Novavax (NASDAQ:NVAX) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Key Points

• Novavax beat quarterly expectations: It reported a loss of $0.19 per share versus the expected $0.35 loss, and revenue of $68.3 million versus the $50.4 million forecast. Revenue was still down 3% year over year.
• 2026 revenue guidance increased to $385 million–$415 million, with a $400 million midpoint—$145 million above the prior framework. Much of the increase reflects a $125 million Sanofi milestone tied to the start of a Phase III trial.
• Profitability remains a longer-term goal: Management expects to reach non-GAAP profitability around 2029, with progress depending partly on a potential Sanofi vaccine launch and further cost reductions.

Novavax (NASDAQ:NVAX - Get Free Report) announced its quarterly earnings results on Thursday. The biopharmaceutical company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.16, Zacks reports. Novavax had a negative return on equity of 14.82% and a negative net margin of 18.64%. The business had revenue of $68.30 million during the quarter, compared to analysts' expectations of $50.42 million. During the same quarter in the previous year, the business posted ($1.25) EPS. The firm's quarterly revenue was down 3.0% compared to the same quarter last year.

Here are the key takeaways from Novavax's conference call:

• Novavax raised its 2026 adjusted revenue midpoint by $145 million to $400 million, largely reflecting a $125 million Sanofi milestone after the European Phase III flu/COVID combination trial began. It also narrowed expense guidance and reported $676 million in cash and accounts receivable at quarter-end.
• Sanofi is targeting a U.S. Phase III start for the combination vaccine in 2027; a first U.S. commercial sale would trigger a further $225 million milestone for Novavax. The milestone and potential launch timing remain dependent on Sanofi’s execution and regulatory progress.
• Management said early-season Nuvaxovid demand is encouraging, citing retailer pilot results in the U.S. and continued use in Japan, while Sanofi expands promotion and market access. The company expects uptake to build over time, but did not provide a quantified sales outlook for the season.
• Novavax plans to advance its preclinical C. diff vaccine into clinical testing as early as 2027, with a lead candidate selected and animal data indicating broad strain coverage and immune responses. The company is also exploring Matrix-M in infectious disease and oncology, though those efforts remain early-stage and largely aimed at supporting future partnerships.
• Novavax’s path to non-GAAP profitability around 2029 depends in part on a potential Sanofi U.S. combination-vaccine launch and related milestone, alongside further cost reductions. Management also flagged possible non-cash asset write-offs of up to $35 million in 2027; the 2026 revenue increase includes one-time and timing-related items, while some partner-related revenue is expected to diminish in 2027.

Novavax Stock Performance

Shares of NASDAQ NVAX traded up $1.00 during mid-day trading on Friday, reaching $10.78. 6,284,977 shares of the company traded hands, compared to its average volume of 7,085,293. The company's fifty day moving average is $10.56 and its two-hundred day moving average is $9.35. Novavax has a fifty-two week low of $6.20 and a fifty-two week high of $13.39.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on NVAX shares. B. Riley Financial reaffirmed a "buy" rating and set a $16.00 price objective (down from $18.00) on shares of Novavax in a research report on Friday. Cantor Fitzgerald reissued an "overweight" rating on shares of Novavax in a research report on Tuesday, October 27th. Zacks Research lowered shares of Novavax from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Weiss Ratings restated a "sell (d)" rating on shares of Novavax in a research note on Monday, November 2nd. Finally, Wall Street Zen upgraded shares of Novavax from a "hold" rating to a "buy" rating in a report on Saturday. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Novavax has an average rating of "Hold" and an average target price of $12.33.

More Novavax News

Here are the key news stories impacting Novavax this week:

• Positive Sentiment: Novavax reported a Q3 loss of $0.19 per share, narrower than analysts’ expected $0.35 loss, while revenue of $68.3 million topped estimates of about $50.4 million. The loss also improved from $0.62 per share a year earlier. Article: Novavax Reports Q3 Loss, Tops Revenue Estimates
• Positive Sentiment: The company raised its 2026 revenue outlook to $385 million–$415 million, or $400 million at the midpoint—about $145 million higher than its prior framework. A $125 million milestone from Sanofi, earned after a Phase 3 trial launch, accounts for much of the increase. Novavax also reduced operating expenses and said its cash runway extends into 2029. Article: Novavax boosts 2026 revenue forecast as licensing deals pay off
• Neutral Sentiment: B. Riley reaffirmed its Buy rating, though it lowered its price target to $16 from $18. The reduced target tempers the otherwise positive analyst stance. Article: B. Riley stock recommendations
• Negative Sentiment: Investors may be focused on Novavax pushing its profitability target out to 2029. Q3 revenue was still down 3% year over year, and the higher 2026 outlook depends substantially on the Sanofi milestone, raising questions about the durability of revenue growth. Article: Novavax pushes profitability target to 2029, shares dip

Novavax Company Profile

Novavax, Inc is a biotechnology company focused on developing and commercializing vaccines for infectious diseases. The company uses recombinant protein nanoparticle technology and its proprietary Matrix-M adjuvant to develop vaccines designed to stimulate targeted immune responses.

Novavax's principal commercial product is Nuvaxovid, also known as the Novavax COVID-19 vaccine, a protein-based vaccine developed to help prevent COVID-19. The vaccine has been authorized or approved in various markets, subject to local regulatory requirements, and the company has worked with governments, public-health organizations, and pharmaceutical partners to support its distribution internationally.

Founded in 1987, Novavax is headquartered in Gaithersburg, Maryland.

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