Novavax (NASDAQ: NVAX) posts Q1 loss, highlights Pfizer Matrix-M deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Novavax reported first quarter 2026 revenue of $140 million, down 79% from $667 million a year earlier, mainly because Q1 2025 included $603 million of non-cash Nuvaxovid sales from closing two advance purchase agreements. Nuvaxovid product sales fell to $10 million from $608 million, while licensing, royalties and other revenue grew to $97 million, helped by a $30 million upfront payment from a new Pfizer Matrix-M license.
Cost of sales rose to $31 million, and R&D expenses were $95 million, but Non-GAAP R&D fell 13% to $68 million after partner reimbursements. SG&A dropped 40% to $29 million as commercial activities transitioned to Sanofi and cost cuts continued. Novavax posted a net loss of $9.5 million versus net income of $518.6 million in Q1 2025.
Cash, cash equivalents, marketable securities and restricted cash were $795 million at March 31, 2026, slightly above year-end 2025, supported by an initial $50 million draw on a new $330 million MidCap Financial credit facility. The company reiterated 2026 guidance, targeting Non-GAAP combined R&D and SG&A expenses of $310–$340 million and Adjusted Total Revenue of $230–$270 million, and highlighted a series of Matrix-M partnerships, including Pfizer and multiple global pharmaceutical companies, plus progress on its C. difficile vaccine candidate.
Positive
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Negative
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Insights
Revenue normalizes after one-time boost as Novavax leans on partnerships and cost cuts.
Novavax shifted from Q1 2025’s unusually strong results to a more normalized profile in Q1 2026. Revenue fell to $140 million, a 79% decrease, largely because last year included $603 million of non-cash Nuvaxovid sales from closing advance purchase agreements.
The mix is changing: Nuvaxovid sales dropped to $10 million, while licensing, royalties and other revenue rose to $97 million, including $30 million from a new Pfizer Matrix-M license and contributions from Sanofi and other partners. This supports a strategy that relies more on adjuvant and technology partnering than direct product sales.
Cost discipline is visible. Non-GAAP R&D expenses declined to $67.8 million and Non-GAAP combined R&D and SG&A to $96.6 million, as the company targets full-year Non-GAAP combined R&D and SG&A of $310–$340 million. Cash and investments totaled about $795 million at March 31, 2026, helped by a new $330 million credit facility, while management reiterated its 2026 Adjusted Total Revenue framework of $230–$270 million.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue Q1 2026: $140 million
Nuvaxovid sales Q1 2026: $10 million
Licensing, royalties and other revenue: $97 million
+5 more
8 metrics
Total revenue Q1 2026
$140 million
Down 79% from $667 million in Q1 2025
Nuvaxovid sales Q1 2026
$10 million
Versus $608 million in Q1 2025, which included $603 million non-cash APA close-out
Licensing, royalties and other revenue
$97 million
Includes $30 million upfront from Pfizer Matrix-M agreement
Net income (loss) Q1 2026
-$9.5 million
Compared with $518.6 million net income in Q1 2025
Cash and investments
$795 million
Cash, cash equivalents, marketable securities and restricted cash as of March 31, 2026
Non-GAAP combined R&D and SG&A (quarter)
$96.6 million
Three months ended March 31, 2026
2026 Non-GAAP R&D and SG&A guidance
$310–$340 million
Full year 2026 guidance range as of May 6, 2026
2026 Adjusted Total Revenue framework
$230–$270 million
Full year 2026 Adjusted Total Revenue target range
Key Terms
Matrix-M, material transfer agreement, Advance Purchase Agreements, Non-GAAP Combined R&D and SG&A Expenses, +2 more
6 terms
Matrix-M financial
"Pfizer agreement announced in January for non-exclusive license to utilize Matrix-M in two infectious disease areas"
Matrix-M is a vaccine adjuvant — an added ingredient that strengthens and shapes the body’s immune response to a vaccine, similar to a signal booster that helps a weaker transmitter reach more receivers. It matters to investors because an adjuvant can improve a vaccine’s effectiveness, reduce required doses, affect manufacturing complexity and cost, and influence regulatory approval and commercial value, all of which can change a developer’s sales prospects and partnership opportunities.
material transfer agreement financial
"Novavax signed a new material transfer agreement (MTA) with a top ten global pharmaceutical company"
A material transfer agreement is a legal contract that sets the rules for sharing physical research materials—like cell lines, chemicals, or biological samples—between organizations. It explains who can use the material, how results and any inventions are handled, and who bears risk and costs; for investors this matters because such agreements can affect a company’s ability to develop products, protect intellectual property, avoid liability, and form partnerships on schedule.
