On November 5, 2026 Novavax, Inc. (Nasdaq: NVAX) reported its financial results and operational highlights for the third quarter ended September 30, 2026.
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"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.
(Press release, Novavax, NOV 5, 2026, View Source [SID1234674278])