Track market-moving stories before they get noisy

In the latest trading session, Novavax (NVAX - Free Report) closed at $9.42, marking a +1.29% move from the previous day. This move outpaced the S&P 500's daily gain of 0.86%. Meanwhile, the Dow experienced a rise of 0.98%, and the technology-dominated Nasdaq saw an increase of 0.96%.

Shares of the vaccine maker have appreciated by 14.25% over the course of the past month, outperforming the Medical sector's loss of 2.34%, and the S&P 500's loss of 1.96%.

The investment community will be closely monitoring the performance of Novavax in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.22, reflecting a 64.52% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $42.96 million, down 39.01% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.47 per share and a revenue of $357.88 million, signifying shifts of -118.22% and -68.15%, respectively, from the last year.

Investors should also note any recent changes 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.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.

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. Within the past 30 days, our consensus EPS projection has moved 10.12% lower. At present, Novavax boasts a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 167, positioning it in the bottom 33% 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.

Analysts Think These Stocks Could More Than Double in ValueNovavax NASDAQ: NVAX outlined its strategy to expand the use of its Matrix-M adjuvant platform through licensing partnerships, internal research programs and commercialization alliances, with management highlighting progress in infectious disease vaccines and early oncology work at the Cantor Healthcare Conference.

Chief Executive Officer John Jacobs said the company has shifted over the past three years from a business centered on commercializing its COVID-19 vaccine to one focused on licensing its technology to larger pharmaceutical partners while maintaining selective internal research and development efforts.

Get Novavax alerts:

Is Biotech’s Bull Run Over? Examining Election ImpactsJacobs said Novavax has reduced its expense base by 80% to 90% over that period while retaining key capabilities and establishing a cash runway of more than two years. The company formally launched its updated strategy in January 2025, he said.

Partner activity and Matrix-M platform Jacobs said four of the world’s 10 largest pharmaceutical companies are now working with Novavax, including direct license partners Sanofi and Pfizer, as well as companies operating under material transfer agreements, or MTAs. Under MTAs, partners gain access to Novavax technology for experimentation in their own laboratories.

Moderna Dips on Q2 Earnings But Can It Rip on a Short Squeeze?According to Jacobs, one newly signed top-10 pharmaceutical partner is also a global oncology leader. Across its partnerships, Novavax currently has about 30 distinct areas of exploration spanning infectious diseases, oncology targets, tumor types, viral and bacterial diseases, and vaccine platforms.

Bob Walker, Novavax’s head of research and development, described Matrix-M as a saponin-based adjuvant currently used in two commercially available vaccines: Nuvaxovid, the company’s COVID-19 vaccine, and the R21 malaria vaccine. He said R21 is World Health Organization pre-qualified and has been administered to millions of children in Africa.

Walker said the company has safety and tolerability experience from tens of millions of people who have received Matrix-M-containing vaccines. He also said the adjuvant can be antigen-sparing, allowing a lower dose of antigen while seeking the same immune benefit, which may offer manufacturing and production-cost advantages.

Novavax is evaluating Matrix-M in difficult-to-treat or difficult-to-prevent infectious diseases, including a C. difficile vaccine candidate that Walker said the company is working to advance into the clinic. Jacobs said the candidate could enter the clinic as early as next year.

Oncology research plans Management also emphasized the company’s oncology ambitions. Walker said the research focus is on using Matrix-M to help convert “cold” tumors into tumors that are more accessible to the immune system. He said Matrix-M can activate both antibody responses and cell-mediated T-cell responses, including CD8 cells that play a role in tumor-directed immunity.

Novavax is conducting work in tumor models associated with head and neck cancer, colorectal cancer, pancreatic cancer and melanoma, Walker said. The company is studying Matrix-M used with tumor antigens to induce targeted immune responses. Partners are also conducting preclinical work in their respective areas of investigation.

Walker said Novavax expects to receive both internal and partner-generated preclinical data in the coming months, adding that the company has seen early signs it considers encouraging.

Nuvaxovid commercialization and combination vaccine opportunity Chief Financial Officer Jim Kelly said Sanofi is Novavax’s lead commercialization partner for Nuvaxovid in the United States, Europe, Canada and other major markets, while Takeda remains its partner in Japan. Kelly said Nuvaxovid shipments to U.S. retail locations occurred over the preceding weekend, following late-August approvals that were in line with other COVID-19 vaccines.

Kelly estimated the global COVID-19 vaccine market in 2026 at roughly $5 billion, with an approximately even split between the U.S. and international markets. He said the influenza market is valued at about $5 billion to $6 billion and that a combined COVID-19 and flu market could exceed $10 billion.

Sanofi is promoting Nuvaxovid availability across retail channels and has begun a digital direct-to-consumer program for people seeking a protein-based COVID-19 vaccine option, Kelly said. He added that Sanofi has released data from its COMPARE study, while Novavax previously presented results from the SHIELD-Utah study related to Nuvaxovid tolerability.

Management said Sanofi is in advanced discussions with regulators regarding pivotal Phase III studies for COVID-19 and flu combination products. Kelly said Novavax expects Sanofi to advance late-stage programs, though he noted Novavax does not speak for its partner.

