Novavax (NASDAQ:NVAX) Releases Earnings Results, Beats Estimates By $0.77 EPS

27 Feb 2026, 04:00 by Michael Walen · The Markets Daily

Novavax (NASDAQ:NVAX – Get Free Report) issued its quarterly earnings data on Thursday. The biopharmaceutical company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.66) by $0.77, FiscalAI reports. The company had revenue of $136.40 million during the quarter, compared to analysts’ expectations of $90.26 million. Novavax had a net margin of 32.10% and a negative return on equity of 217.02%. Novavax’s revenue for the quarter was up 66.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.51) earnings per share.

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

Pfizer partnership: Novavax signed a Matrix‑M license with Pfizer that delivered a $30M upfront payment and up to $500M of development/sales milestones across two disease areas, plus long‑term royalties, a deal the company says could translate into multi‑billion dollars if Pfizer commercializes a significant product.
2025 financials and cash runway: Novavax reported $1.1B in 2025 revenue (65% YoY, including $625M non‑cash APA items), positive GAAP income for Q4 and full year, $857M cash/accounts receivable at year‑end plus ~$80M in early 2026 and credit facility access, and believes it can fund operations into 2028 without new cash.
Cost reductions and guidance: The company cut combined R&D and SG&A (net of partner reimbursements) by 42% (FY) and 53% (Q4), is annualizing to a ~$328M run‑rate, and set non‑GAAP combined R&D/SG&A targets of $325M (2026), $225M (2027) and ≤$200M (2028) with a goal of non‑GAAP profitability by 2028.
R&D and Matrix expansion: Novavax is building a portfolio of Matrix‑based adjuvants (including new formulations like dry powder) and advancing internal preclinical programs (C. difficile, shingles, RSV triple combo) with the intent to file at least one IND and enter the clinic as early as 2027, citing encouraging early C. diff data.
Execution and regulatory risks: Future revenue materially depends on partner commercial success (notably Sanofi) and regulatory outcomes (e.g., US ACIP/FDA uncertainty), and Sanofi’s request to shift tech transfer to a US site may delay recognition/timing of a $75M milestone despite management saying it does not affect the stated cash runway.

Novavax Price Performance

NVAX traded up $1.66 during midday trading on Thursday, hitting $11.19. The stock had a trading volume of 23,891,770 shares, compared to its average volume of 3,456,571. Novavax has a 1 year low of $5.01 and a 1 year high of $11.97. The company has a debt-to-equity ratio of 5.93, a quick ratio of 2.24 and a current ratio of 2.27. The business has a fifty day moving average of $8.27 and a 200 day moving average of $8.02. The company has a market cap of $1.82 billion, a P/E ratio of 6.25 and a beta of 2.58.

Wall Street Analyst Weigh In

Several brokerages have commented on NVAX. Weiss Ratings reissued a “sell (d+)” rating on shares of Novavax in a report on Monday, December 29th. B. Riley Financial restated a “buy” rating and issued a $16.00 target price (down from $18.00) on shares of Novavax in a research note on Monday, November 10th. JPMorgan Chase & Co. dropped their price target on Novavax from $7.00 to $6.00 and set an “underweight” rating for the company in a research report on Tuesday, November 18th. TD Cowen decreased their price objective on shares of Novavax from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Tuesday, November 4th. Finally, Wall Street Zen lowered shares of Novavax from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.25.

Read Our Latest Stock Analysis on Novavax

Novavax News Roundup

Here are the key news stories impacting Novavax this week:

Positive Sentiment: Q4 beat — Novavax reported a surprise GAAP profit (EPS $0.11) and materially beat revenue expectations (Q4 revenue ~ $147M), driving the initial rally. Article Title
Positive Sentiment: Raised 2026 adjusted revenue outlook — management said milestone and licensing payments (from partners) should offset weaker end-market demand, supporting revenue expectations for 2026. Article Title
Positive Sentiment: Partnerships and milestones — Company highlighted a $225M Sanofi milestone earned in 2025 and a January 2026 non‑exclusive Matrix‑M licensing agreement with Pfizer, which underpin near-term cash generation and validation of the adjuvant platform. Article Title
Positive Sentiment: Solid balance sheet and cost progress — Novavax ended 2025 with roughly $751M in cash and reported R&D and SG&A reductions, reducing financing risk and increasing runway for pipeline work. Article Title
Neutral Sentiment: Investor events — Management will present at upcoming investor conferences (TD Cowen fireside chat on March 3), which gives investors a chance to hear management’s outlook and Q&A. Article Title
Neutral Sentiment: Earnings call transcript available — The full Q4 earnings call transcript and slides give detail on product deliveries, milestone timing and pipeline timing for investors who want to dig deeper. Article Title
Negative Sentiment: Cautious FY‑2026 revenue guide — Management issued FY‑2026 revenue guidance (approximately $230M–$270M), which is well below consensus estimates and implies near‑term demand weakness; this tempered some upside despite the beat. (Guidance disclosed in company materials and filings.)

Institutional Investors Weigh In On Novavax

A number of institutional investors have recently made changes to their positions in NVAX. Legal & General Group Plc grew its holdings in shares of Novavax by 1.0% during the 3rd quarter. Legal & General Group Plc now owns 155,743 shares of the biopharmaceutical company’s stock valued at $1,350,000 after purchasing an additional 1,529 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Novavax by 2.3% during the second quarter. The Manufacturers Life Insurance Company now owns 78,048 shares of the biopharmaceutical company’s stock valued at $492,000 after buying an additional 1,718 shares during the period. E Fund Management Co. Ltd. boosted its position in Novavax by 9.0% during the second quarter. E Fund Management Co. Ltd. now owns 28,280 shares of the biopharmaceutical company’s stock valued at $178,000 after buying an additional 2,326 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Novavax by 2.7% during 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 buying an additional 2,750 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 worth $8,972,000 after buying an additional 3,767 shares during the period. Hedge funds and other institutional investors own 53.04% of the company’s stock.

About Novavax

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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.