Novavax Reports Third Quarter 2026 Financial Results and Operational Highlights

The raised adjusted revenue outlook includes a $125 million Sanofi milestone earned after the quarter ended.

Rhea-AI Summary

Novavax (NVAX) reported third-quarter 2026 revenue of $68 million, down year over year, while narrowing its net loss. Revenue declined 3% from $70 million; net loss narrowed to $31 million from $202 million. Product sales rose 91% to $26 million, while licensing, royalties and other revenue fell 25% to $43 million.

Novavax raised its full-year non-GAAP adjusted revenue outlook to $385–$415 million from $235–$275 million, including a $125 million milestone earned in October when Sanofi began a European Phase 3 influenza-COVID-19 combination vaccine trial. Expected combined research and development and administrative expenses narrowed to $375–$395 million. Cash, cash equivalents, marketable securities and restricted cash totaled $627 million at September 30, versus $751 million at year-end 2025. Novavax anticipates its C. difficile vaccine could enter clinical testing as early as 2027.

20 points · 2 major

PositiveiHow this balance works

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted revenue guidance raised to $385–$415 million from $235–$275 million.
• Major pointSanofi's European Phase 3 combination vaccine trial initiation earned Novavax a $125 million milestone in October. 7.1% of market cap
• Moderate pointThird-quarter net loss narrowed to $31 million from $202 million a year earlier.
• Moderate pointThird-quarter product sales increased 91% to $26 million year over year.
• Moderate pointThird-quarter research and development expenses fell 47% to $52 million year over year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Sanofi intends to initiate a U.S. Phase 3 combination vaccine trial in 2027 to support approval.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Nuvaxovid manufacturing technology transfer is expected to finish mid-2027, triggering a $75 million milestone. 4.3% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Combination vaccine royalties could provide high-single-digit to sub-teens percentages of Sanofi's global net sales.
• Moderate pointXFG-adapted Nuvaxovid received U.S., EU and Japan approvals through commercial partners in August 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Sanofi began seasonal Nuvaxovid commercialization; Novavax is eligible for high-teens to low-twenties percentage royalties on global net sales.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Takeda began seasonal commercialization in Japan; Novavax is eligible for annual milestones and mid-to-high-teens percentage royalties.

9 minor points

• Minor pointThird-quarter selling, general and administrative expenses declined 25% to $24 million year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year combined research and development and administrative expense guidance narrowed to $375–$395 million from $370–$410 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year Nuvaxovid product sales guidance increased to $40–$50 million from $35–$45 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted supply sales guidance increased to $50–$60 million from $45–$55 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted licensing, royalties and other revenue guidance increased to $170–$180 million from $155–$175 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Novavax anticipates its C. difficile vaccine could enter clinical testing as early as 2027.
• Minor pointC. difficile preclinical studies showed immune responses and protection in lethal challenge models.
• Minor pointMatrix-M evaluations are underway across infectious disease targets and oncology models.
• Minor point. Forward-looking: it has not happened yet and may not happen.Each new vaccine using Matrix-M offers potential up to $200 million in launch and sales milestones, plus mid-single-digit royalties for 20 years.

Negative

• Moderate pointThird-quarter licensing, royalties and other revenue fell 25% to $43 million, including $42 million lower research reimbursements.
• Moderate pointCash, equivalents, marketable securities and restricted cash fell to $627 million from $751 million at year-end 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Novavax expects research reimbursements of $5 million in 2027, versus $60 million in its 2026 framework.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Upfront-payment and database-lock milestone amortization is expected below $5 million in 2027, versus $40 million in 2026.
• Minor pointThird-quarter total revenue declined 3% to $68 million from $70 million a year earlier.

4 minor points

• Minor pointThird-quarter Sanofi revenue declined 61% to $19 million year over year.
• Minor pointThird-quarter cost of sales increased to $23 million from $21 million a year earlier.
• Minor pointThird-quarter revenue included $11 million in non-cash deferred royalties related to prior SK bioscience sales.
• Minor point. Forward-looking: it has not happened yet and may not happen.The potential $225 million U.S. combination vaccine launch milestone depends on Sanofi completing clinical and FDA requirements.