Financial milestones Kelly said Novavax has received $800 million in upfront payments and milestones from its Pfizer and Sanofi agreements over the past three years. The company has stated an objective of reaching non-GAAP profitability as early as 2028, which Kelly said would imply revenue of more than $150 million under its guided cost structure.

He identified $200 million in potential Sanofi-related milestones, including $75 million tied to a Nuvaxovid manufacturing technology transfer that Novavax expects by mid-next year and $125 million upon Sanofi initiating a pivotal Phase III combination-vaccine study in the U.S. or Europe.

Looking ahead a year, Jacobs said Novavax would seek evidence of continued execution by Sanofi and other partners, additional partnerships, growth in Nuvaxovid market share, and proof-of-concept oncology data supporting Matrix-M’s potential role in cancer immunotherapy.

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].

Should You Invest $1,000 in Novavax Right Now?Before you consider Novavax, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Novavax wasn't on the list.

While Novavax currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

A strong long-term portfolio starts with companies that can survive recessions, inflation, changing consumer habits, and shifting market leadership.

This report names seven blue-chip stocks across technology, retail, consumer staples, healthcare, networking, sporting goods, and utilities that offer investors a mix of stability, income, growth, and staying power.

Get This Free Report

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

GAITHERSBURG, Md., Sept. 2, 2026 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced that company management will participate in the following upcoming investor conferences: 2026 Cantor Global Healthcare Conference, New YorkFireside chat on Wednesday, September 9, 2026, at 9:45 a.m.

Retail traders are piling into Novavax on cancer-vaccine speculation, but the move that actually changed the company's business model happened quietly last week and has nothing to do with oncology.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Retail traders are treating Novavax as a cancer-vaccine play today, but the price action shows a single-name bid rather than a sector move. Novavax (NASDAQ:NVAX) stock is up 6% to $9.90 in midday trading. Shares of NVAX were up 39% year to date through Monday’s close, and today’s gain extends that run.

The iShares Biotechnology ETF (NASDAQ:IBB) is up 0.2% to $209.41, barely higher on the session. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.69% to $761.73. That combination places a 6% single-name gain outside anything happening to biotechnology as a group.

Fellow mRNA vaccine names Moderna (NASDAQ:MRNA | MRNA Price Prediction) and BioNTech SE (NASDAQ:BNTX) aren’t moving in coordinated sympathy, either. Speculative positioning and momentum in a low-priced name look like the mechanism doing the work, since no verified Novavax announcement dated today ties Matrix-M to a new deal.

What Actually Verified Last Week Novavax announced on August 28 that its partners received approvals for the XFG-adapted formulation of Nuvaxovid in the United States, the European Union and Japan for the 2026-2027 vaccination season. Those approvals make Novavax eligible for continued royalties on partner net sales without the company carrying commercial infrastructure of its own.

Sanofi (NASDAQ:SNY) is Novavax’s largest partner and leads Nuvaxovid commercial activities across most major markets, with an expanded U.S. marketing campaign and launches in Germany and Canada. Takeda Pharmaceutical (NYSE:TAK) commercializes the vaccine in Japan, where Nuvaxovid was the second-most used COVID-19 vaccine in the 2025-2026 season.

President and CEO John C. Jacobs framed the value proposition directly, stating: “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.” The royalty structure disclosed in prior filings makes Novavax eligible for royalties in the high-teens to low-twenties % on Sanofi global net sales, along with mid-single-digit royalties for 20 years on each new Matrix-M vaccine.

The approvals followed Novavax’s Q2 2026 earnings on August 6, when the company reported revenue of $56.7 million, product sales up 76% year over year on Matrix-M adjuvant demand, and a raised 2026 adjusted total revenue framework of $235 million to $275 million.

The Matrix-M Oncology Speculation Matrix-M is Novavax’s proprietary adjuvant, designed to strengthen and broaden the immune response, and it already appears in globally approved vaccines including the R21/Matrix-M malaria vaccine. That platform breadth is what retail traders on Stocktwits are extrapolating toward possible oncology applications, and it fits into a market that has been assigning premiums to platform validation stories elsewhere in biotech.

Novavax has disclosed that its partners are running experiments across over 30 areas of experimentation spanning infectious disease and oncology, and four of the top 10 global pharmaceutical companies now hold Matrix-M licensing or material transfer agreements. One recent agreement is with a leading global pharmaceutical company who is also a top player in immuno-oncology exploring therapeutic cancer vaccine applications, though each material transfer agreement remains exploratory.

Retail traders are treating that framework as evidence that a cancer-vaccine deal is imminent, though what Novavax has actually disclosed is exploratory experimentation and partner interest. The same retail conversation carries frustration with how little management has communicated on the oncology angle, and no verified Novavax announcement dated today ties Matrix-M to a new deal.

What to Watch Now The useful distinction for investors sizing their exposure here is between a royalty stream tied to a seasonal vaccine, which is a modest but real revenue line already switched back on for the 2026-2027 season, and an oncology partnership, which is an unpriced possibility with no announced timeline. Today’s buyers of Novavax stock appear to be paying more for the second, and that carries meaningfully more risk than the seasonal royalty case that actually verified last week.

Investors can watch for confirmation of the Sanofi Phase 3 COVID-19-influenza combination trial initiation, which would trigger a $125 million milestone payment, along with the manufacturing technology transfer expected in mid-2027 and its associated $75 million milestone. Both are calendar events with defined economics attached, and both are cleaner catalysts than platform speculation.

