| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 56.70 | 59.4% | 76.3% |
| Total Income | 56.70 | 59.4% | 76.3% |
| Expenditure | 111.60 | 28.0% | 19.2% |
| PBT | -51.68 | 507.3% | 148.1% |
| Net Profit | -53.39 | 462.6% | 150.1% |
| OPM | -96.84% | 85.78pp | 139.08pp |
| NPM | -94.16% | 87.36pp | 138.68pp |
| EPS | -0.32 | 433.3% | 148.5% |
Novavax Reports Q2 2026 Financial Results, Revenue Framework Raised
06 Aug 2026 · 6 Aug, 5:38 pm
Summary
Novavax announced its second quarter 2026 financial results, reporting total revenue of $57 million, a significant decrease from $239 million in the prior year period, largely due to the absence of prior year milestones. The company posted a net loss of $53 million for the quarter, contrasting with a net income of $107 million in Q2 2025. Despite the revenue decline, Novavax raised its Full Year 2026 Revenue Framework to between $235 million and $275 million and improved its R&D and SG&A expense guidance. Key operational highlights include Sanofi's advanced discussions with regulators for a Phase 3 COVID-19-Influenza Combination trial, which could trigger a $125 million milestone, and the expected completion of manufacturing technology transfer in mid-2027, potentially triggering another $75 million milestone.
Key Highlights
- 1
Novavax reported total revenue of $57 million for the second quarter of 2026, a 76% decrease compared to $239 million in the same period in 2025.
- 2
Product sales increased by 76% to $19 million in the second quarter of 2026 compared to the same period in 2025, driven by higher Matrix-M adjuvant demand.
- 3
Net loss for the second quarter of 2026 was $53 million, compared to a net income of $107 million in the same period in 2025.
- 4
The company raised its Full Year 2026 Revenue Framework, expecting Adjusted Total Revenue to be between $235 million and $275 million.
- 5
Novavax improved its Full Year 2026 Financial Guidance by reducing Combined R&D and SG&A Expense guidance.
- 6
Sanofi confirmed advanced discussions with regulators regarding their Phase 3 COVID-19-Influenza Combination trial timing, with initiation of this trial triggering a $125 million milestone to Novavax.
- 7
Completion of manufacturing technology transfer to Sanofi is expected in mid-2027, which would trigger a $75 million milestone payment to Novavax.
Management Comments
John C. Jacobs
We're encouraged by the momentum we're seeing across our business as we continue to advance our strategy. As we enter the second half of 2026 and prepare for next year, we believe we are well positioned to deliver several important partner milestones while we advance our internal R&D programs and progress our MTA collaborations. This continued progress reinforces our confidence in our strategy and the potential to drive vaccine innovation to create meaningful value for our shareholders.
Informational and educational content only. Not investment advice.