News Explained

Sanofi royalties are tied to global sales: high single digits to sub-teens for the combination vaccine and high teens to low twenties for Nuvaxovid.

Novavax reports that a $75 million milestone is tied to technology transfer expected in mid-2027, and that it is eligible for a $225 million milestone after Sanofi completes clinical and U.S. regulatory requirements and makes a first U.S. commercial sale.

Novavax is also eligible for royalties on Sanofi’s global net sales: high single digits to sub-teens for an influenza-COVID-19 combination vaccine and high teens to low twenties for Nuvaxovid.

Key Figures

Total revenue: $68 million; down 3% Net loss: $31 million versus $202 million Adjusted Total Revenue framework: $385–$415 million; $400 million midpoint +5 more

Total revenue

$68 million; down 3%

Q3 2026 versus Q3 2025

Net loss

$31 million versus $202 million

Q3 2026 versus Q3 2025

Adjusted Total Revenue framework

$385–$415 million; $400 million midpoint

FY 2026; raised by $145 million at the midpoint

Combined R&D and SG&A expense guidance

$375–$395 million

FY 2026 GAAP guidance; midpoint improved by $5 million

Sanofi milestone earned

$125 million

Earned in October after initiation of the Phase 3 combination-vaccine trial in Europe

U.S. commercial-launch milestone

$225 million

Eligible upon a U.S. CIC commercial launch after clinical and FDA requirements are met

Nuvaxovid technology-transfer milestone

$75 million

Eligible upon completion of manufacturing technology transfer, expected mid-2027

Product sales

$26 million; up 91%

Q3 2026 versus Q3 2025

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q2 earnings

   24h Move

   +0.5%

   Raised FY2026 adjusted revenue framework to $235–$275 million, the baseline for this quarter's increase.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

phase 3, non-gaap financial measures, marketable securities, c. difficile

4 terms

phase 3 medical

"Sanofi's Phase 3 influenza-COVID-19 combination vaccine trial"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

non-gaap financial measures financial

"The Company presents the following non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

marketable securities financial

"Cash, cash equivalents, marketable securities and restricted cash"

Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.

c. difficile medical

"Differentiated C. difficile (C. diff) vaccine program"

Clostridioides difficile is a bacterium that can overgrow in the gut and cause severe diarrhea and inflammation, especially after antibiotics or in healthcare settings. For investors, it matters because C. difficile drives demand for diagnostics, treatments, infection-control products and hospital services, and outbreaks or new therapies can affect revenue, regulatory review and healthcare costs much like a leak that forces costly repairs and new prevention measures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Reports total revenue of $68 million for the third quarter of 2026
• Raises full-year 2026 Non-GAAP Adjusted Total Revenue by $145 million to $400 million at mid-point and improves GAAP Combined R&D and SG&A expense guidance by $5 million at mid-point 
• In October, Novavax earned a $125 million milestone upon Sanofi's launch of Phase 3 influenza-COVID-19 combination vaccine trial in Europe
• Sanofi confirms their intent to initiate a U.S. Phase 3 influenza-COVID-19 combination vaccine trial in 2027 to support U.S. approval
• Differentiated C. difficile vaccine program anticipated to advance into the clinic as early as 2027
• Multiple Novavax and partner-led experiments with Matrix-M^® currently underway in a wide array of infectious disease targets and oncology models
• Company to host conference call today at 8:30 a.m. ET

GAITHERSBURG, Md., Nov. 5, 2026 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX) today announced its financial results and operational highlights for the third quarter ended September 30, 2026.

"This quarter, we continued to execute across all three pillars of our strategy," said John C. Jacobs, President and Chief Executive Officer, Novavax. "Our partner Sanofi initiated their Phase 3 influenza-COVID-19 combination vaccine trial vaccine trial in Europe, triggering a $125 million milestone payment. Our focused R&D efforts are building a growing body of data on what our technology can do in infectious disease, advancing our C. difficile candidate towards the clinic and exploring oncology as a potential new area of application. And we have been doing this while continuing to reduce expenses and operate with financial discipline. Over time, we believe this strategy can build a robust and profitable Novavax, with multiple partners and products, diversified revenue streams and a meaningful impact on global health."