Novavax stock at $9.90 remains a small-cap biotech with a beta of 2.4, so traders should keep their positions calibrated to that volatility and their risk tolerance measured against the chance that today’s speculative bids fade as fast as they arrive. Position sizing on a name like this matters more than any near-term direction call, especially with the sector fund barely moving around it.

Contact [email protected] for any questions or corrections.

The $25k Day Trading Barrier is Gone. It's Time to Put Your Capital to Work.

For years, the PDT rule put a major roadblock in front of active traders. The barrier is no longer standing in the way.

But having more freedom doesn't mean every trade is worth taking. 

With Dynamite Day Trading Signals, you'll receive up to 2 options trade alerts per week, each targeting 50%+ gains in a single session.

NO holding positions overnight.

NO waiting weeks for a trade to develop.

Just focused options trades designed to capitalize on opportunities as they emerge.

👉 Get Access to Dynamite Day Trading Signals

Novavax's Partnership Strategy Continues to Deliver with XFG-adapted Nuvaxovid™ Approvals in the U.S., EU and Japan for 2026-2027 Vaccination Season PR Newswire

GAITHERSBURG, Md., Aug. 28, 2026

COVID-19 remains a public health challenge, particularly among older adults and high-risk populations1Novavax'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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/novavaxs-partnership-strategy-continues-to-deliver-with-xfg-adapted-nuvaxovid-approvals-in-the-us-eu-and-japan-for-2026-2027-vaccination-season-302862775.html

SOURCE Novavax, Inc.

Key Takeaways NVAX beat Q2 earnings and revenue estimates despite a sharp year-over-year decline in total revenues.Novavax raised its 2026 adjusted revenue outlook and lowered combined R&D and SG&A expense guidance.NVAX highlighted potential Sanofi milestone payments and progress in Matrix-M and C. Diff vaccine programs. Novavax (NVAX - Free Report) incurred a loss of 32 cents per share in the second quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 36 cents. In the year-ago quarter, the company had recorded earnings per share (EPS) of 62 cents, driven by milestone-related payments.

Quarterly revenues totaled $56.7 million, down 76% year over year. Yet, this metric beat the Zacks Consensus Estimate of $50 million.

Shares of Novavax have increased 14% so far this year compared with the industry’s 4% growth.

Image Source: Zacks Investment Research

NVAX's Revenue Mix Shifts Toward PartnersAs the company’s partner, Sanofi (SNY - Free Report) , has assumed commercial responsibility for marketing its COVID-19 vaccine Nuvaxovid, it did not record any direct product sales. Novavax recorded supply sales worth $19 million, up 47% year over year, supported by higher demand for the Matrix-M adjuvant from partners as well as COVID-19 supply to its license partners.

Licensing, royalties and other revenues fell 83% to $37.8 million, almost entirely generated from Sanofi. The prior-year quarter benefited from a $175 million milestone payment from SNY and $27 million received from Takeda.

Novavax Cuts Costs as Operating Model Gets LeanerResearch and development (R&D) expenses declined 11% year over year to $70.7 million. This figure does not include the $22.6 million of R&D reimbursement from Sanofi.

Selling, general and administrative (SG&A) expenses fell 39% to $26.7 million, primarily due to the transition of lead commercial activities to Sanofi and the elimination of Novavax’s commercial infrastructure.

As of June 30, 2026, Novavax had $724 million in cash and cash equivalents compared with $795 million in the previous quarter.

NVAX Improves 2026 OutlookWith 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 raised its adjusted total revenue outlook to $235-$275 million from $230-$270 million. The framework excludes Sanofi supply sales, royalties and milestones.

NVAX lowered its 2026 combined R&D and SG&A expense guidance to $370-$410 million from $380-$420 million. Expected R&D reimbursements from Sanofi were revised to $60-$70 million from $70-$80 million.

The company reiterated that adjusted combined R&D and SG&A expenses, net of partner reimbursements, are expected in the $150-$200 million range in 2028.

NVAX Sees Sanofi Milestones AheadSanofi is in advanced discussions with regulators regarding the timing of a phase III study on its COVID-19-influenza combination vaccine. Initiation of the study in the United States or the European Union would trigger a $125 million milestone payment to Novavax.

The Nuvaxovid manufacturing technology transfer to Sanofi is expected to be completed in mid-2027, triggering another $75 million milestone. Management expects that payment to extend the company's cash runway from 2028 into 2029.

Novavax Advances Matrix-M and C. Diff ProgramsThe company emphasized that four of the top 10 pharmaceutical companies now have licensing agreements or material transfer agreements involving Matrix-M. This includes a non-exclusive agreement signed with Pfizer (PFE - Free Report) earlier this year. Multiple partner-led experiments are underway across infectious disease and oncology, including a recent oncology MTA with a leading global pharmaceutical company.

The company also advanced its multivalent Clostridium difficile colitis (C. Diff.) vaccine candidate into pre-IND interactions with the FDA and initiated GMP manufacturing. The program remains on track for potential clinical entry as early as 2027, while the next tranche of Matrix-M data from evaluations with commercial vaccines is expected by early 2027.