Advance Purchase Agreements financial
"higher Nuvaxovid product sales for the first quarter of 2025 were primarily due to $603 million of non-cash sales revenue recognized with the close-out of two Advance Purchase Agreements (APA)"
A contract where a buyer agrees to purchase goods or services from a supplier at a set price and delivery schedule in the future, often with some payment or commitment made up front. Like a large-scale preorder, it gives the seller predictable revenue and helps the buyer lock in supply and price. Investors care because these agreements reduce sales uncertainty, improve cash-flow visibility, and can materially affect a company’s risk profile and valuation.
Non-GAAP Combined R&D and SG&A Expenses financial
"Targeting full year Non-GAAP combined R&D and Selling, General and Administrative (SG&A) expenses of $325 million for full year 2026"
Adjusted Total Revenue financial
"expects to achieve Adjusted Total Revenue of between $230 million and $270 million"
Phase 4 COMPARE study technical
"Sanofi announced positive results from the Phase 4 COMPARE study, a head-to-head study comparing Nuvaxovid and Moderna's mNEXSPIKE"
Earnings Snapshot
Total revenue: $140 million · Guidance included
Q1 2026
Total revenue
$140 million
-79% YoY
Nuvaxovid product sales
$10 million
down from $608 million in Q1 2025
Licensing, royalties and other revenue
$97 million
up from $45 million in Q1 2025
Net income (loss)
-$9.5 million
from $518.6 million net income in Q1 2025
Non-GAAP combined R&D and SG&A
$96.6 million
down from $125.7 million in Q1 2025
Guidance
For full year 2026, Novavax targets Non-GAAP combined R&D and SG&A expenses of $310–$340 million and Adjusted Total Revenue of $230–$270 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 6, 2026
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
First Quarter Financial Results
On May 6, 2026, Novavax, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2026. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
99.1 | Press release, dated May 6, 2026, regarding the Company’s financial results for the quarter ended March 31, 2026. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NOVAVAX, INC. | ||||||||
Date: May 6, 2026 | By: | /s/ Mark J. Casey | ||||||
| Name: | Mark J. Casey | |||||||
| Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary | |||||||
Press Release |  | ||||
Novavax Reports First Quarter 2026 Financial Results and Operational Highlights
•Total revenue of $140 million in the first quarter of 2026
•Pfizer agreement announced in January for non-exclusive license to utilize Matrix-M® in two infectious disease areas
•In April, Novavax signed a new MTA with a top 10 leading pharmaceutical company and leader in oncology to explore Matrix-M in multiple oncology and infectious disease targets
•In April, Novavax expanded an existing partnership with a new MTA, providing access to Matrix-M for exploration in up to nine additional identified infectious diseases
•In February, Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field and signed a new MTA with an oncology company
•Sanofi announced positive results from the Phase 4 COMPARE study, a head-to-head study comparing Nuvaxovid and Moderna's mNEXSPIKE that reinforces Nuvaxovid’s well established and differentiated reactogenicity profile
•Novavax’s C. difficile vaccine candidate prioritized with potential to enter the clinic as early as 2027
•Reiterates 2026 Revenue Framework and Combined R&D and SG&A expense guidance
GAITHERSBURG, Md., May 6, 2026 – Novavax, Inc. (Nasdaq: NVAX) today announced its financial results and operational highlights for the first quarter ended March 31, 2026.
“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,” said John C. Jacobs, President and Chief Executive Officer, Novavax. “With these agreements in place, our partners have the right to evaluate Matrix in over 30 unique fields of experimentation targeting more than 50% of the projected over $100B market for infectious disease and oncology vaccines and immuno-therapeutics. In addition, Novavax continued to advance our own R&D efforts with the selection of our C. difficile vaccine candidate as our next potential asset to advance to the clinic as early as 2027.”