Third Quarter 2026 and Recent Highlights

Key Business Highlights

• In October 2026, Novavax earned a $125 million milestone payment with the initiation of Sanofi's Phase 3 influenza-COVID-19 combination vaccine trial in Europe
  • Sanofi confirmed to Novavax their intent to initiate a U.S. Phase 3 CIC trial in 2027 to support U.S. approval. Novavax is eligible to receive an additional milestone of $225 million upon a U.S. commercial launch of a CIC vaccine following successful completion by Sanofi of clinical and U.S. FDA regulatory requirements.
  • Novavax is eligible to receive royalties in the high single digits to sub-teens as a percentage of Sanofi's global net sales on a CIC product(s).
• Manufacturing technology transfer to Sanofi for Nuvaxovid™ is expected to be completed in mid-2027, which would trigger a $75 million milestone payment to Novavax.
• In August 2026, Novavax's commercial partners received approvals for the XFG-adapted Nuvaxovid formulation in major markets, including the U.S., the EU and Japan.
• Sanofi initiated commercial activities for the 2026–2027 COVID-19 vaccination season in the U.S. and select international markets.
  • Sanofi is expanding Nuvaxovid's reach through physician engagement, pharmacy activation and direct-to-consumer outreach.
  • Novavax is eligible to receive royalties in the high teens to low twenties as a percentage of Sanofi's global net sales for Nuvaxovid.
• Takeda initiated commercial activities for the 2026–2027 COVID-19 vaccination season in Japan.
  • Novavax is eligible to receive an annual milestone payment and mid-to-high teens percentage of Takeda's net sales in Japan each year.
• Differentiated C. difficile (C. diff) vaccine program is anticipated to advance into the clinic as early as 2027.
  • Novavax presented preclinical data from its C. diff program showing robust immune responses and protection in lethal challenge models at the 9th International C. Difficile Symposium in September 2026.
• Multiple scientific evaluations by Novavax, partners and material transfer agreement collaborations are underway. These are expected to add to the growing body of data relating to Matrix-M's utility in infectious disease and its potential in oncology, which could enable future licensing opportunities.

Third Quarter 2026 Total Revenue

$ in millions	Q3 2026	Q3 2025		Change	%
Product Sales1	$         26	$       13		$       12	91 %
Sanofi 2	19	48		(30)	(61 %)
Takeda	7	6		1	14 %
Serum	5	2		3	136 %
Other Partners3	11	0		11	100 %
Licensing, Royalties and Other Revenue	43	57		(14)	(25 %)
Total Revenue	$        68	$       70		$     (2)	(3 %)

Notes
1.	Product Sales includes both Novavax's Nuvaxovid sales and Supply sales.  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. Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners.
2.	Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement.
3.	Other Partners in Q3 2026 reflects non-cash deferred royalty recognition related to SK bioscience prior sales of Nuvaxovid.

Third Quarter 2026 Financial Results

• Total revenue for the third quarter of 2026 was $68 million, a 3% decrease compared to $70 million in the same period in 2025.  Product sales of $26 million in the third quarter of 2026 were 91% higher than the same period in 2025 and consisted of Novavax's supply sales of Nuvaxovid to Sanofi and Matrix-M to license partners. Licensing royalties and other revenue of $43 million in the third quarter of 2026 were 25% lower than the same period in 2025 driven primarily by a $42 million reduction year-over-year in research and development (R&D) reimbursement revenue as Novavax nears completion of its support of Sanofi Nuvaxovid clinical support for postmarketing commitments. The third quarter of 2026 includes $11 million in non-cash deferred royalty recognition related to prior Nuvaxovid sales by SK bioscience to the South Korean government.
  
  
• Cost of sales for the third quarter of 2026 was $23 million, compared to $21 million in the same period in 2025.
  
  
• R&D expenses for the third quarter of 2026 were $52 million, compared to $98 million in the same period in 2025. GAAP and Non-GAAP R&D expenses, decreased by 47% and 7%, respectively compared to the same period in 2025. R&D expenses reimbursed by partners in the third quarter of 2026 were $4 million. The lower R&D expenses were driven by the near completion of Sanofi clinical support for Nuvaxovid, decreased seasonal strain change support for Nuvaxovid and ongoing Novavax cost reduction program.
  
