Novavax (NASDAQ:NVAX) Announces Quarterly Earnings Results, Beats Expectations By $0.19 EPS

07 May 2026, 00:40 by Jessica Moore · The Cerbat Gem

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

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 Stock Up 15.6%

Shares of Novavax stock traded up $1.26 on Wednesday, hitting $9.36. The stock had a trading volume of 16,469,732 shares, compared to its average volume of 3,028,565. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 3.88 and a beta of 2.37. Novavax has a twelve month low of $5.80 and a twelve month high of $11.97. The business’s 50 day moving average is $9.06 and its two-hundred day moving average is $8.19.

Analysts Set New Price Targets

Several analysts have issued reports on the company. B. Riley Financial restated a “buy” rating on shares of Novavax in a research note on Thursday, April 9th. HC Wainwright lifted their target price on Novavax from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. TD Cowen increased their price target on Novavax from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Wednesday. BTIG Research reaffirmed a “buy” rating and set a $19.00 price target on shares of Novavax in a report on Tuesday, January 20th. Finally, Weiss Ratings raised shares of Novavax from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, March 12th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.13.

View Our Latest Stock Report on NVAX

Institutional Trading of Novavax

Several institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its position in Novavax by 1.0% during the 3rd quarter. Legal & General Group Plc now owns 155,743 shares of the biopharmaceutical company’s stock worth $1,350,000 after buying an additional 1,529 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Novavax by 2.3% in the second quarter. The Manufacturers Life Insurance Company now owns 78,048 shares of the biopharmaceutical company’s stock valued at $492,000 after acquiring an additional 1,718 shares during the period. E Fund Management Co. Ltd. boosted its position in shares of Novavax by 9.0% in the second quarter. E Fund Management Co. Ltd. now owns 28,280 shares of the biopharmaceutical company’s stock valued at $178,000 after acquiring an additional 2,326 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Novavax by 2.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 104,562 shares of the biopharmaceutical company’s stock valued at $678,000 after acquiring an additional 2,750 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Novavax by 0.3% in 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 in the last quarter. 53.04% of the stock is currently owned by institutional investors.

Novavax News Summary

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

About Novavax

(Get Free Report)

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.