Novavax (NASDAQ:NVAX) Posts Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Novavax beat quarterly estimates: Revenue was $56.7 million versus the $52.5 million consensus, while its adjusted loss of $0.32 per share was $0.06 narrower than expected. However, revenue fell 76.2% year over year and the company posted a $53 million net loss.
• 2026 outlook improved: Novavax raised its adjusted revenue forecast to $235 million–$275 million and reduced combined R&D and SG&A expense guidance, supported by Matrix-M demand and anticipated royalties and milestones.
• Partnerships remain key catalysts: Sanofi could generate $125 million from a potential Phase III combination vaccine milestone and $75 million from manufacturing technology transfer, while broader Matrix-M licensing activity could extend Novavax’s cash runway into 2029.

Novavax (NASDAQ:NVAX - Get Free Report) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.06, FiscalAI reports. Novavax had a negative net margin of 14.73% and a negative return on equity of 14.82%. The company had revenue of $56.70 million for the quarter, compared to analyst estimates of $52.51 million. During the same period in the prior year, the business posted $0.62 earnings per share. The firm's revenue for the quarter was down 76.2% compared to the same quarter last year.

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

• Sanofi partnership momentum strengthened: Sanofi is in advanced regulatory discussions for a Phase III COVID-19/flu combination vaccine, which could trigger a $125 million milestone, while a manufacturing tech-transfer milestone could add $75 million by mid-2027 and extend Novavax’s cash runway into 2029.
• 2026 financial outlook improved: Novavax raised its adjusted revenue framework to $235 million-$275 million, citing stronger Matrix-M demand and expected Takeda and Serum Institute royalties and milestones, while lowering combined GAAP R&D and SG&A expense guidance by $10 million at the midpoint.
• Matrix-M partnering activity is broadening: Four of the top 10 global pharmaceutical companies now have licensing or material-transfer agreements, covering more than 30 areas of experimentation across infectious disease and oncology. Novavax also signed an oncology-focused MTA with a leading global pharmaceutical company.
• Pipeline progress remains early-stage: The preventive C. difficile vaccine began GMP manufacturing and pre-IND discussions, with potential clinical entry as early as 2027, while oncology data are encouraging but remain primarily mechanistic or preclinical and partner timelines are uncertain.
• Reported results reflect ongoing losses and potential restructuring charges: Second-quarter revenue fell to $57 million from $239 million a year earlier, largely because 2025 included a $202 million milestone and Takeda amendment benefit; Novavax posted a $53 million net loss and flagged up to a $35 million non-cash fixed-asset write-off in 2027.

Novavax Stock Up 0.5%

Shares of Novavax stock traded up $0.04 during trading hours on Thursday, hitting $7.74. The company's stock had a trading volume of 4,891,277 shares, compared to its average volume of 3,037,476. The business has a fifty day moving average of $8.79 and a 200 day moving average of $8.98. Novavax has a 1-year low of $6.20 and a 1-year high of $11.97. The company has a market capitalization of $1.27 billion, a PE ratio of -13.34 and a beta of 2.46.

Novavax News Summary

Here are the key news stories impacting Novavax this week:

• Positive Sentiment: Novavax reported second-quarter revenue of $56.7 million, exceeding the approximately $52.5 million consensus estimate, while its adjusted loss of $0.32 per share was narrower than analysts expected. Novavax Q2 earnings report
• Positive Sentiment: The company increased its full-year 2026 adjusted revenue framework to $235 million–$275 million from $230 million–$270 million, supported by licensing and milestone-related revenue. Novavax raises 2026 revenue outlook after Q2 beat
• Positive Sentiment: Novavax improved its combined GAAP research and development plus selling, general and administrative expense guidance by $10 million at the midpoint, reinforcing its cost-reduction strategy. It ended June with approximately $724 million in cash, cash equivalents, marketable securities, and restricted cash. Novavax second-quarter financial results
• Positive Sentiment: Sanofi’s collaboration remains a key potential catalyst: manufacturing technology transfer is expected to finish in mid-2027, which would trigger a $75 million milestone payment. Sanofi also plans to advance discussions with regulators on a Phase 3 COVID-19/influenza combination vaccine trial. Novavax lifts annual revenue forecast
• Neutral Sentiment: Management is increasingly focused on licensing its Matrix-M adjuvant and developing additional programs, including a potential C. difficile vaccine entering clinical development as early as 2027. These opportunities could diversify revenue but remain long-term and execution-dependent. Novavax Q2 2026 earnings call transcript
• Negative Sentiment: Revenue declined 76% year over year to $56.7 million, and Novavax posted a $53 million net loss versus $107 million of net income in the prior-year quarter. The results highlight the company’s continuing dependence on partnership payments as COVID-19 vaccine demand weakens. Novavax Q2 revenue falls 76 percent

Hedge Funds Weigh In On Novavax

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new stake in shares of Novavax during the third quarter worth about $33,000. State of Wyoming bought a new position in Novavax during the 2nd quarter valued at $52,000. Danske Bank A S acquired a new position in Novavax during the 3rd quarter worth $64,000. Dimensional Fund Advisors LP acquired a new position in Novavax during the 4th quarter worth $75,000. Finally, Williams Jones Wealth Management LLC. acquired a new position in Novavax during the 4th quarter worth $77,000. Hedge funds and other institutional investors own 53.04% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NVAX. Weiss Ratings restated a "sell (d)" rating on shares of Novavax in a research report on Tuesday. Wall Street Zen cut shares of Novavax from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. BTIG Research reissued a "buy" rating and set a $19.00 price objective on shares of Novavax in a research note on Thursday, June 11th. B. Riley Financial restated a "buy" rating on shares of Novavax in a research report on Thursday, April 9th. Finally, TD Cowen increased their target price on Novavax from $8.00 to $9.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $13.00.

About Novavax

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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