  
• Selling, general and administrative (SG&A) expenses for the third quarter of 2026 were $24 million, a 25% decrease compared to $32 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 third quarter of 2026 was $31 million, compared to a net loss of $202 million in the same period in 2025.
  
  
• Cash, cash equivalents, marketable securities and restricted cash (Cash) were $627 million as of September 30, 2026, compared to $751 million as of December 31, 2025.

Financial Framework

Improves Full Year 2026 Financial Guidance

Novavax improved its Full Year 2026 Financial Guidance at mid-point by reducing Combined R&D and SG&A Expense guidance while maintaining Non-GAAP Combined R&D and SG&A Expense guidance and expects to achieve the following results:

$ in millions	Full Year 2026 (as of Nov 5 2026)	Full Year 2026 (as of Aug 6 2026)
Combined R&D and SG&A Expenses	$375 - $395	$370 - $410
Less: R&D Reimbursements	($60)	($60 - $70)
Non-GAAP Combined R&D and SG&A Expenses	$315 - $335	$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. 

Raises Full Year 2026 Revenue Framework

For 2026, Novavax raised its 2026 Revenue Framework and expects to achieve the following results for Adjusted Total Revenue. 

	$ in millions	Full Year 2026 (as of Nov 5, 2026)	Full Year 2026 (as of Aug 6, 2026)
	Nuvaxovid Product Sales1	$40 - $50	$35 - $45
	Adjusted Supply Sales2	$50 - $60	$45 - $55
	Sanofi CIC Milestone3	$125	No guidance
	Adjusted Licensing, Royalties and Other Revenue4	$170 - $180	$155 - $175
	Adjusted Total Revenue5	$385 - $415	$235 - $275
	Sanofi Supply Sales, Sanofi Royalties and future Sanofi Milestones	No guidance	No guidance

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. 

Revenue Framework Footnotes

Revenue Category	Revenue Framework Footnotes
Nuvaxovid Product Sales1	$40 million to $50 million in Nuvaxovid Product Sales by Novavax under existing Advance Purchase Agreements and commercial agreements.  Expect to exclude from the 2027 Revenue Framework.
Adjusted Supply Sales2	$50 million to $60 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 and other partner related clinical and commercial supply sales.
Sanofi CIC Milestone3	$125 million milestone earned in October 2026 with the initiation of Sanofi's Phase 3 influenza-COVID-19 combination vaccine trial in Europe.
Adjusted Licensing, Royalties and Other Revenue4	•		$60 million in R&D Reimbursement. Under the Sanofi co-exclusive licensing agreement, Novavax is eligible to receive reimbursement for costs incurred related to select R&D and technology transfer activities during the transition performance period. $5 million expected in 2027.
	•		$70 million to $80 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.
	•		$40 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. Less than $5 million expected in 2027 to complete amortization.
Adjusted Total Revenue5	•		Adjusted Total Revenue is a Non-GAAP Financial Measure. Adjusted Total Revenue is total revenue excluding Sanofi Supply Sales, Sanofi Royalties and future 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 global net 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 that is expected to be completed in mid-2027. 
• Novavax is eligible to receive a one-time $225 million milestone on the first commercial sale of a CIC product in the U.S. following successful completion of clinical and U.S. FDA regulatory requirements by Sanofi.
• 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 discuss third quarter 2026 financial results and operational highlights at 8:30 a.m. Eastern Time (ET) on Thursday, November 5, 2026. Dial-in information can be found here. A webcast of the conference call can also be accessed on the Novavax website at ir.novavax.com/events.