NVAX’s Zacks RankNovavax currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Novavax, Inc. (NVAX) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT

Company Participants

Naina Zaman
John Jacobs - President, CEO & Director
Elaine O'Hara - Executive VP & Chief Strategy Officer
Robert Walker - Executive VP and Head of Research & Development
James Kelly - Executive VP, CFO & Treasurer

Conference Call Participants

Nabeel Nissar - Jefferies LLC, Research Division
Paul Kuhn - TD Cowen, Research Division
Pete Stavropoulos - Cantor Fitzgerald & Co., Research Division
Alec Stranahan - BofA Securities, Research Division
Thomas Shrader - BTIG, LLC, Research Division
Hardik Parikh - JPMorgan Chase & Co, Research Division
Mayank Mamtani - B. Riley Securities, Inc., Research Division

Presentation

Operator

Thank you for standing by, everyone. My name is Jim, and I'll be your conference operator for today. I would like to welcome everyone to the Novavax Second Quarter 2026 Financial Results and Operational Highlights Conference Call. [Operator Instructions] It's now my pleasure to turn the floor over to Naina Zaman. You may begin.

Naina Zaman

Good morning, and thank you all for joining us today to discuss our second quarter financial results and operational highlights today on August 6, 2026. A press release announcing our results is available on our website at www.novavax.com, and an audio archive of this conference call will be available on our website later today.

Before we begin with prepared remarks, I would like to remind you that this presentation includes forward-looking statements regarding Novavax's current expectations related to, but not limited to, its partnerships, market opportunities and financial guidance. Our actual results may be materially different from such statements as detailed in the presentation. Discussions of non-GAAP figures and reconciliations to GAAP figures are available in our earnings press release and descriptions of the risks and uncertainties associated with Novavax are included in our SEC filings. Both can be accessed through our website.

Novavax (NVAX - Free Report) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.36. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.11%. A quarter ago, it was expected that this vaccine maker would post a loss of $0.25 per share when it actually produced a loss of $0.06, delivering a surprise of +76%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Novavax, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $56.7 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 13.31%. This compares to year-ago revenues of $239.24 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Novavax shares have added about 14.6% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Novavax?While Novavax has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Novavax was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.01 on $106.06 million in revenues for the coming quarter and -$0.19 on $371.85 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, BioStem Technologies, Inc. (BSEM - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.

This company is expected to post quarterly loss of $0.50 per share in its upcoming report, which represents a year-over-year change of -554.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

BioStem Technologies, Inc.'s revenues are expected to be $6.4 million, down 87% from the year-ago quarter.

Novavax raised its annual revenue forecast after beating quarterly expectations on Thursday, as the vaccine maker's licensing-driven milestone payments helped offset waning demand.

HomeStock IdeasLong IdeasHealthcare 

SummaryNovavax is significantly undervalued post-COVID, with a current enterprise value around $716 million and a promising pipeline led by Matrix-M.NVAX’s Matrix-M adjuvant is a core value driver, validated by major partnerships with Sanofi and Pfizer, offering substantial milestone and royalty upside.Revenue is now primarily driven by licensing and royalties, with product sales from Nuvaxovid declining sharply; partnership dependence is a key risk.Despite early-stage pipeline and unprofitability, NVAX trades at lower multiples than sector medians, making current levels attractive given milestone catalysts.Wachiwit/iStock via Getty Images

The Thesis Novavax (NVAX) is a biotechnology company that was, during the COVID-19 time period, valued at over $19.5 billion; now it trades at just around $1.22 billion with a share price of just $7.46.

During

55 Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in NVAX over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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 -10.3%, compared to the Zacks S&P 500 composite's +0.3% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which Novavax falls in, has gained 4%. 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.

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.

Novavax is expected to post a loss of $0.36 per share for the current quarter, representing a year-over-year change of -158.1%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

For the current fiscal year, the consensus earnings estimate of -$0.19 points to a change of -107.4% from the prior year. Over the last 30 days, this estimate has remained unchanged.

For the next fiscal year, the consensus earnings estimate of $0.25 indicates a change of -34.2% from what Novavax is expected to report a year ago. Over the past month, the estimate has changed -4.6%.

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 #1 (Strong Buy).

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 $50.04 million for the current quarter points to a year-over-year change of -79.1%. The $371.85 million and $301.52 million estimates for the current and next fiscal years indicate changes of -66.9% and -18.9%, 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.

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.

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.

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 #1 does suggest that it may outperform the broader market in the near term.

In the latest trading session, Novavax (NVAX - Free Report) closed at $8.42, marking a -5.5% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.38%. Meanwhile, the Dow experienced a rise of 0.02%, and the technology-dominated Nasdaq saw an increase of 0.9%.

Shares of the vaccine maker witnessed a loss of 3.26% over the previous month, trailing the performance of the Medical sector with its gain of 4.34%, and the S&P 500's gain of 1.27%.

The investment community will be closely monitoring the performance of Novavax in its forthcoming earnings report. On that day, Novavax is projected to report earnings of -$0.36 per share, which would represent a year-over-year decline of 158.06%. Meanwhile, our latest consensus estimate is calling for revenue of $50.04 million, down 79.08% from the prior-year quarter.

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 take note of any recent adjustments to analyst estimates for Novavax. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Novavax boasts 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 163, which puts it in the bottom 34% 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.

