Novavax — Third Quarter 2026 Earnings Summary

Novavax reported third-quarter 2026 total revenue of $68 million, a 3% decrease from the prior year, driven by a decline in licensing and royalty revenue offset by a 91% increase in product sales. The company raised its full-year 2026 non-GAAP adjusted total revenue guidance to a midpoint of $400 million and improved its combined R&D and SG&A expense guidance by $5 million. Key operational milestones included a $125 million payment from Sanofi following the initiation of a Phase 3 influenza-COVID-19 combination vaccine trial in Europe and confirmation of a planned U.S. Phase 3 trial in 2027. Additionally, Novavax's C. difficile vaccine program is expected to advance into clinical trials as early as 2027, while the company continues to reduce expenses and maintain financial discipline.