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, targeted and 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 partner 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 or oncology programs 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, ; 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 and profitability goals. 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, its partner Sanofi's ability to successfully and maintain full U.S. Food and Drug Administration licensure or foreign regulatory approvals necessary to manufacture, market, distribute or deliver Nuvaxovid; 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 postmarking commitment, 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; its partners experiencing 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 Nuvaxovid 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 R&D, 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; 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; its partners' ability to timely deliver doses; challenges in our partner Sanofi achieving 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 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					Nine Months Ended
				September 30,					September 30,
				2026		2025			2026		2025
				(unaudited)					(unaudited)
	Revenue:
	Product sales			$          25,693		$       13,442			$         86,747		$     645,844
	Licensing, royalties and other			42,605		57,003			177,763		330,496
	Total revenue			68,298		70,445			264,510		976,340
	Expenses:
	Cost of sales			23,488		21,496			68,429		50,936
	Research and development			52,446		98,274			218,611		266,444
			Selling, general and administrative	23,645		31,655			79,087		123,357
			Impairment of assets held for sale	—		97,038			—		97,038
	Total expenses			99,579		248,463			366,127		537,775
	Income (loss) from operations			(31,281)		(178,018)			(101,617)		438,565
	Other income (expense):
	Interest expense			(5,401)		(5,482)			(15,991)		(16,723)
			Loss on debt extinguishment	—		(28,714)			—		(28,714)
	Other income, net			7,028		9,178			27,772		31,136
	Income (loss) before income tax expense			(29,654)		(203,036)			(89,836)		424,264
	Income tax expense (benefit)			1,722		(657)			4,418		1,489
	Net income (loss)			$         (31,376)		$    (202,379)			$        (94,254)		$     422,775
	Net income (loss) per share:
			Basic	$             (0.19)		$          (1.25)			$            (0.57)		$           2.61
			Diluted	$             (0.19)		$          (1.25)			$            (0.57)		$           2.53
	Weighted average number of common shares outstanding:
	Basic			164,924		162,353			164,264		161,811
	Diluted			164,924		162,353			164,264		168,195

 

SELECTED CONSOLIDATED BALANCE SHEET DATA
(in thousands)
		September 30, 2026		December 31, 2025
		(unaudited)
Cash and cash equivalents		$                  222,455		$                  240,634
Marketable securities		399,908		494,450
Total restricted cash		4,602		15,418
Total current assets		707,956		978,276
Working capital		378,111		518,326
Total assets		888,005		1,176,512
Long-term debt		292,088		244,213
Total stockholders' deficit		(216,855)		(127,753)

 

NOVAVAX, INC.
Reconciliation of GAAP to NON-GAAP Financial Results
(unaudited)
	Three Months Ended				Nine Months Ended
($ in millions)	September 30,				September 30,
	2026		2025		2026		2025
R&D Expenses	$52.4		$98.3		$218.6		$266.4
Adjustments:
R&D Reimbursement	3.8		45.8		54.1		63.6
Non-GAAP R&D Expenses	$48.7		$52.4		$164.5		$202.9
Combined R&D and SG&A Expenses	$76.1		$129.9		$297.7		$389.8
Adjustments:
R&D Reimbursement	3.8		45.8		54.1		63.6
Non-GAAP Combined R&D and SG&A Expenses	$72.3		$84.1		$243.6		$326.2

Contacts:

Investors
Naina Zaman
240-410-5353
ir@novavax.com

Media
Yvonne Sprow
844-264-8571
media@novavax.com

 

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SOURCE Novavax, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Novavax's third-quarter 2026 revenue and net loss?

Novavax reported $68 million in revenue and a $31 million net loss for the third quarter of 2026. Revenue declined 3% from $70 million a year earlier, while net loss narrowed from $202 million.

What is Novavax's updated full-year 2026 adjusted revenue guidance?

Novavax expects $385 million to $415 million in full-year 2026 non-GAAP adjusted total revenue, compared with its previous $235 million to $275 million range. The revised framework includes the $125 million milestone earned in October following initiation of Sanofi's European Phase 3 influenza-COVID-19 combination vaccine trial.

Which Sanofi revenue sources are excluded from Novavax's 2026 adjusted revenue framework?

The framework excludes Sanofi supply sales, Sanofi royalties and future Sanofi milestones. Novavax relies on Sanofi's sales forecasts for certain revenue components. The company cannot reconcile its forward-looking adjusted revenue measures to GAAP without unreasonable effort because the necessary partner sales forecasts are unavailable.

Did Novavax change its 2026 non-GAAP expense outlook?

Novavax maintained the midpoint of its non-GAAP combined research and development and administrative expense outlook, narrowing the range to $315 million–$335 million from $310 million–$340 million. This measure excludes research and development reimbursements from license partners, which are recorded as revenue.