First Quarter 2026 and Recent Highlights
Key Business Highlights
•In January 2026, Novavax entered into a license agreement with Pfizer for use of Novavax's Matrix-M adjuvant in vaccine development. Under the terms of the agreement, Pfizer was granted a non-exclusive license for Matrix-M use in two infectious disease areas.
◦Novavax received an upfront payment of $30 million in the first quarter of 2026 and has the potential for up to $500 million in additional development and sales milestones. In addition, Novavax is eligible to receive high-mid-single digit percentage royalties on sales from products incorporating Matrix-M.
◦Pfizer will be solely responsible for the development and commercialization of its products utilizing Matrix-M, and Novavax will be responsible for the supply of Matrix-M.
◦This partnership has the potential to generate billions of dollars of revenue for Novavax over the life of the agreement.
•In 2026, Novavax continued to expand its Matrix-M partnering efforts with global pharmaceutical companies and innovative biopharma companies.
◦In April, Novavax signed a new material transfer agreement (MTA) with a top ten global pharmaceutical company who is also a global leader in oncology to explore Matrix-M in a broad array of oncology targets, as well as antibiotic resistant bacterial infections and other infectious diseases.
◦In April, Novavax signed a new MTA with an existing pharmaceutical partner for evaluation of Matrix-M in nine additional, identified disease areas.
◦In February, Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field and signed a new MTA with an innovative oncology company.
•In total, Novavax now has MTA collaborations and/or license agreements with four of the top ten global pharmaceutical companies and a number of innovative biotech companies who, collectively, have the right to explore Matrix-M in over 30 unique fields of experimentation across both infectious diseases and oncology.
◦The goal of our MTA collaborations is to enable exploration of Matrix-M with the intent of entering into deeper partnership via formal license agreements, that in turn results in the advancement of partner’s R&D clinical work toward the potential commercialization of innovative vaccines.
▪The broad utility of our technology has resulted in several companies exploring Matrix-M for application in the same high-potential markets, including infectious disease areas such as cytomegalovirus, Epstein-Barr Virus, pneumococcal, and RSV; and also includes overlap in oncology areas such as colorectal cancer, head and neck cancer and pancreatic cancer.
▪Existing partners under license and MTA agreements, have the right to address fields of experimentation that cover over 50% of the global market opportunity for infectious disease and oncology vaccines and immunotherapeutics, which is projected to grow to over $100 billion by the early 2030s.
•In April, Sanofi announced positive Phase 4 results from the COMPARE study, a head-to-head study showing that Nuvaxovid demonstrated statistically significant lower side effects compared to Moderna’s mNEXSPIKE across all pre-specified endpoints, reinforcing Nuvaxovid’s well-established and differentiated reactogenicity profile ahead of the fall season.
•Continued to progress Novavax R&D innovation in support of our growth strategy
◦Clostridioides difficile colitis (C. difficile) vaccine candidate prioritized as potential next asset to enter the clinic as early as 2027.
◦Preliminary preclinical data generated by Novavax on its varicella-zoster virus (shingles) and respiratory syncytial virus early-stage assets were positive and provide path forward for informing the Company’s future antigen design and adjuvant work.
•Ongoing adjuvant research is intended to expand the utility of our technology by creating new adjuvants tailored to foster specific differentiated immune properties for certain diseases that may require unique immune responses.
•Novavax continued to progress its cost reduction program to create a more lean and agile organization.
◦Targeting full year Non-GAAP combined R&D and Selling, General and Administrative (SG&A) expenses of $325 million for full year 2026 and $225 million for full year 2027, each period at the midpoint of the guidance range.
◦Improving the 2028 target for full year Non-GAAP combined R&D and SG&A expenses to between $150 million and $200 million. This reflects an anticipated expense reduction of over $200 million and over 50% when compared to full year 2025.
