Novavax Inc. (NVAX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$413.8M

Revenue growth

-61.6%

Net income, last twelve months

-$247.7M

Earnings per share

-$1.52

Gross margin

78.6%

Operating margin

-56.6%

Net margin

-59.9%

Free cash flow

-$42.9M

Market value

$1.7B

Cash

$191.5M

Debt

$291.5M

Shares outstanding

164.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Revenue fell 76% on prior-year milestone. Total revenue was $57 million, down 76% from $239 million. The prior year included $202 million of milestone and amendment revenue.
• Net loss against prior-year net income. The company reported a net loss of $53 million, or $0.32 per diluted share, compared with net income of $107 million a year earlier.
• Product sales rose on Matrix-M demand. Product sales were $19 million, 76% higher than a year earlier, reflecting higher Matrix-M adjuvant demand and sales to license partners.
• Sanofi revenue fell 82%. Sanofi revenue was $36 million against $199 million, down 82%. Takeda revenue was nil, against $27 million in the prior-year quarter from the amendment.
• Licensing and royalty revenue fell 83%. Licensing, royalties and other revenue was $38 million, down 83% from $229 million a year earlier. It includes R&D reimbursements from partners.
• Nuvaxovid sales nil this quarter. Nuvaxovid Sales, where Novavax is the commercial market lead, were $0 against negative $2 million a year earlier.
• Non-GAAP R&D fell 34%. Partners reimbursed $23 million of R&D costs. Non-GAAP R&D, net of that reimbursement, fell 34%, which the company linked to its ongoing cost reduction program.
• SG&A fell 39% after commercial exit. SG&A was $27 million, down 39%, mainly because lead commercial activities moved to Sanofi and commercial infrastructure was eliminated, plus general cost reduction.
• Cost of sales little changed. Cost of sales was $14 million, against $15 million a year earlier.
• Full-year expense guidance lowered. Combined R&D and SG&A expense guidance was cut to $370 million to $410 million from $380 million to $420 million. Non-GAAP combined guidance of $310 million to $340 million was maintained.
• Adjusted revenue framework raised. Adjusted Total Revenue framework rose to $235 million to $275 million from $230 million to $270 million, with adjusted supply and other partner revenue ranges also higher.
• Sanofi revenue excluded from framework. Sanofi supply sales, royalties and milestones are excluded from the revenue framework and carry no guidance, because Novavax relies on Sanofi forecasts.
• Sanofi widens Nuvaxovid launches. Sanofi is expanding commercial activity for Nuvaxovid, with launches in the UK, Germany and Canada from 2026. Novavax is eligible for royalties in the high teens to low twenties percent.
• Combination trial timing with regulators. Sanofi said it is in advanced discussions with regulators on Phase 3 combination trial timing and intends to be among the first movers in combination vaccines.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 339 held.

Every filing

The newest filings with the SEC of 717 held.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

298 funds held it at 30 Jun 2026: 111 added and 86 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

It was incorporated in Delaware in 1987 and its common stock is listed on the Nasdaq Global Select Market under the symbol NVAX. Its technology platform combines its Matrix-M adjuvant with recombinant protein-based nanoparticles. That platform is used in the COVID-19 vaccine Nuvaxovid and in the R21/Matrix-M adjuvant malaria vaccine. The company had approximately 749 employees as of 31 December 2025, and it works mainly through partners and licensing.

What it sells and licenses

Novavax sells Nuvaxovid, its COVID-19 vaccine, under advance purchase agreements with governments and in commercial markets. It also supplies Matrix-M adjuvant and other materials to partners. The FDA approved the Nuvaxovid biologics license application in May 2025 for adults 65 and older and for people 12 through 64 with at least one underlying condition that raises their risk. In November 2025 the company completed the transfer of that license to Sanofi, which is now responsible for further development and commercialization in the United States. Nuvaxovid is also authorized by the European Commission and several other countries.

The technology

For the nanoparticle vaccines, a selected antigen gene is placed in an insect cell expression system, which produces the protein antigen. The antigen is then formulated with Matrix-M, a saponin-based adjuvant that the company makes itself. The company says the adjuvant allows a lower dose of antigen, which supports vaccine supply. It describes the adjuvant as a key differentiator of the platform. It holds or has rights to over 830 US and foreign patents and patent applications, covering COVID-19, influenza, RSV and C. difficile among other areas.

Partners and licences

- Sanofi: Under a collaboration and license agreement signed in May 2024, Sanofi leads commercialization of the COVID-19 vaccine. Novavax continues to supply certain existing advance purchase agreement customers and partners, including Takeda and SII. Novavax is eligible for milestone payments and royalties on Sanofi's sales. Sanofi holds a sole license to develop COVID-19 and influenza combination products and a non-exclusive license to use Matrix-M in other vaccines. Novavax is running a Phase 4 post-marketing study on Sanofi's behalf, and Sanofi reimburses 70% of its costs, up to an agreed cap. - Takeda: Takeda holds an exclusive license to develop, manufacture and commercialize the COVID-19 vaccine in Japan. It buys Matrix-M from Novavax and pays a tiered royalty on its net sales. - Serum Institute of India (SII): SII manufactures the R21/Matrix-M adjuvant malaria vaccine, which the Jenner Institute at the University of Oxford developed. SII buys Matrix-M and pays a royalty for 15 years after the first commercial sale in each country. The vaccine is available in 24 countries as of February 2026. The company reports 30 million doses sold since mid-2024 and a market share above 80%. - Pfizer: A License and Option Agreement dated 15 January 2026 gives Pfizer a non-exclusive license to use Matrix-M in up to two disease areas, with milestone payments and tiered royalties. - Material transfer agreements: In 2025 Novavax signed three of these with other pharmaceutical companies to test Matrix-M in their pipelines. One is a preclinical collaboration in oncology.

Supply agreements and manufacturing

Novavax has advance purchase agreements with various countries, which typically include upfront payments. The Canadian government terminated its agreement by notice in March 2025, and the New Zealand agreement was settled the same month. The Australia agreement remains in place, but Australia did not take delivery of doses due in 2025 and may seek to cancel doses or terminate the agreement. The company's agreement with Gavi was ended by a settlement in February 2024.

Novavax makes Matrix-M at its Novavax AB facility in Uppsala, Sweden. AGC Biologics and the Polypeptide Group also supply Matrix-M under contract. Serum Institute of India and Serum Life Sciences supply the antigen for the COVID-19 vaccine and co-formulate, fill and finish the doses. The company says it currently depends primarily on this arrangement for those steps.

Pipeline, competition and regulation

Early research covers C. difficile, shingles and RSV combinations, and the company is developing a pandemic influenza candidate. It has also run a Phase 3 immunogenicity and safety trial of COVID-influenza combination and stand-alone influenza candidates, with an initial cohort of approximately 2,000 participants. The company says it does not intend to invest further in these two programs and is seeking a partner.

The company says the vaccine market is intensely competitive. As of February 2026, Nuvaxovid is one of three COVID-19 vaccines approved by the FDA for the 2025-2026 season, with the others marketed by Pfizer and Moderna. Seasonal influenza vaccines are marketed mainly by Sanofi, GSK and Seqirus. The company's vaccines are regulated by the FDA, the European Medicines Agency and other national authorities.

Its people

Staff include scientists, physicians and professionals in research, development, manufacturing, business development, finance, legal and administrative roles. The company also uses temporary workers. It offers most employees equity through grants or an employee stock purchase plan. It runs an Executive Development Program for 20 employees annually.

*From Novavax's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1000694/000100069426000007/nvax-20251231.htm)*

From the company's 10-K.