Novavax Q1 2026 Revenue Plunges 79%

By Ahmed Jamerson • Wednesday, May 06 11:07 • Permanent Link

Novavax reported first-quarter 2026 revenue of $140 million, down 79% from $667 million a year earlier, as the company moved past the $603 million of non-cash sales tied to the close-out of two advance purchase agreements that lifted first-quarter 2025 results.

Product sales fell sharply to $42 million from $626 million. Nuvaxovid sales dropped to $10 million from $608 million, while supply sales rose to $23 million from $14 million. Licensing, royalties and other revenue increased to $97 million from $45 million, driven in part by the $30 million upfront payment from Pfizer’s Matrix-M agreement signed in January.

Cost of sales rose to $31 million from $14 million. Research and development expenses increased to $95 million from $89 million, but partner reimbursements of $28 million left net R&D expenses at $68 million, down 13% from $78 million. Selling, general and administrative expenses fell 40% to $29 million from $48 million.

Novavax posted a net loss of $9 million, compared with net income of $519 million in the prior-year quarter.

Cash, cash equivalents, marketable securities and restricted cash totaled $795 million at March 31, 2026, up from $751 million at Dec. 31, 2025.

On the business-development side, Novavax said it now has Matrix-M collaborations and/or license agreements with four of the top 10 global pharmaceutical companies, after adding Pfizer in January and signing four additional material transfer agreements this year. The company said those partners can explore Matrix-M across more than 30 fields of experimentation.

Novavax reiterated full-year 2026 adjusted total revenue of $230 million to $270 million. Within that framework, it expects Nuvaxovid product sales of $35 million to $45 million, adjusted supply sales of $40 million to $50 million, and adjusted licensing, royalties and other revenue of $155 million to $175 million.

For spending, Novavax reiterated full-year 2026 combined R&D and SG&A expenses of $380 million to $420 million, with non-GAAP combined R&D and SG&A expenses of $310 million to $340 million after $70 million to $80 million of R&D reimbursements. The market has reacted to these announcements by moving the company's shares 9.01% to a price of $8.83. For more information, read the company's full 8-K submission here.

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