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) 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 +8.5%, compared to the Zacks S&P 500 composite's +2.1% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which Novavax falls in, has gained 8%. 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.

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.

Novavax is expected to post a loss of $0.36 per share for the current quarter, representing a year-over-year change of -158.1%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

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 #1 (Strong Buy) 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.

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

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.

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 #1 does suggest that it may outperform the broader market in the near term.

In the latest trading session, Novavax (NVAX - Free Report) closed at $9.13, marking a -3.89% move from the previous day. This change lagged the S&P 500's 1.09% gain on the day. Elsewhere, the Dow saw an upswing of 0.14%, while the tech-heavy Nasdaq appreciated by 1.91%.

Prior to today's trading, shares of the vaccine maker had gained 2.48% lagged the Medical sector's gain of 3.16% and outpaced the S&P 500's gain of 0.29%.

Market participants will be closely following the financial results of Novavax in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.36, reflecting a 158.06% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $49.81 million, indicating a 79.18% downward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.19 per share and revenue of $371.85 million, which would represent changes of -107.36% and -66.9%, respectively, from the prior year.

Any recent changes to analyst estimates for Novavax should also be noted by investors. Such recent modifications usually signify the changing landscape 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. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 6.72% increase. 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 153, this industry ranks in the bottom 38% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

RALEIGH, N.C., June 24, 2026 (GLOBE NEWSWIRE) -- Shah Capital, the largest shareholder of Novavax, today commented on yesterday’s announced voting results from Novavax’s June 18th 2026 Annual Meeting of Stockholders.

While the resolutions were ultimately passed, Shah Capital believes the results demonstrate an EXCEPTIONAL level of Shareholder Dissatisfaction with Novavax’s performance and its leadership. Even with external proxy advisors “For Recommendation,” nearly half of votes cast opposed the Company’s executive compensation package, an extraordinary rebuke of a compensation structure that shareholders clearly do not believe is aligned with performance or value creation. Significant opposition was also registered against the re-election of three Board nominees, with approximately 38% to 41% of votes cast against each of the Class I directors standing for re-election – an unprecedented opposition!

Commenting on the AGM results Shah Capital Founder and CIO, Himanshu Shah, has stated: “Today’s vote is truly a WAKE-UP call for Novavax’s leadership. Shareholders are clearly infuriated by a leadership team that has overseen chronic operational shortcomings, weak execution, excessive administrative/consulting costs and the destruction of shareholder value. There is no justification for a top-heavy management structure and an oversized Board at a company that should be focused on consistent profitability and restoring credibility with investors. Novavax has superior vaccine science and extraordinarily valuable pipeline assets, but its leadership must act with urgency to deliver real change.”

Shah Capital believes today’s vote is fully consistent with its repeated warnings and calls for change at Novavax including reduced board size with enhanced accountability, a more pragmatic business strategy including lower cost base and buying back its extremely undervalued shares immediately.

Shah Capital:

Shah Capital is a global investment firm founded in 2005 and headquartered in Raleigh, North Carolina. Led by Founder and Chief Investment Officer, Himanshu Shah, the firm employs a focused investment philosophy and a disciplined approach to investing in public companies with opportunities for growth, turnaround and transformation. Shah Capital seeks to support companies with strong underlying assets and fundamentals where operational, strategic or governance improvements can help unlock long term shareholder value.

Media Contacts:

Citigate Dewe Rogerson | [email protected]

Total revenue of $140 million in the first quarter of 2026 Pfizer agreement announced in January for non-exclusive license to utilize Matrix-M® in two infectious disease areas  In April, Novavax signed a new MTA with a top 10 leading pharmaceutical company and leader in oncology to explore Matrix-M in multiple oncology and infectious disease targets In April, Novavax expanded an existing partnership with a new MTA, providing access to Matrix-M for exploration in up to nine additional identified infectious diseases In February, Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field and signed a new MTA with an oncology company Sanofi announced positive results from the Phase 4 COMPARE study, a head-to-head study comparing Nuvaxovid™ and Moderna's mNEXSPIKE that reinforces Nuvaxovid's well established and differentiated reactogenicity profile Novavax's C. difficile vaccine candidate prioritized with potential to enter the clinic as early as 2027 Reiterates 2026 Revenue Framework and Combined R&D and SG&A expense guidance , /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced its financial results and operational highlights for the first quarter ended March 31, 2026.

"Novavax continued to make significant progress executing our corporate strategy, which is comprised of partnering our technology, capital-efficient R&D innovation and a lean operating platform. In 2026, we signed a new, Matrix-M license with Pfizer for up to two vaccine candidates and secured four additional MTAs with a growing list of large pharmaceutical and innovative biotech companies," said John C. Jacobs, President and Chief Executive Officer, Novavax. "With these agreements in place, our partners have the right to evaluate Matrix in over 30 unique fields of experimentation targeting more than 50% of the projected over $100 billion market for infectious disease and oncology vaccines and immuno-therapeutics. In addition, Novavax continued to advance our own R&D efforts with the selection of our C. difficile vaccine candidate as our next potential asset to advance to the clinic as early as 2027."

