Novavax Q1 2026 Earnings: Revenue Drops on Tough Comparison as Licensing Income Grows

May 6, 2026 · Published August 7, 2026

Novavax's Q1 2026 revenue fell year-over-year as a one-time prior-year payment rolled off, but underlying licensing royalties and supply sales both grew as the company leans further into partnerships.

Figures as reported by the company to the SEC for the quarter ended March 31, 2026. Analyst estimates are not part of a filing, so no comparison to expectations is shown.

Key takeaways

• Total revenue was $139.5 million, down sharply from $667 million a year earlier — but that prior-year figure included a large one-time payment tied to Novavax’s COVID-19 vaccine deal with Sanofi, so the year-over-year drop reflects lapping that unusual event rather than a decline in the ongoing business.
• Within revenue, licensing royalties and other income rose 116% from a year ago to about $97 million, as Sanofi and other partners sold more products using Novavax’s technology.
• Supply sales (Novavax manufacturing and shipping vaccine or adjuvant material to partners) rose 139% to about $33 million, driven by demand for its Matrix-M adjuvant — an ingredient added to vaccines to boost the immune response — and COVID-19 supply to Sanofi.
• The net loss per share narrowed to $0.06, continuing Novavax’s shift away from selling its own COVID-19 vaccine and toward collecting royalties and fees from larger pharmaceutical partners who now handle manufacturing and sales.
• The very high gross margin (nearly 85% over the past year) reflects that licensing and royalty income costs little to deliver, but the company is still spending more on research, development and operations than it brings in overall, keeping operating and net margins negative.
• Management reiterated full-year 2026 guidance for adjusted total revenue of $230 million to $270 million, a figure that excludes Sanofi supply sales and one-time milestone payments.
• Novavax said it is eligible for royalties in the high-teens to low-20s percent range on Sanofi’s COVID-19 vaccine sales for the 2026-2027 vaccination season in key markets including the U.S.
• The company also flagged potential milestone payments ahead: $75 million tied to completing the transfer of vaccine manufacturing know-how to Sanofi, and up to $350 million tied to the development and launch of a combined flu/COVID-19 vaccine with Sanofi.
• Executives described the quarter as evidence of a broader strategic shift from being a direct vaccine seller to a licensing-focused company, pointing to new and expanded partnerships built around its Matrix-M adjuvant platform across infectious disease and other therapeutic areas.

Q1 2026 in context

Figures for the quarter ended Mar 2026 and the quarter ended Mar 2025, as reported to the SEC.

How the stock took it

Novavax Inc closed at $8.10 on May 5, 2026, the last session before the report, and at $9.23 on May 7, 2026, the first session after it — +13.9% across the report.

Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.

Financial history →

Sources: company report · earnings call