Novavax (NVAX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $140 million, down 79% year-over-year due to prior-year non-cash APA close-outs and lower Nuvaxovid sales; partner-related revenues more than doubled year-over-year.

• Net loss for Q1 2026 was $9 million, compared to net income of $519 million in Q1 2025.

• Expanded Matrix-M partnerships, including a new license agreement with Pfizer ($30 million upfront, up to $500 million in milestones), and collaborations with four of the top ten global pharma companies.

• C. difficile vaccine candidate prioritized for clinical advancement, with clinical entry targeted as early as 2027.

• Significant cost reductions achieved, with a lean operating model and capital-efficient R&D focus.

Financial highlights

• Q1 2026 total revenue: $140 million, a 79% decrease year-over-year due to prior-year non-cash APA close-out.

• Partner-related revenues (supply sales, licensing, royalties, other) grew over 100% year-over-year.

• Product sales were $42 million; licensing, royalties, and other revenue reached $97 million, including the Pfizer upfront payment.

• Combined R&D and SG&A expenses reduced by 23% year-over-year on a non-GAAP basis; GAAP expenses also declined.

• Cash, equivalents, and receivables totaled $818 million at March 31, 2026, supported by a new $330 million credit facility.

Outlook and guidance

• Reiterated full-year 2026 adjusted revenue guidance of $230–$270 million, with $250 million at midpoint.

• 2026 non-GAAP R&D and SG&A expense guidance: $310–$340 million; targeting $150–$200 million by 2028.

• Cash runway projected into 2028 without new upfronts, milestones, or royalties.

• Path to non-GAAP profitability as early as 2028, contingent on partner program success and further cost reductions.

• No guidance provided for Sanofi-related revenue components due to reliance on partner forecasts.