined R&D and
SG&A Expenses

$310 - $340

$310 - $340

Non-GAAP Combined R&D and SG&A Expenses exclude R&D Reimbursements, which are amounts reimbursed by Novavax's license partners. See "Non-GAAP Financial Measures" below. R&D Reimbursements are recorded as revenue under Licensing, Royalties and Other Revenue. 

Raises Full Year 2026 Revenue Framework

For 2026, Novavax raised its 2026 Revenue Framework and expects to achieve Adjusted Total Revenue4 to between $235 million and $275 million. Novavax transitioned lead commercial responsibility of Nuvaxovid beginning with the 2025-2026 COVID-19 vaccination season to Sanofi for select markets. Since Novavax is reliant on Sanofi's sales forecasts for certain revenue components, these are not included in the Full Year 2026 Revenue Framework.

$ in millions

Full Year 2026

(as of Aug 6, 2026)

Full Year 2026

(as of May 6, 2026)

Nuvaxovid Product Sales1

$35 - $45

$35 - $45

Adjusted Supply Sales2

$45 - $55

$40 - $50

Adjusted Licensing, Royalties and
Other Revenue3

$155 - $175

$155 - $175

Adjusted Total Revenue4

$235 - $275

$230 - $270

Sanofi Supply Sales, Sanofi Royalties
and Sanofi Milestones

No guidance

No guidance

Revenue Framework Footnotes

Revenue Category

Revenue Framework Footnotes

Nuvaxovid Product
Sales1

$35 million to $45 million in Nuvaxovid Product Sales by Novavax
under existing Advance Purchase Agreements and commercial
agreements. 

Adjusted Supply
Sales2

$45 million to $55 million in Adjusted Supply Sales associated with
collaborations with the Serum Institute on R21/Matrix-M™ and
collaboration partners for COVID-19 vaccine, including Serum and
Takeda and other partner related clinical and commercial supply
sales. 

Adjusted Licensing,
Royalties and Other
Revenue3 

•

$60 million to $70 million in R&D Reimbursement. Under the
Sanofi co-exclusive licensing agreement, Novavax is eligible to
receive reimbursement for costs incurred related to select R&D
and technology transfer activities during the transition
performance period.

•

$60 million to $70 million in Other Partner related revenue
including royalties and milestones from Pfizer, Serum on
R21/Matrix-M and collaboration partners for COVID-19 vaccine,
including Serum and Takeda. Includes a $30 million upfront
payment under the Pfizer agreement received in the first quarter
of 2026.

•

$35 million amortization related to the $500 million Upfront
Payment and the $50 million Database Lock Milestone. Revenue
recognition will occur over the transition performance period.

Adjusted Total
Revenue4

•

Adjusted Total Revenue is a Non-GAAP Financial Measure.
Adjusted Total Revenue is total revenue excluding Sanofi Supply
Sales, Sanofi Royalties and Sanofi Milestones. See "Non-GAAP
Financial Measures."

Components of Revenue excluded from the Full Year 2026 Revenue Framework are described below. 

Sanofi Supply Sales

Novavax will sell Nuvaxovid commercial supply to Sanofi for the 2026-2027 COVID-19 vaccination season and the reimbursement for this supply will be recorded as product sales. Sanofi Royalties

Sanofi will lead commercial activities for the 2026-2027 COVID-19 vaccination season in select markets, including the U.S. Novavax is eligible to receive royalties in the high teens to low twenties percent on Sanofi global net sales. Sanofi Milestones

Novavax is eligible to receive up to $350 million in Phase 3 development and commercial launch milestone payments associated with Sanofi CIC products. For each new vaccine using Matrix-M, Novavax is eligible to receive up to $200 million in launch and sales milestones and mid-single digit sales royalties for 20 years. Conference Call
Novavax will discuss second quarter 2026 financial results and operational highlights at 8:30 a.m. Eastern Time on Thursday, August 6, 2026. Dial-in information can be found here. A webcast of the conference call can also be accessed on the Novavax website at ir.novavax.com/events.