First Quarter 2026 Total Revenue
First quarter 2025 Nuvaxovid sales included $603 million of non-cash sales related to the close-out of two APA agreements.
| First Quarter | |||||||||||||||||
| $ in millions | Q1 2026 | Q1 2025 | Change | % | |||||||||||||
NuvaxovidTM Sales1 | $10 | $608 | ($598) | (98%) | |||||||||||||
Supply Sales2 | 33 | 14 | 19 | 139% | |||||||||||||
| Product Sales | 42 | 622 | ($579) | (93%) | |||||||||||||
Sanofi3 | 49 | 40 | 9 | 21% | |||||||||||||
| Pfizer | 30 | 0 | 30 | NM | |||||||||||||
| Serum | 7 | 4 | 3 | 65% | |||||||||||||
Other Partners4 | 11 | 0 | 11 | NM | |||||||||||||
| Licensing, Royalties and Other Revenue | 97 | 45 | 52 | 116% | |||||||||||||
| Total Revenue | $140 | $667 | ($527) | (79%) | |||||||||||||
Notes
1.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.
2.Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners.
3.Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement.
4.Other Partners include upfront payments, royalties and milestone revenue under licensing agreements including Takeda and SK bioscience.
First Quarter 2026 Financial Results
•Total revenue for the first quarter of 2026 was $140 million, a 79% decrease compared to $667 million in the same period in 2025. Higher Nuvaxovid™ product sales for the first quarter of 2025 were primarily due to $603 million of non-cash sales revenue recognized with the close-out of two Advance Purchase Agreements (APA). Licensing Royalty and Other revenue of $97 million in the first quarter of 2026 included $30 million related to the Pfizer Matrix-M agreement signed in January 2026.
•Cost of sales for the first quarter of 2026 was $31 million, compared to $14 million in the same period in 2025.
•Research and development (R&D) expenses for the first quarter of 2026 were $95 million, compared to $89 million in the same period in 2025. The higher R&D costs were primarily associated with COVID-19 postmarketing commitment studies and annual strain change activities. R&D expenses reimbursed by partners in the first quarter of 2026 were $28 million. Non-GAAP R&D expenses,
net of partner reimbursement, were $68 million in the first quarter of 2026, a 13% decrease when compared to $78 million in the same period in 2025. The lower Non-GAAP R&D expenses were driven by the ongoing Novavax cost reduction program as it streamlines operations to make targeted R&D investments.
•Selling, General and Administrative (SG&A) expenses for the first quarter of 2026 were $29 million, a 40% decrease compared to $48 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 first quarter of 2026 was $9 million, compared to net income of $519 million in the same period in 2025. First quarter of 2025 net income benefited from $603 million of non-cash sales related to the close-out of two APA agreements.
•Cash, cash equivalents, marketable securities and restricted cash (Cash) were $795 million as of March 31, 2026, compared to $751 million as of December 31, 2025. In February 2026, Novavax announced a $330 million credit facility with MidCap Financial, including an initial capital draw of $50 million. The credit facility was put in place to further strengthen Novavax’s balance sheet and provide access to non-dilutive capital as Novavax advances its growth strategy.
Financial Framework
Reiterates Full Year 2026 Financial Guidance
Novavax reiterates its Full Year 2026 Financial Guidance for Combined R&D and SG&A Expenses and Non-GAAP Combined R&D and SG&A Expenses and expects to achieve the following results:
$ in millions | Full Year 2026 (as of May 6, 2026) | ||||
Combined R&D and SG&A Expenses | $380 - $420 | ||||
Less: R&D Reimbursements | ($70 - $80) | ||||
Non-GAAP Combined R&D and SG&A Expenses | $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.
Reiterates Full Year 2026 Revenue Framework
For 2026, Novavax reiterates its 2026 Revenue Framework and expects to achieve Adjusted Total Revenue4 of between $230 million and $270 million. 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.
