Novavax

Q2 FY2026 EarningsQ2 FY26 revenue of $56.7M beat consensus of $53.3M by 6.4%, driven by higher-than-expected supply sales and licensing reimbursements. Net loss of -$53.4M (EPS -$0.32) was significantly narrower than the anticipated -$63.7M loss (EPS -$0.38), benefiting from accelerated cost containment in SG&A. However, operating cash flow remains pressured at -$105.2M for H1, though this outperformed the -$248.7M consensus estimate for the quarter, reflecting improved capital efficiency amid a transition to a partnership-heavy commercial model.