About Novavax
Novavax, Inc. (Nasdaq: NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M adjuvant and protein-based nanoparticles. The Company's corporate growth strategy is designed to deliver value via three key strategic pillars: partnering its technology, targeted and capital-efficient R&D innovation and a lean and efficient operating model. This includes maximizing impact through partnerships for its marketed products (Nuvaxovid, R21/Matrix-M), Matrix technology and R&D assets. Please visit novavax.com and LinkedIn for more information.

Non-GAAP Financial Measures
The Company presents the following non-GAAP financial measures in this press release: Non-GAAP Combined R&D and SG&A Expenses, Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that the presentation of these adjusted financial measures is useful to investors as they provide additional information on comparisons between periods by including certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes and to consider underlying trends of its business. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Our use of non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. The Company is unable to reconcile these revenue forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable effort because the Company is reliant on Sanofi sales forecasts for certain revenue categories, which are not available.

Forward-Looking Statements
This press release contains forward-looking statements relating to the future of Novavax, its mission; its corporate strategy and operating plans, objectives and prospects; its value drivers and strategic priorities; its partnerships, including expectations with respect to potential partner product sales and royalties, milestones and other commercial objectives, and cost reimbursement, Matrix-M's potential utility in partners' vaccine portfolios and plans for additional potential partnering activities; the development of Novavax's clinical and preclinical product candidates and pipeline advancement opportunities the conduct, timing and potential results from clinical trials, conducted by Novavax or its partners, ; expectations as to the timing and outcome of future and pending regulatory filings and actions; full year 2026 financial guidance and revenue framework; and Novavax's future financial or business performance. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, Novavax's ability to successfully and timely obtain and maintain full U.S. FDA licensure or foreign regulatory approvals necessary to manufacture, market, distribute, or deliver its COVID-19 vaccine; the impact of delays in obtaining regulatory approval, including regulatory decisions impacting labeling, approval or authorization, including the scope of the indicated population, product dosage, manufacturing processes, shelf life, safety, for our product candidates; challenges in conducting the PMC study, our ability to obtain adequate additional funding to maintain our current level of operations and fund the further development of our vaccine candidates; challenges related to Novavax's partnership with Sanofi, including collaboration on the Nuvaxovid PMC, and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification, assay validation and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for its product candidates; manufacturing, distribution or export delays or challenges; Novavax's substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co-formulation and filling Novavax's COVID-19 vaccine and the impact of any delays or disruptions in their operations; the impact of potential legislative, regulatory, or policy changes under the current presidential administration, including any adverse impact funding for vaccine research and development, reimbursement for vaccines and their administration, vaccine mandates and recommendations, and public perception of vaccine importance; uncertainty with respect to pricing, third-party reimbursement and healthcare reform; uncertainty in the regulatory pathway for Novavax's COVID -19 Vaccine; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import restrictions, and export licensing requirements; difficulty obtaining scarce raw materials and supplies including for its proprietary adjuvant; resource constraints, including human capital and manufacturing capacity; constraints on Novavax's ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; Novavax's ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of its COVID-19 vaccine or any COVID-19 variant strain containing formulation, or for its CIC vaccine candidates, stand-alone influenza vaccine candidates or other candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities, including requirements to deliver doses that may require Novavax to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements; challenges related to the seasonality of vaccinations against COVID-19; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities; Novavax's expectations as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than its assumptions; and those other risk factors identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Novavax's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov and www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

NOVAVAX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

(unaudited)

(unaudited)

Revenue:

   Product sales

$        18,854

$       10,724

$           61,054

$      632,402

   Licensing, royalties and other

37,844

228,516

135,158

273,493

Total revenue

56,698

239,240

196,212

905,895

Expenses:

   Cost of sales

14,246

15,325

44,941

29,439

   Research and development

70,693

79,233

166,165

168,170

   Selling, general and administrative

26,665

43,612

55,442

91,702

Total expenses

111,604

138,170

266,548

289,311

Income (loss) from operations

(54,906)

101,070

(70,336)

616,584

Other income (expense):

   Interest expense

(5,689)

(5,518)

(10,590)

(11,241)