$ in millions | Full Year 2026 (as of May 6, 2026) | ||||
Nuvaxovid Product Sales1 | $35 - $45 | ||||
Adjusted Supply Sales2 | $40 - $50 | ||||
Adjusted Licensing, Royalties and Other Revenue3 | $155 - $175 | ||||
Adjusted Total Revenue4 | $230 - $270 | ||||
Sanofi Supply Sales, Sanofi Royalties and Sanofi Milestones | No guidance | ||||
Revenue Category | Revenue Framework Footnotes | ||||
Nuvaxovid Product Sales1 | $35 million to $45 million in Nuvaxovid Product Sales by Novavax under existing APA and commercial agreements. | ||||
Adjusted Supply Sales2 | $40 million to $50 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. | ||||
Adjusted Licensing, Royalties and Other Revenue3 | ◦$70 million to $80 million in R&D Reimbursement. Under the Sanofi co-exclusive licensing agreement (CLA), Novavax is eligible to receive reimbursement for costs incurred related to select R&D and technology transfer activities during the transition performance period. ◦$50 million to $60 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 ◦$35 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. | ||||
Adjusted Total Revenue4 | ◦Adjusted Total Revenue is a Non-GAAP Financial Measure. Adjusted Total Revenue is total revenue excluding Sanofi Supply Sales, Sanofi Royalties and Sanofi. 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 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.
•Novavax is eligible to receive up to $350 million in Phase 3 development and commercial launch milestone payments associated with Sanofi influenza-COVID-19 combination products.
•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 host its quarterly conference call today at 8:30 a.m. Eastern Time (ET). To join the call without operator assistance, you may register and enter your phone number at https://registrations.events/easyconnect/1309751/reczqKfVCuLMAhd3l/ to receive an instant automated call back. You may also dial direct to be entered into the call by an operator. The dial-in numbers for the conference call are (888) 880-3330 (Domestic) or (+1) (646) 357-8766 (International). Participants will be prompted to request to join the Novavax, Inc. call. A replay of the conference call will be available starting at 11:30 a.m. ET on May 6, 2026, until 11:59 p.m. ET on May 13, 2026. To access the replay by telephone, dial (800) 770-2030 (Domestic) or (+1) (609) 800-9909 (International) and use passcode 1309751#.
A webcast of the conference call can also be accessed on the Novavax website at ir.novavax.com/events. A replay of the webcast will be available on the Novavax website until June 6, 2026.
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, 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 Sanofi 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 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, and other preclinical and postmarketing commitment (PMC) studies; 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. 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, Novavax’s ability to successfully and timely obtain and maintain full U.S. FDA licensure or foreign regulatory approvals necessary to manufacture, market, distribute, or deliver its COVID-19 vaccine; the impact of delays in obtaining regulatory approval, including regulatory decisions impacting labeling, approval or authorization, including the scope of the indicated population, product dosage, manufacturing processes, shelf life, safety, for our product candidates; challenges in conducting the PMC study, 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 PMC, 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; 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 Novavax’s COVID-19 vaccine 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 research and development, 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; uncertainty in the regulatory pathway for Novavax’s COVID -19 Vaccine; 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; Novavax’s ability to timely deliver doses; challenges in obtaining 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 seasonality of vaccinations against COVID-19; 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 | |||||||||||
| Match 31, 2026 | March 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Revenue: | |||||||||||
| Product Sales | 42,200 | 621,678 | |||||||||
| Licensing, royalties and other | 97,314 | 44,977 | |||||||||
| Total revenue | 139,514 | 666,655 | |||||||||
| Expenses | |||||||||||
| Cost of Sales | 30,695 | 14,115 | |||||||||
| Research and Development | 95,472 | 88,937 | |||||||||
