Novavax reported second-quarter 2026 total revenue of $57.0 million and a net loss of $53.4 million, reflecting a decline from the prior-year period that included sizable milestone-related revenue. The company improved its full-year 2026 Combined R&D and SG&A expense guidance by $10 million at the midpoint while raising its adjusted total revenue framework to $235–$275 million. Novavax reiterated progress on its Sanofi partnership, Matrix-M collaborations and plans to advance a C. difficile vaccine toward the clinic as early as 2027.

Financial Highlights

  • Total revenue: $56.7 million for Q2 2026, down from $239.2 million in Q2 2025.
  • Product sales: $18.9 million for Q2 2026 (vs. $10.7 million in Q2 2025).
  • Cost of sales: $14.2 million for Q2 2026.
  • Net loss: $(53.4) million for Q2 2026 (net income $106.5 million in Q2 2025).
  • Cash, cash equivalents and marketable securities: $724 million as of June 30, 2026 (cash and equivalents $191.5 million; marketable securities $527.9 million).

Business Highlights

  • Sanofi collaboration advancing: Sanofi is in advanced regulatory discussions for a Phase 3 COVID-19–Influenza Combination (CIC) trial; initiation in the U.S. or EU would trigger a $125 million milestone to Novavax.
  • Manufacturing tech transfer to Sanofi for Nuvaxovid expected mid-2027, which would trigger a $75 million milestone payment upon completion.
  • Sanofi to expand commercial activities for Nuvaxovid with launches in the U.K., Germany and Canada and broader U.S. activity; Novavax eligible for royalties in the high teens to low twenties on Sanofi global net sales.
  • Matrix-M platform momentum: multiple partner-led experiments underway across infectious disease and oncology targets; Sanofi’s H5 pandemic influenza candidate using Matrix-M received FDA Fast Track designation.
  • Pipeline progress: C. difficile vaccine advanced into pre-IND interactions with the FDA and initiated GMP manufacturing, supporting potential clinical entry as early as 2027.

Original SEC Filing:

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