   Other income, net

8,919

11,902

20,744

21,957

Income (loss) before income tax expense

(51,676)

107,454

(60,182)

627,300

   Income tax expense

1,711

946

2,696

2,146

Net income (loss)

$       (53,387)

$     106,508

$         (62,878)

$      625,154

Net income (loss) per share:

  Basic

$           (0.32)

$           0.66

$             (0.38)

$            3.87

  Diluted

$           (0.32)

$           0.62

$             (0.38)

$            3.55

Weighted average number of common shares outstanding:

  Basic

164,574

162,019

163,929

161,536

  Diluted

164,574

177,215

163,929

177,410

SELECTED CONSOLIDATED BALANCE SHEET DATA

(in thousands)

June 30, 2026

December 31, 2025

(unaudited)

Cash and cash equivalents

$                  191,458

$                  240,634

Marketable securities

527,882

494,450

Total restricted cash

4,582

15,418

Total current assets

771,098

978,276

Working capital

440,524

518,326

Total assets

955,575

1,176,512

Long-term debt

291,490

244,213

Total stockholders' deficit

(190,707)

(127,753)

NOVAVAX, INC.

Reconciliation of GAAP to NON-GAAP Financial Results

(unaudited)

Three Months Ended

Six Months Ended

($ in millions)

June 30,

June 30,

2026

2025

2026

2025

R&D Expenses

$70.7

$79.2

$166.2

$168.2

Adjustments:

R&D Reimbursement

22.6

6.5

50.3

17.7

Non-GAAP R&D Expenses

$48.1

$72.8

$115.9

$150.4

Combined R&D and SG&A Expenses

$97.4

$122.8

$221.6

$259.9

Adjustments:

R&D Reimbursement

22.6

6.5

50.3

17.7

Non-GAAP Combined R&D and SG&A
Expenses

$74.8

$116.4

$171.3

$242.1

Contacts:

Investors
Naina Zaman
240-410-5353
[email protected]

Media

Yvonne Sprow
844-264-8571
[email protected]

SOURCE Novavax, Inc.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced that the Company plans to release its second quarter 2026 financial results before the open of the U.S. financial markets on Thursday, August 6, 2026. Following the release, Company management will host a webcast and conference call at 8:30 a.m. Eastern Time (ET) to discuss financial results and operational highlights.

Conference call details:

Date:

August 6, 2026

Time:

8:30 a.m. ET

URL to register phone:

Register Here

Dial-in number:

(+1) 888-880-3330 (U.S.) or (+1) 646-357-8766 (International)

Webcast:

The live webcast can be accessed at ir.novavax.com/events

Participants can join the conference call without operator assistance by registering and entering their phone number with the above URL to receive an instant automated call back. Participants can also dial direct to be entered into the call by an operator and will be prompted to request to join the Novavax, Inc. call. To ensure a timely connection, it is recommended that participants join at least 10 minutes prior to the scheduled start time. A replay of the webcast will be available at ir.novavax.com/events and over the phone approximately two hours after the event:

Replay dial-in number:

(+1) 800-770-2030 (U.S.) or (+1) 609-800-9909 (International)

Passcode:

9097916#

About Novavax
Novavax, Inc. (Nasdaq: NVAX) tackles some of the world's most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M® adjuvant and protein-based nanoparticles. The Company's corporate growth strategy is designed to deliver value via three key strategic pillars: partnering its technology, capital-efficient research and development (R&D) innovation and a lean and efficient operating model. This includes maximizing impact through partnerships for its marketed products (Nuvaxovid™, R21/Matrix-M™), Matrix technology and R&D assets. Please visit novavax.com and LinkedIn for more information. 

Contacts:

Investors
Naina Zaman 
844-668-2829 
[email protected] 

Media 
Yvonne Sprow 
844-264-8571 
[email protected] 

SOURCE Novavax, Inc.

Also from this source

Novavax (NVAX - Free Report) closed at $7.37 in the latest trading session, marking a -1.6% move from the prior day. This move lagged the S&P 500's daily gain of 0.21%. Meanwhile, the Dow experienced a rise of 1.03%, and the technology-dominated Nasdaq saw a decrease of 0.22%.

