Novavax (NVAX) Q1 2026 Earnings
How Did NVAX Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +0.73%.
Did NVAX Beat Earnings? Q1 2026 Results
Yes. Novavax reported Q1 2026 earnings of $-0.06 a share on May 6, 2026, beating the $-0.23 consensus estimate by 73.5%. Revenue was $139.5M against a $81.0M estimate.
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
What Was Novavax's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $139.5M | $666.6M | −79.1% |
| Gross Profit | $108.8M | $652.4M | −83.3% |
NVAX Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.