Novavax Q2 2026 earnings: loss narrower than expected, revenue guidance raised
Novavax topped Q2 2026 profit and revenue estimates and raised its full-year revenue guidance, as its Sanofi vaccine partnership continues to reshape its business.
| Q2 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | -$0.32 | -$0.41 | +22.6% |
| Revenue | $56.7M | $52.1M | +8.8% |
Key takeaways
- Novavax’s loss per share was smaller than analysts expected, and revenue came in above forecasts too — a beat on both the top and bottom line for the quarter.
- Total revenue fell sharply from the same quarter last year, but that’s mainly because last year included a large one-time milestone payment from partner Sanofi; this year’s revenue mix leaned more on ongoing supply sales, which rose 47%, and licensing/royalty income.
- Novavax makes most of its money now through a partnership with Sanofi, which markets and sells the companies’ COVID-19 vaccine, Nuvaxovid; Novavax collects a share of those sales rather than selling the vaccine directly in most markets.
- The company trimmed both research and administrative spending — R&D costs fell 11% and general/administrative costs fell 39% year over year — part of a broader shift toward leaner operations as it relies more on its partner for commercialization.
- Novavax raised its full-year 2026 revenue outlook slightly, to a range of $235 million to $275 million, up from $230 million to $270 million previously.
- Sanofi is expanding where Nuvaxovid is sold, including planned launches in the UK, Germany and Canada, and pays Novavax royalties in the high-teens-to-low-20% range on its global sales of the vaccine.
- Novavax could receive two additional milestone payments from Sanofi: $125 million when a combined COVID-flu vaccine trial begins in the US or Europe, and $75 million once manufacturing technology transfer to Sanofi is completed, expected in mid-2027.
- The company’s trailing-twelve-month operating and net margins remain negative, reflecting that Novavax is still not consistently profitable on an annual basis even as quarterly results beat expectations.
- Novavax shares were roughly flat on the earnings news, closing up about 0.5% on the day of the report.
Q2 2026 in context
| Metric | Jun 2026 | Jun 2025 | Change |
|---|---|---|---|
| Revenue | $57M | $239M | -76.3% |
| Net income | -$53M | $107M | -150.1% |
| Diluted EPS | -$0.32 | $0.62 | -151.6% |
| Gross margin | 74.9% | 93.6% | -18.7 pts |
| Operating margin | -96.8% | 42.2% | -139.1 pts |
| Net margin | -94.2% | 44.5% | -138.7 pts |
Figures for the quarter ended Jun 2026 and the quarter ended Jun 2025, as reported to the SEC.
How the stock took it
Novavax Inc closed at $7.70 on Aug 5, 2026, the last session before the report, and at $7.95 on Aug 7, 2026, the first session after it — +3.3% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| May 6, 2026 | $8.10 | $9.23 | +13.9% |
| Nov 6, 2025 | $7.69 | $7.44 | -3.3% |
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.
Fundamentals
| Metric | Value | Period |
|---|---|---|
| Gross margin | 85.0% | Trailing 12 months |
| Operating margin | -17.9% | Trailing 12 months |
| Net profit margin | -14.7% | Trailing 12 months |
| Pretax margin | -14.4% | Trailing 12 months |
| EPS | -$0.61 | Trailing 12 months |
| Revenue growth (YoY) | -52.5% | Trailing 12 months |
| Return on equity | 283.1% | Trailing 12 months |
Sources: company report · earnings call · MarketBeat