Earnings Releases·Nov 5, 2026, 8:08 AM ET

Novavax — Third Quarter 2026 Earnings Summary

Total revenue declined 3% year-over-year to $68 million, driven by a 25% drop in licensing and royalty revenue, though product sales surged 91% to $26 million; net loss narrowed significantly to $31 million from $202 million in the prior year period.
Full-year 2026 Non-GAAP Adjusted Total Revenue guidance was raised to a midpoint of $400 million (range $385–$415 million), up from the previous range of $235–$275 million.
Sanofi initiated a U.S. Phase 3 influenza-COVID-19 combination vaccine trial in 2027 and triggered a $125 million milestone payment in October 2026 upon starting the European Phase 3 trial.
Management confirmed the C. difficile vaccine program is expected to advance to clinical trials in 2027, with Nuvaxovid manufacturing technology transfer to Sanofi scheduled for completion in mid-2027.
Cash and equivalents decreased to $627 million as of September 30, 2026, from $751 million at year-end 2025, while long-term debt increased to $292.1 million.