The stock of vaccine maker has fallen by 19.98% in the past month, lagging the Medical sector's loss of 0.43% and the S&P 500's gain of 1.7%.

The upcoming earnings release of Novavax will be of great interest to investors. The company is predicted to post an EPS of -$0.36, indicating a 158.06% decline compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $50.04 million, down 79.08% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.19 per share and a revenue of $371.85 million, signifying shifts of -107.36% and -66.9%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Novavax. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Novavax is currently sporting a Zacks Rank of #1 (Strong Buy).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 92, finds itself in the top 38% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Novavax (NVAX - Free Report) ended the recent trading session at $7.88, demonstrating a -4.02% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.

Prior to today's trading, shares of the vaccine maker had lost 10.08% lagged the Medical sector's gain of 6.06% and the S&P 500's gain of 0.55%.

The upcoming earnings release of Novavax will be of great interest to investors. The company's upcoming EPS is projected at -$0.36, signifying a 158.06% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $50.04 million, down 79.08% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.19 per share and a revenue of $371.85 million, representing changes of -107.36% and -66.9%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Novavax. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Novavax currently has a Zacks Rank of #1 (Strong Buy).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 40% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Novavax (NVAX - Free Report) ended the recent trading session at $9.35, demonstrating a -1.16% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.28%. Meanwhile, the Dow lost 1.09%, and the Nasdaq, a tech-heavy index, added 0.2%.

Prior to today's trading, shares of the vaccine maker had gained 9.11% outpaced the Medical sector's gain of 7.8% and the S&P 500's gain of 1.64%.

The upcoming earnings release of Novavax will be of great interest to investors. The company is forecasted to report an EPS of -$0.36, showcasing a 158.06% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $50.04 million, down 79.08% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.19 per share and a revenue of $371.85 million, representing changes of -107.36% and -66.9%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Novavax. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Novavax holds a Zacks Rank of #1 (Strong Buy).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 110, putting it in the top 45% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Novavax (NVAX - Free Report) closed at $8.90 in the latest trading session, marking a -1.17% move from the prior day. This change lagged the S&P 500's 0.1% loss on the day. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq lost 0.43%.

The stock of vaccine maker has fallen by 13.96% in the past month, lagging the Medical sector's gain of 1.97% and the S&P 500's loss of 1.34%.

Investors will be eagerly watching for the performance of Novavax in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.36, marking a 158.06% fall compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $50.04 million, indicating a 79.08% downward movement from the same quarter last year.

NVAX's full-year Zacks Consensus Estimates are calling for earnings of -$0.19 per share and revenue of $371.85 million. These results would represent year-over-year changes of -107.36% and -66.9%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Novavax. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, Novavax is carrying a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. With its current Zacks Industry Rank of 158, this industry ranks in the bottom 36% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NVAX in the coming trading sessions, be sure to utilize Zacks.com.

Novavax (NVAX - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this vaccine maker have returned -2.3% over the past month versus the Zacks S&P 500 composite's +0.1% change. The Zacks Medical - Biomedical and Genetics industry, to which Novavax belongs, has gained 0.5% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Novavax is expected to post a loss of $0.36 per share, indicating a change of -158.1% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The consensus earnings estimate of -$0.19 for the current fiscal year indicates a year-over-year change of -107.4%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.26 indicates a change of -40.5% from what Novavax is expected to report a year ago. Over the past month, the estimate has remained unchanged.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Novavax.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Novavax, the consensus sales estimate of $50.04 million for the current quarter points to a year-over-year change of -79.1%. The $371.85 million and $297.74 million estimates for the current and next fiscal years indicate changes of -66.9% and -19.9%, respectively.

Last Reported Results and Surprise HistoryNovavax reported revenues of $139.51 million in the last reported quarter, representing a year-over-year change of -79.1%. EPS of -$0.06 for the same period compares with $2.93 a year ago.

Compared to the Zacks Consensus Estimate of $69.51 million, the reported revenues represent a surprise of +100.7%. The EPS surprise was +76%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Novavax is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Novavax. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.