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
+17.6%
BEATING MARKET
NVAX +19.5% vs S&P +1.8%
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.
NVAX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NVAX Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
NVAX Earnings Trends
NVAX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NVAX EPS Trend
Earnings per share: estimate vs actual
NVAX Revenue Trend
Quarterly revenue: estimate vs actual
NVAX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT FY | $-0.23 | $-0.06 | +73.46% | $139.5M | +72.27% |
| FY Full Year | $2.15 | — | — | — | — |
| Q4 25 BEAT FY | $-0.49 | $0.11 | +122.48% | $147.1M | +63.75% |
| FY Full Year | — | $2.58 | — | $1.12B | — |
| Q3 25 MISS | $-0.92 | $-1.25 | -36.36% | $70.4M | +56.99% |
| Q2 25 BEAT | $-0.08 | $0.62 | +895.89% | $239.2M | +44.98% |
| Q1 25 BEAT | $0.71 | $2.93 | +313.55% | $666.7M | +93.88% |