Novavax | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 56.7 M

Revenue: As of FY2026 Q2, the actual value is USD 56.7 M, beating the estimate of USD 53.3 M.

EPS: As of FY2026 Q2, the actual value is USD -0.32, beating the estimate of USD -0.3836.

EBIT: As of FY2026 Q2, the actual value is USD -45.99 M.

Financial Highlights for Q2 2026

Total Revenue

Novavax, Inc. reported total revenue of $57 million for the second quarter of 2026, representing a 76% decrease compared to $239 million in the same period of 2025 . The prior year’s revenue included a $175 million milestone for Nuvaxovid U.S. Biologics License Application (BLA) approval and a $27 million Takeda amendment .

Segment Revenue

• Nuvaxovid Sales: $0 million for Q2 2026, compared to -$2 million in Q2 2025 .
• Supply Sales: $19 million for Q2 2026, an increase of 47% from $13 million in Q2 2025 .
• Product Sales: Total product sales were $19 million for Q2 2026, up 76% from $11 million in Q2 2025, driven by higher Matrix-M adjuvant demand and sales to license partners .
• Sanofi Revenue: $36 million for Q2 2026, a decrease of 82% from $199 million in Q2 2025 .
• Takeda Revenue: $0 million for Q2 2026, a decrease of 99% from $27 million in Q2 2025 .
• Serum Revenue: $2 million for Q2 2026, consistent with $2 million in Q2 2025 .
• Licensing, Royalties and Other Revenue: $38 million for Q2 2026, an 83% decrease from $229 million in Q2 2025 .

Operational Costs

• Cost of Sales: $14 million for Q2 2026, compared to $15 million in Q2 2025 .
• Research and Development (R&D) Expenses: $71 million for Q2 2026, down from $79 million in Q2 2025 . R&D expenses reimbursed by partners were $23 million in Q2 2026 .
• Non-GAAP R&D Expenses, net of partner reimbursement: $48 million for Q2 2026, a 34% decrease from $73 million in Q2 2025, attributed to Novavax, Inc.’s cost reduction program .
• Selling, General and Administrative (SG&A) Expenses: $27 million for Q2 2026, a 39% decrease from $44 million in Q2 2025, primarily due to the transition of lead commercial activities to Sanofi and ongoing cost reduction .

Profitability

• Operating Loss: Novavax, Inc. reported an operating loss of -$55 million for Q2 2026, a decrease from an operating income of $101 million in Q2 2025 .
• Net Loss: The company recorded a net loss of -$53 million for Q2 2026, compared to a net income of $107 million in Q2 2025 .

Cash and Equivalents

Cash, cash equivalents, marketable securities, and restricted cash totaled $724 million as of June 30, 2026, compared to $751 million as of December 31, 2025 .

Unique Operational Metrics and Highlights

• Sanofi Partnership: Sanofi is in advanced discussions with regulators regarding their Phase 3 COVID-19-Influenza Combination (CIC) trial timing, with trial initiation in the U.S. or EU triggering a $125 million milestone payment to Novavax, Inc. .
• Technology Transfer: Completion of manufacturing technology transfer to Sanofi for Nuvaxovid™ is expected in mid-2027, which would trigger a $75 million milestone payment to Novavax, Inc. .
• Matrix-M Adjuvant: Multiple partner-led experiments with Matrix-M are underway across various infectious disease and oncology targets, supporting future licensing opportunities .
• C. difficile Vaccine Program: Novavax, Inc. is on track to advance its C. difficile vaccine candidate into clinical trials as early as 2027, following pre-IND interactions with the FDA and initiation of GMP manufacturing .

Outlook / Guidance

Novavax, Inc. improved its Full Year 2026 Financial Guidance by reducing the mid-point of its Combined R&D and SG&A expense guidance by $10 million . The company raised its 2026 Revenue Framework, now expecting Adjusted Total Revenue to be between $235 million and $275 million, up from the previous range of $230 million to $270 million . The updated guidance for Combined R&D and SG&A Expenses is $370 million to $410 million, with Non-GAAP Combined R&D and SG&A Expenses remaining at $310 million to $340 million .