| Selling, general, and administrative | 28,777 | 48,090 | |||||||||
| Total expenses | 154,944 | 151,142 | |||||||||
| Income (loss) from operations | (15,430) | 515,513 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (4,901) | (5,723) | |||||||||
| Other income, net | 11,825 | 10,056 | |||||||||
| Income (loss) before income tax expense | (8,506) | 519,846 | |||||||||
| Income tax expense | 985 | 1,200 | |||||||||
| Net income (loss) | (9,491) | 518,646 | |||||||||
| Net income (loss) per share | |||||||||||
| Basic | (0.06) | 3.22 | |||||||||
| Diluted | (0.06) | 2.93 | |||||||||
| Weighted average number of common shares outstanding | |||||||||||
| Basic | 163,276 | 161,049 | |||||||||
| Diluted | 163,276 | 177,625 | |||||||||
| SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands) | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Cash and cash equivalents | 228,363 | 240,634 | |||||||||
| Marketable securities | 561,969 | 494,450 | |||||||||
| Total restricted cash | 4,562 | 15,418 | |||||||||
| Total current assets | 850,816 | 978,276 | |||||||||
| Working capital | 508,355 | 518,326 | |||||||||
| Total assets | 1,043,162 | 1,176,512 | |||||||||
| Convertible notes payable | 291,039 | 244,213 | |||||||||
| Total stockholder’s deficit | (144,762) | (127,753) | |||||||||
| Reconciliation of GAAP to NON-GAAP Financial Results (unaudited) | |||||||||||
| ($ in millions) | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Total Revenue | 139.5 | 666.7 | |||||||||
| Adjustments: | |||||||||||
| Sanofi Supply Sales Adjustment | 17.1 | 1.2 | |||||||||
| Sanofi Royalties Adjustment | 3.5 | 0 | |||||||||
| Adjusted Total Revenue | $ | 118.9 | $ | 665.5 | |||||||
| R&D Expenses | 95.5 | 88.9 | |||||||||
| Adjustments: | |||||||||||
| R&D Reimbursement | 27.7 | 11.3 | |||||||||
| Non-GAAP R&D Expenses | $ | 67.8 | $ | 77.6 | |||||||
| Combined R&D and SG&A Expenses | 124.3 | 137.0 | |||||||||
| Adjustments: | |||||||||||
| R&D Reimbursement | 27.7 | 11.3 | |||||||||
| Non-GAAP Combined R&D and SG&A Expenses | $ | 96.6 | $ | 125.7 | |||||||
Contacts:
Investors
Jim Kelly
844-668-2829
ir@novavax.com
Media
Yvonne Sprow
844-264-8571
media@novavax.com
FAQ
How did Novavax (NVAX) perform financially in Q1 2026?
Novavax reported total Q1 2026 revenue of $140 million, a 79% decrease from $667 million a year earlier. The company posted a net loss of $9.5 million, compared with net income of $518.6 million in Q1 2025, which benefited from large non-cash APA sales.
What drove the change in Novavax’s revenue mix in Q1 2026?
Nuvaxovid product sales dropped to $10 million from $608 million, mainly because Q1 2025 included $603 million of non-cash APA close-out sales. Licensing, royalties and other revenue increased to $97 million, supported by partner agreements, including a $30 million upfront payment from Pfizer.
What is the significance of Novavax’s Matrix-M partnership with Pfizer?
In January 2026, Pfizer obtained a non-exclusive Matrix-M license for two infectious disease areas. Novavax received a $30 million upfront payment and may earn up to $500 million in milestones, plus high-mid-single digit royalties on sales of Matrix-M–containing Pfizer products.
What 2026 financial guidance did Novavax (NVAX) reiterate?
Novavax reaffirmed 2026 guidance for Non-GAAP combined R&D and SG&A expenses of $310–$340 million. It also reiterated an Adjusted Total Revenue framework of $230–$270 million, excluding Sanofi supply sales, royalties and Sanofi-related milestones from that non-GAAP revenue measure.
How strong is Novavax’s cash position after Q1 2026?
As of March 31, 2026, Novavax held $795 million in cash, cash equivalents, marketable securities and restricted cash, up from $751 million at year-end 2025. The company also arranged a $330 million credit facility with MidCap Financial, drawing an initial $50 million.
What cost reduction targets has Novavax set through 2028?
Novavax is targeting full-year 2026 Non-GAAP combined R&D and SG&A expenses of $325 million at the midpoint and $225 million for 2027. For 2028, it aims for $150–$200 million, implying more than $200 million and over 50% expense reduction versus full-year 2025.
What are Novavax’s key pipeline and partnership highlights from Q1 2026?
Novavax prioritized its C. difficile vaccine candidate for potential clinical entry by 2027 and reported positive preclinical data in shingles and RSV. It expanded multiple Matrix-M MTAs, now collaborating with four top-ten global pharma companies across more than 30 experimental fields in infectious disease and oncology.