Quarterly ResultMay 6, 2026, 07:57 AM
Novavax Q1 Net Loss $9.5M; Revenue Down 79%
AI Summary
Novavax reported a net loss of $9.5 million for Q1 2026, a significant decline from a net income of $518.6 million in Q1 2025. Total revenue decreased by 79% to $139.5 million, primarily due to a sharp drop in product sales. The company also entered into a License and Option Agreement with Pfizer for its Matrix-M™ adjuvant, including a $30 million upfront payment and potential milestones up to $500 million. Additionally, Novavax secured a new senior secured term loan facility of up to $330 million, with $50 million funded at closing.
Key Highlights
- Net loss for Q1 2026 was $9.5 million, compared to net income of $518.6 million in Q1 2025.
- Total revenue for Q1 2026 decreased 79% to $139.5 million from $666.7 million in Q1 2025.
- Product sales for Q1 2026 fell to $42.2 million from $621.7 million in Q1 2025.
- Licensing, royalties, and other revenue increased to $97.3 million from $45.0 million in Q1 2025.
- Basic net loss per share was $0.06, compared to basic net income per share of $3.22 in Q1 2025.
- Entered a License and Option Agreement with Pfizer, receiving a $30 million upfront payment.
- Secured a senior secured term loan facility of up to $330 million, with $50 million funded.
- Cash, cash equivalents, and restricted cash totaled $232.9 million at March 31, 2026.