First Quarter 2026 and Recent Highlights

Key Business Highlights

In January 2026, Novavax entered into a license agreement with Pfizer for use of Novavax's Matrix-M adjuvant in vaccine development. Under the terms of the agreement, Pfizer was granted a non-exclusive license for Matrix-M use in two infectious disease areas.  Novavax received an upfront payment of $30 million in the first quarter of 2026 and has the potential for up to $500 million in additional development and sales milestones.  In addition, Novavax is eligible to receive high-mid-single digit percentage royalties on sales from products incorporating Matrix-M.  Pfizer will be solely responsible for the development and commercialization of its products utilizing Matrix-M, and Novavax will be responsible for the supply of Matrix-M.  This partnership has the potential to generate billions of dollars of revenue for Novavax over the life of the agreement.  In 2026, Novavax continued to expand its Matrix-M partnering efforts with global pharmaceutical companies and innovative biopharma companies. In April, Novavax signed a new material transfer agreement (MTA) with a top ten global pharmaceutical company who is also a global leader in oncology to explore Matrix-M in a broad array of oncology targets, as well as antibiotic resistant bacterial infections and other infectious diseases. In April, Novavax signed a new MTA with an existing pharmaceutical partner for evaluation of Matrix-M in nine additional, identified disease areas. In February, Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field and signed a new MTA with an innovative oncology company. In total, Novavax now has MTA collaborations and/or license agreements with four of the top ten global pharmaceutical companies and a number of innovative biotech companies who, collectively, have the right to explore Matrix-M in over 30 unique fields of experimentation across both infectious diseases and oncology. The goal of Novavax's MTA collaborations is to enable exploration of Matrix-M with the intent of entering into deeper partnership via formal license agreements, that in turn results in the advancement of a partner's research and development (R&D) clinical work toward the potential commercialization of innovative vaccines. The broad utility of Novavax's technology has resulted in several companies exploring Matrix-M for application in the same high-potential markets, including infectious disease areas such as cytomegalovirus, Epstein-Barr Virus,  pneumococcal and respiratory syncytial virus (RSV); and also includes overlap in oncology areas such as colorectal cancer, head and neck cancer and pancreatic cancer. Existing partners under license and MTA agreements, have the right to address fields of experimentation that cover over 50% of the global market opportunity for infectious disease and oncology vaccines and immuno-therapeutics, which is projected to grow to over $100 billion by the early 2030s. In April, Sanofi announced positive Phase 4 results from the COMPARE study, a head-to-head study showing that Nuvaxovid™ demonstrated statistically significant lower side effects compared to Moderna's mNEXSPIKE across all pre-specified endpoints, reinforcing Nuvaxovid's well-established and differentiated reactogenicity profile ahead of the fall season. Continued to progress Novavax R&D innovation in support of its growth strategy.   Clostridioides difficile colitis (C. difficile) vaccine candidate prioritized as potential next asset to enter the clinic as early as 2027. Preliminary preclinical data generated by Novavax on its varicella-zoster virus (shingles) and RSV early-stage assets were positive and provide path forward for informing the Company's future antigen design and adjuvant work. Ongoing adjuvant research is intended to expand the utility of its technology by creating new adjuvants tailored to foster specific differentiated immune properties for certain diseases that may require unique immune responses. Novavax continued to progress its cost reduction program to create a more lean and agile organization.  Targeting full year Non-GAAP combined R&D and Selling, General and Administrative (SG&A) expenses of $325 million for full year 2026 and $225 million for full year 2027, each period at the midpoint of the guidance range. Improving the 2028 target for full year Non-GAAP combined R&D and SG&A expenses to between $150 million and $200 million. This reflects an anticipated expense reduction of over $200 million and over 50% when compared to full year 2025. First Quarter 2026 Total Revenue

First quarter 2025 Nuvaxovid sales included $603 million of non-cash sales related to the close-out of two Advance Purchase Agreements (APA). 

First Quarter

$ in millions

Q1 2026

Q1 2025

Change

%

Nuvaxovid Sales1

$10

$608

($598)

(98 %)

Supply Sales 2

33

14

19

139 %

Product Sales

42

622

(579)

(93 %)

Sanofi3

49

40

9

21 %

Pfizer

Takeda

30

0

30

NM

Serum

7

4

3

65 %

Other Partners 4

11

0

11

NM

Licensing, Royalties and
Other Revenue

97

45

52

116 %

Total Revenue

$140

$667

($527)

(79 %)

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.

4.

Other Partners include upfront payments, royalties and milestone revenue under licensing agreements including Takeda and SK bioscience.

