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Novavax

Novavax (NVAX) Q1 2026 Earnings

Reported May 6, 2026 at 8:00 AM ET · SEC Source

Q1 26 EPS

$-0.06

BEAT +73.46%

Est. $-0.23

Q1 26 Revenue

$139.5M

BEAT +72.27%

Est. $81.0M

vs S&P Since Q1 26

+14.1%

BEATING MARKET

NVAX +16.0% vs S&P +1.9%

Market Reaction

Did NVAX Beat Earnings? Q1 2026 Results

Novavax delivered a sharp earnings beat in Q1 2026, posting a loss of just $0.06 per share against a consensus estimate of $0.23 and reporting revenue of $139.51 million, a 72.27% beat relative to the $80.99 million Wall Street had penciled in, even … Read more Novavax delivered a sharp earnings beat in Q1 2026, posting a loss of just $0.06 per share against a consensus estimate of $0.23 and reporting revenue of $139.51 million, a 72.27% beat relative to the $80.99 million Wall Street had penciled in, even as the headline year-over-year comparison showed a 79.1% revenue decline due to $603 million in non-cash Advance Purchase Agreement closeouts that inflated the prior-year figure. The real story this quarter was the $30 million upfront payment from a newly signed Pfizer license agreement granting non-exclusive rights to Novavax's Matrix-M adjuvant, which helped drive Licensing, Royalties and Other Revenue to $97.31 million, more than doubling year-over-year and anchoring what the company frames as a growing technology-partnering business. Cost discipline added further support, with SG&A falling 40% to $28.78 million as Sanofi absorbed more commercial responsibilities. Looking ahead, Novavax reiterated its full-year 2026 Adjusted Total Revenue framework of $230 million to $270 million, with Pfizer milestone eligibility of up to $500 million providing additional upside optionality.

Key Takeaways

  • • Pfizer Matrix-M license agreement generating $30 million upfront payment in Q1 2026
  • • Licensing, Royalties and Other Revenue more than doubled year-over-year to $97 million
  • • SG&A expenses decreased 40% year-over-year due to transition of commercial activities to Sanofi and cost reduction program
  • • Q1 2025 comparison inflated by $603 million of non-cash APA close-out revenue

NVAX Forward Guidance & Outlook

Novavax reiterated its full year 2026 Adjusted Total Revenue framework of $230 million to $270 million, broken down as Nuvaxovid Product Sales of $35-$45 million, Adjusted Supply Sales of $40-$50 million, and Adjusted Licensing, Royalties and Other Revenue of $155-$175 million. This excludes Sanofi Supply Sales, Sanofi Royalties, and Sanofi Milestones for which no guidance was provided. The company reiterated full year 2026 Combined R&D and SG&A expense guidance of $380-$420 million (Non-GAAP $310-$340 million). For 2027, the company targets Non-GAAP combined R&D and SG&A expenses of $225 million at midpoint. The 2028 target was improved to $150-$200 million, reflecting an anticipated expense reduction of over $200 million and over 50% versus full year 2025. The C. difficile vaccine candidate could enter the clinic as early as 2027. Novavax is eligible for a $75 million Sanofi technology transfer milestone, up to $350 million in Phase 3 development and commercial launch milestones for Sanofi influenza-COVID combo products, and up to $500 million in milestones from the Pfizer agreement.

24/7 Wall St

NVAX YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

NVAX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“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.”

— John C. Jacobs, Q1 2026 Earnings Press Release

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