Novavax (NASDAQ:NVAX) Issues Quarterly Earnings Results

Key Points

• Novavax beat Q1 expectations, reporting EPS of ($0.06) versus a consensus ($0.25) and revenue of $118.9 million, although revenue was down about 79% year‑over‑year driven by prior‑year accounting items.
• The company accelerated partnerships—announcing four new MTAs and expanding Pfizer and Sanofi collaborations—that management says could generate billions, and it ended Q1 with $818 million in cash and receivables plus $80 million of non‑dilutive cash, supporting a cash runway into 2028.
• Novavax reiterated a 2026 revenue framework of $230–$270 million (well below street consensus) and warned that dependence on partner execution and elevated near‑term expenses create execution and timing risk for expected inflows.

Novavax (NASDAQ:NVAX - Get Free Report) posted its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.19, FiscalAI reports. The business had revenue of $118.90 million for the quarter, compared to the consensus estimate of $78.32 million. Novavax had a negative return on equity of 673.17% and a net margin of 39.19%.The company's quarterly revenue was down 79.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.93 EPS.

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

• Novavax accelerated partnering, announcing four new MTAs (including one with a top‑10 oncology company), expanding Pfizer and Sanofi collaborations, and highlighting that partners now have rights to explore >30 indications—management says these relationships could generate billions in upfronts, milestones and royalties.
• The company ended Q1 with $818 million in cash and receivables, added $80 million of non‑dilutive cash (including the $30 million Pfizer upfront) and says it has a cash runway into 2028 without assuming future partner payments, supporting its path to non‑GAAP profitability by 2028.
• Q1 revenue was $140 million (down 79% YoY due mainly to a prior‑year non‑cash APA recognition), but partner‑related supply sales and licensing/royalty revenue rose >100%; management reiterated its 2026 adjusted revenue framework of $230–$270 million and non‑GAAP R&D+SG&A guidance.
• R&D is prioritizing a multivalent C. difficile vaccine after encouraging preclinical antitoxin IgG, mucosal immunity and survival data; IND‑enabling repeat‑dose toxicity studies are underway with a target to enter the clinic as early as 2027.
• Novavax remains dependent on partner execution (Sanofi commercial rollout, tech‑transfer and milestone timing, and conversion of MTAs to licenses), and near‑term support for partners will keep H1 2026 expenses elevated, creating execution and timing risk for expected cash inflows.

Novavax Price Performance

NASDAQ NVAX traded up $1.26 during trading hours on Wednesday, reaching $9.36. The company's stock had a trading volume of 16,469,732 shares, compared to its average volume of 3,028,565. The company's 50-day moving average is $9.06 and its two-hundred day moving average is $8.19. Novavax has a 1-year low of $5.80 and a 1-year high of $11.97. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 3.88 and a beta of 2.37.

Trending Headlines about Novavax

Here are the key news stories impacting Novavax this week:

• Positive Sentiment: Q1 results beat revenue and EPS expectations: Novavax reported a narrower-than-expected GAAP loss and revenue well above consensus, driven by milestone/license payments tied to vaccine deals — a core reason investors pushed the stock higher. Reuters: Novavax beats first-quarter revenue estimates
• Positive Sentiment: High-margin partnership activity: Novavax disclosed multiple new/expanded MTAs and a January non-exclusive Matrix‑M license with Pfizer and other pharma partners, which adds near-term milestone revenue and longer-term royalty potential. PR Newswire: Q1 results and partnership highlights
• Positive Sentiment: Supporting clinical/competitive data: Sanofi’s Phase 4 COMPARE study results (noted by Novavax) reinforce Nuvaxovid’s differentiated reactogenicity profile, which may support commercial positioning and partner interest. PR Newswire: Clinical/COMPARE study mention
• Neutral Sentiment: Analyst update: TD Cowen nudged its price target higher (from $8 to $9) but kept a "hold" rating — a modest endorsement but not a bullish upgrade. Benzinga: TD Cowen price target update
• Negative Sentiment: Lower company revenue framework vs. street consensus: Novavax reiterated a 2026 revenue framework ($230M–$270M per company) that is materially below consensus estimates (~$388M), and flagged a shift toward a net loss — a near-term headwind for outlook expectations. Company release: Q1 results and guidance slides
• Neutral Sentiment: Investor materials and call transcripts available: Full earnings transcript and slide deck show management emphasizing partnerships, manufacturing capacity, and upcoming clinical plans — useful for investors parsing durability of revenue streams. Fool: Q1 2026 earnings transcript

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. HC Wainwright boosted their price target on Novavax from $11.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, February 27th. B. Riley Financial reiterated a "buy" rating on shares of Novavax in a research note on Thursday, April 9th. Jefferies Financial Group reiterated a "buy" rating on shares of Novavax in a research note on Thursday, March 12th. Weiss Ratings upgraded Novavax from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, March 12th. Finally, TD Cowen boosted their price target on Novavax from $8.00 to $9.00 and gave the company a "hold" rating in a research note on Wednesday. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Novavax has a consensus rating of "Hold" and an average target price of $12.13.

Hedge Funds Weigh In On Novavax

A number of hedge funds have recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Novavax by 32.3% during the fourth quarter. State Street Corp now owns 9,523,646 shares of the biopharmaceutical company's stock valued at $63,999,000 after acquiring an additional 2,326,927 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Novavax by 0.5% during the third quarter. Bank of America Corp DE now owns 3,101,074 shares of the biopharmaceutical company's stock valued at $26,886,000 after acquiring an additional 15,685 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Novavax by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,335,053 shares of the biopharmaceutical company's stock valued at $8,972,000 after acquiring an additional 3,767 shares during the last quarter. Barclays PLC raised its holdings in shares of Novavax by 108.8% during the fourth quarter. Barclays PLC now owns 1,102,300 shares of the biopharmaceutical company's stock valued at $7,407,000 after acquiring an additional 574,263 shares during the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Novavax by 30.2% during the third quarter. Two Sigma Investments LP now owns 702,000 shares of the biopharmaceutical company's stock valued at $6,086,000 after acquiring an additional 162,754 shares during the last quarter. Institutional investors and hedge funds own 53.04% of the company's stock.

Novavax Company Profile

Novavax, Inc is a clinical-stage biotechnology company headquartered in Gaithersburg, Maryland, that specializes in the discovery, development and commercialization of next-generation vaccines to prevent serious infectious diseases. Founded in 1987, the company has built a platform based on recombinant nanoparticle technology and its proprietary Matrix-M™ adjuvant to enhance immune responses.

The company's lead product is NVX-CoV2373, a protein-based vaccine designed to elicit a robust immune response against the SARS-CoV-2 virus.

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