First Quarter 2026 Financial Results

Total revenue for the first quarter of 2026 was $140 million, a 79% decrease compared to $667 million in the same period in 2025. Higher Nuvaxovid product sales for the first quarter of 2025 were primarily due to $603 million of non-cash sales revenue recognized with the close-out of two APAs. Licensing Royalties and Other revenue of $97 million in the first quarter of 2026 included $30 million related to the Pfizer Matrix-M agreement signed in January 2026. Cost of sales for the first quarter of 2026 was $31 million, compared to $14 million in the same period in 2025. R&D expenses for the first quarter of 2026 were $95 million, compared to $89 million in the same period in 2025. The higher R&D costs were primarily associated with COVID-19 postmarketing commitment studies and annual strain change activities. R&D expenses reimbursed by partners in the first quarter of 2026 were $28 million. Non-GAAP R&D expenses, net of partner reimbursement, were $68 million in the first quarter of 2026, a 13% decrease when compared to $78 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 to make targeted R&D investments. SG&A expenses for the first quarter of 2026 were $29 million, a 40% decrease compared to $48 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 first quarter of 2026 was $9 million, compared to net income of $519 million in the same period in 2025. First quarter of 2025 net income benefited from $603 million of non-cash sales related to the close-out of two APA agreements.  Cash, cash equivalents, marketable securities and restricted cash (Cash) were $795 million as of March 31, 2026, compared to $751 million as of December 31, 2025. In February 2026, Novavax announced a $330 million credit facility with MidCap Financial, including an initial capital draw of $50 million. The credit facility was put in place to further strengthen Novavax's balance sheet and provide access to non-dilutive capital as Novavax advances its growth strategy. Financial Framework

Reiterates Full Year 2026 Financial Guidance

Novavax reiterates its Full Year 2026 Financial Guidance for Combined R&D and SG&A Expenses and Non-GAAP Combined R&D and SG&A Expenses and expects to achieve the following results:

$ in millions

Full Year 2026

(as of May 6, 2026)

Combined R&D and SG&A Expenses

$380 - $420

Less: R&D Reimbursements

($70 - $80)

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

$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. 

Reiterates Full Year 2026 Revenue Framework

For 2026, Novavax reiterates its 2026 Revenue Framework and expects to achieve Adjusted Total Revenue4 of between $230 million and $270 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 May 6, 2026)

Nuvaxovid Product Sales1

$35 - $45

Adjusted Supply Sales2

$40 - $50

Adjusted Licensing, Royalties and Other Revenue3

$155 - $175

Adjusted Total Revenue4

$230 - $270

Sanofi Supply Sales, Sanofi Royalties and Sanofi Milestones

No guidance

Revenue Category

Revenue Framework Footnotes

Nuvaxovid Product Sales1

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

Adjusted Supply Sales2

$40 million to $50 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. 

Adjusted Licensing, Royalties and Other Revenue3

$70 million to $80 million in R&D Reimbursement. Under the Sanofi co-exclusive licensing agreement (CLA), Novavax is eligible to receive reimbursement for costs incurred related to select R&D and technology transfer activities during the transition performance period.    $50 million to $60 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 sales. Sanofi Milestones

Novavax is eligible to receive a $75 million milestone payment related to the completion of the technology transfer of the Nuvaxovid manufacturing process to Sanofi. Novavax is eligible to receive up to $350 million in Phase 3 development and commercial launch milestone payments associated with Sanofi influenza-COVID-19 combination 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 host its quarterly conference call today at 8:30 a.m. Eastern Time (ET). To join the call without operator assistance, you may register and enter your phone number at https://registrations.events/easyconnect/1309751/reczqKfVCuLMAhd3l/ to receive an instant automated call back. You may also dial direct to be entered into the call by an operator. The dial-in numbers for the conference call are (888) 880-3330 (Domestic) or (+1) (646) 357-8766 (International). Participants will be prompted to request to join the Novavax, Inc. call. A replay of the conference call will be available starting at 11:30 a.m. ET on May 6, 2026, until 11:59 p.m. ET on May 13, 2026. To access the replay by telephone, dial (800) 770-2030 (Domestic) or (+1) (609) 800-9909 (International) and use passcode 1309751#.

A webcast of the conference call can also be accessed on the Novavax website at ir.novavax.com/events. A replay of the webcast will be available on the Novavax website until June 6, 2026.

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 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, and other preclinical and postmarketing commitment (PMC) studies; 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 March 31,

2026

2025

(unaudited)

Revenue:

Product Sales

42,200

621,678

Licensing, royalties and other

97,314

44,977

Total revenue

139,514

666,655

Expenses

Cost of Sales

30,695

14,115

Research and Development

95,472

88,937

Selling, general, and administrative

28,777

48,090

Total expenses

154,944

151,142

Income (loss) from operations

(15,430)

515,513

Other income (expense):

Interest expense

(4,901)

(5,723)

Other income, net

11,825

10,056

Income (loss) before income tax expense

(8,506)

519,846

Income tax expense

985

1,200

Net income (loss)

(9,491)

518,646

Net income (loss) per share

Basic

(0.06)

3.22

Diluted

(0.06)

2.93

Weighted average number of common shares outstanding

Basic

163,276

161,049

Diluted

163,276

177,625

SELECTED CONSOLIDATED BALANCE SHEET DATA

(in thousands)

March 31, 2026

December 31, 2025

(unaudited)

Cash and cash equivalents

228,363

240,634

Marketable securities

561,969

494,450

Total restricted cash

4,562

15,418

Total current assets

850,816

978,276

Working capital

508,355

518,326

Total assets

1,043,162

1,176,512

Convertible notes payable

291,039

244,213

Total stockholder's deficit

(144,762)

(127,753)

NOVAVAX, INC.

