Novavax Raises 2026 Revenue Framework and Trims Expense Outlook

The Tip Desk · August 6, 2026 · 4 min read

The vaccine maker lifted full-year Adjusted Total Revenue to $235 million–$275 million and cut GAAP combined R&D and SG&A guidance by $10 million at the midpoint.

Novavax, Inc. (NVAX) raised its full-year 2026 Adjusted Total Revenue framework to $235 million–$275 million from $230 million–$270 million as of May 6, and improved GAAP combined research and development and selling, general and administrative expense guidance by $10 million at the midpoint.

The vaccine company said Adjusted Supply Sales guidance moved to $45 million–$55 million from $40 million–$50 million. Nuvaxovid product sales and Adjusted Licensing, Royalties and Other Revenue ranges were unchanged. GAAP combined R&D and SG&A expense guidance is now $370 million–$410 million. Non-GAAP combined R&D and SG&A guidance remained $310 million–$340 million. R&D reimbursement guidance was lowered to $60 million–$70 million from $70 million–$80 million.

Second-quarter total revenue was $57 million, down 76% from $239 million a year earlier. The year-ago quarter included $202 million from a $175 million Nuvaxovid U.S. Biologics License Application milestone and a $27 million Takeda amendment. Revenue also fell from $140 million in the first quarter of 2026.

Sanofi-related revenue was $36 million, down 82% from $199 million a year earlier. Takeda revenue was zero, versus $27 million a year earlier. Licensing, royalties and other revenue was $38 million. Product sales were $19 million, 76% higher than a year earlier, which the company attributed to higher Matrix-M adjuvant demand and sales to license partners. Nuvaxovid sales, where Novavax is the commercial market lead, were zero.

The company swung to a net loss of $53 million, or $0.32 a share, from net income of $107 million, or $0.62 a share, a year earlier. The prior-year profit included the $202 million milestone and amendment package. Cost of sales was $14 million.

GAAP R&D expenses were $71 million. Non-GAAP R&D expenses, net of $23 million in partner reimbursement, were $48 million, a 34% decrease from $73 million a year earlier. Lower non-GAAP R&D expenses were driven by the ongoing cost-reduction program as the company streamlined operations and made targeted R&D investments. SG&A expenses were $27 million, a 39% decrease from $44 million a year earlier, 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.

Cash, cash equivalents, marketable securities and restricted cash were $724 million as of June 30, 2026, compared with $751 million as of December 31, 2025.

Sanofi confirmed with Novavax that the companies are in advanced discussions with regulators regarding the timing of their Phase 3 COVID-19-Influenza Combination trial and intend to be among the first movers in the combination vaccine segment. Initiation of that trial in the U.S. or European Union will trigger a $125 million milestone to Novavax. Manufacturing technology transfer to Sanofi for Nuvaxovid is expected in mid-2027, which would trigger a $75 million milestone. Sanofi is expanding the commercial reach of Nuvaxovid through broader U.S. activities and launches in the United Kingdom, Germany and Canada from 2026 onwards, with Novavax eligible for royalties in the high teens to low twenties as a percentage of Sanofi’s global net sales. Novavax is eligible for up to $350 million in Phase 3 development and commercial launch milestones on Sanofi CIC products.

Sanofi received FDA Fast Track designation for its H5 pandemic influenza vaccine candidate SP0335, which uses Matrix-M. Multiple partner-led Matrix-M experiments are underway across infectious disease and oncology targets. The company advanced its C. difficile vaccine candidate into pre-IND interactions with the FDA and initiated GMP manufacturing, supporting potential clinical entry as early as 2027.

Adjusted Total Revenue excludes Sanofi Supply Sales, Sanofi Royalties and Sanofi Milestones, which are not included in the framework because they depend on Sanofi’s sales forecasts. Adjusted Licensing, Royalties and Other Revenue includes $60 million–$70 million in R&D reimbursement, $60 million–$70 million in other partner-related revenue including a $30 million Pfizer upfront payment received in the first quarter, and $35 million of amortization related to a $500 million upfront payment and a $50 million database lock milestone.

President and Chief Executive Officer John C. Jacobs said the company is well positioned to deliver several important partner milestones while advancing internal R&D programs and progressing MTA collaborations.