10-K · February 26, 2026
Novavax’s 2025 10‑K shows a pronounced revenue recovery driven by COVID-19 product sales and one‑time APA adjustments: reported quarterly revenue totaled approximately $1,123.0 million in 2025 (Q1 $667M, Q2 $239M, Q3…
Earnings analysis · 10-Q
NVAX earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Novavax reported significant declines in both revenue and earnings for Q1 2026 compared to Q1 2025. Revenue fell to $139.5 million from $666.7 million year-over-year, exacerbated by a sharp drop in product sales as…
Read full summary
Novavax reported significant declines in both revenue and earnings for Q1 2026 compared to Q1 2025. Revenue fell to $139.5 million from $666.7 million year-over-year, exacerbated by a sharp drop in product sales as commercialization transitioned to Sanofi. Operating expenses increased slightly, but the company made substantial progress in aligning its R&D strategy with its revenue generation model through new licensing agreements and restructuring efforts.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
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Significant Revenue Decline
Revenue decreased to $139.5 million in Q1 2026, a drop of $527.1 million from $666.7 million in Q1 2025.
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Transition of Sales to Sanofi
Product sales collapsed to $42.2 million from $621.7 million year-over-year, driven by the transition of Nuvaxovid sales to Sanofi.
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Strong Growth in Licensing Revenue
Licensing, royalties, and other revenue surged to $97.3 million, up $52.3 million from $45 million in Q1 2025, thanks to the Pfizer License Agreement.
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Cost Containment Strategy
Despite revenue drops, Novavax effectively reduced SG&A expenses by $19.3 million, from $48.1 million in Q1 2025 to $28.8 million in Q1 2026.
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Operational Cash Use Reduced
Net cash used in operating activities improved significantly, decreasing to $32.4 million in Q1 2026 from $185.5 million a year earlier, indicating more effective cash management.
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Cash Position Improved
Cash, cash equivalents, and marketable securities rose to $794.9 million as of March 31, 2026, up from $750.5 million at year-end 2025.
What to watch
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Revenue Instability Post-Transition
With the transition to Sanofi, reliance on commercial product sales has increased uncertainty around future revenue streams.
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Potential Refunds due to APAs
Up to $92.5 million in deferred revenue from the Australia APA could become refundable if regulatory approvals fail.
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Liquidity Concerns Amid Restructuring
The company’s restructuring efforts and reliance on external funding raise caution about liquidity and operational sustainability.
Management's outlook
Management provided no specific numeric guidance, citing uncertain market dynamics.
Earlier filings 4
10-Q · November 6, 2025
Novavax reported quarterly revenue of $70.445M (three months ended Sept 30, 2025) vs $84.512M in Q3 2024, and a net loss of $202.379M (diluted EPS $(1.25)). Product sales plunged while licensing/royalties increased.…
10-Q · August 6, 2025
Novavax reported Q2 revenue of $239,240,000 and diluted EPS of $0.62, with strong gross margin of 93.6% and operating margin of 42.3%. The company generated substantial six‑month net income of $625,154,000 but used cash…
10-Q · May 8, 2025
Novavax reported a very strong quarter driven by COVID-19 vaccine sales: total revenue of $666.7 million (Q1 2025) versus $93.9 million (Q1 2024), producing operating income of $515.5 million and diluted EPS of $2.93…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.