Novavax Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.73%.
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 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.
- 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
“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.”
Novavax CEO, on the earnings call
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.
NVAX YoY Financials
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Figures from SEC filings and company reports. Not investment advice.