Reconciliation of GAAP to NON-GAAP Financial Results

(unaudited)

($ in millions)

Three Months Ended

March 31,

2026

2025

Total Revenue

139.5

666.7

Adjustments:

Sanofi Supply Sales Adjustment

17.1

1.2

Sanofi Royalties Adjustment

3.5

0

Adjusted Total Revenue

$                   118.9

$                   665.5

R&D Expenses

95.5

88.9

Adjustments:

R&D Reimbursement

27.7

11.3

Non-GAAP R&D Expenses

$                     67.8

$                     77.6

Combined R&D and SG&A Expenses

124.3

137.0

Adjustments:

R&D Reimbursement

27.7

11.3

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

$                     96.6

$                   125.7

Contacts:

Investors
Jim Kelly
844-668-2829
[email protected]

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

SOURCE Novavax, Inc.

Novavax, Inc. (NVAX) Q1 2026 Earnings Call Transcript

Key Takeaways Novavax posted a narrower Q1 loss and revenues beat as Matrix-M licensing gained momentum.NVAX highlighted 30-plus Matrix-M evaluation fields spanning oncology and infectious diseases.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 DetailA 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 ProfileResearch 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 GuidanceFor 2026With 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 2026Novavax 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 ApplicationsNovavax 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 CatalystBeyond 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.

NVAX’s Zacks RankNovavax currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bloomberg noted that Moderna said it is conducting early-stage research into vaccines targeting hantaviruses, even as health experts suggest the virus linked to recent cruise ship deaths is unlikely to become a broader public health threat.

The COVID-19 vaccine maker confirmed it has been working with the U.S. Army Medical Research Institute of Infectious Diseases on hantavirus vaccine research.

"These efforts are early-stage and ongoing and reflect Moderna's broader responsibility to develop countermeasures against emerging infectious diseases," the company told Bloomberg.

In September 2024, the Vaccine Innovation Center at Korea University College of Medicine (VIC-K, Director Heejin Cheong) entered into a full-scale collaboration with global pharmaceutical company Moderna to develop an mRNA-based hantavirus vaccine.

Since signing a research agreement, the two institutions have collaborated through Moderna’s global public health initiative, the mRNA Access Program.

WHO Identifies Multiple CasesThe World Health Organization has identified at least six confirmed hantavirus cases and two suspected infections linked to the outbreak. Three additional passengers have died, according to the report.

Hantaviruses are typically spread through contact with infected rodents and can cause severe respiratory illness in humans.

The company reported a relative vaccine efficacy of 26.6% overall, including 29.6% for A/H1N1, 22.2% for A/H3N2, and 29.1% for the B/Victoria lineage, with 27.4% efficacy in participants 65 and older.

Novavax reported quarterly sales of $139.51 million, beating the $78.32 million estimate.

The company reported a net loss of $9 million, compared to net income of $519 million a year ago.

First quarter of 2025 net income benefited from $603 million of non-cash sales related to the close-out of two APA agreements.  

NVAX Price Action: Novavax shares were up 13.16% at $10.44 at the time of publication Friday, according to Benzinga Pro.

Over the past month, NVAX has gained about 8.5% versus a 9.0% rise in the S&P 500 and is up roughly 38% year-to-date compared to the index’s 7.5% gain.

Image via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Shares of Moderna (NASDAQ:MRNA | MRNA Price Prediction) are up roughly 6% in Monday morning trading, changing hands near $57.52 after Friday's close of $54.35.

Novavax, Inc. (NVAX) Presents at Bank of America Global Healthcare Conference 2026 Transcript

GAITHERSBURG, Md., June 1, 2026 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced it will participate in the 2026 Jefferies Global Healthcare Conference.

A month has gone by since the last earnings report for Novavax (NVAX - Free Report) . Shares have added about 10.4% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Novavax due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Novavax, Inc. before we dive into how investors and analysts have reacted as of late.

Q1 Earnings & Sales Beat EstimatesNovavax 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.

Quarter in DetailA 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. 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 Sanofi.

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 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.

Costs Improve While Strengthening Liquidity ProfileResearch 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.

Financial GuidanceFor 2026

With Sanofi leading commercialization in key COVID-19 markets, Novavax 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 Sanofi.

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.

How Have Estimates Been Moving Since Then?It turns out, estimates revision flatlined during the past month.

The consensus estimate has shifted -9.85% due to these changes.

VGM ScoresCurrently, Novavax has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Novavax has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerNovavax belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Moderna (MRNA - Free Report) , has gained 6.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Moderna reported revenues of $389 million in the last reported quarter, representing a year-over-year change of +260.2%. EPS of -$1.18 for the same period compares with -$2.52 a year ago.

Moderna is expected to post a loss of $2.00 per share for the current quarter, representing a year-over-year change of +6.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +3.9%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Moderna. Also, the stock has a VGM Score of C.

In the latest close session, Novavax (NVAX - Free Report) was down 1.66% at $8.88. The stock trailed the S&P 500, which registered a daily gain of 0.5%. Elsewhere, the Dow gained 0.7%, while the tech-heavy Nasdaq added 0.31%.

The vaccine maker's stock has dropped by 3.42% in the past month, falling short of the Medical sector's gain of 5.49% and the S&P 500's loss of 0.23%.

Analysts and investors alike will be keeping a close eye on 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 $49.81 million, indicating a 79.18% downward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.19 per share and a revenue of $371.85 million, indicating changes of -107.36% and -66.9%, respectively, from the former year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Novavax. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, the Zacks Consensus EPS estimate has shifted 6.72% upward. 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 147, this industry ranks in the bottom 40% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.