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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

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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

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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.