GAITHERSBURG, Maryland, May 8, 2026, 13:13 (EDT)
- Novavax jumped roughly 13% Friday, lifted by a first-quarter revenue figure that topped estimates.
- Licensing and partner payments—Matrix-M revenue from Pfizer among them—provided some relief against sluggish COVID-19 vaccine demand.
- BofA’s health-care conference—set for May 13—marks the next investor test.
Novavax surged roughly 13% by Friday afternoon, building on gains after its quarterly results. The vaccine manufacturer topped first-quarter revenue expectations, driven more by licensing and supply agreements than any recovery in COVID-19 vaccine demand. Shares were changing hands at $10.45, with intraday volume topping 8.4 million, market data showed.
This shift is significant for Novavax, which is still working to show it can shift its vaccine technology toward a partnership-driven model, having largely missed out on the pandemic gains that flowed to mRNA competitors. Demand for COVID-19-only vaccines continues to lag, and Reuters noted that tighter U.S. vaccine guidelines have put pressure on Novavax’s COVID product.
Novavax turned in first-quarter revenue of $139.5 million, topping the $78.3 million analysts had penciled in, based on LSEG figures cited by Reuters. The company’s own statement showed $140 million in revenue for the period—a 79% drop from a year ago, when results reflected $603 million in non-cash revenue tied to winding down advance purchase agreements.
Nuvaxovid sales weren’t the highlight this quarter. Instead, licensing, royalties and other revenue climbed to $97 million. That figure includes $30 million from Pfizer’s January deal for a license to Matrix-M, the Novavax adjuvant designed to boost vaccine immune response.
Chief Executive John Jacobs told Reuters Novavax’s approach—licensing technology and striking early development partnerships—means the company is “partially insulated” from shifting policy. By not taking products all the way through late-stage trials and commercialization on its own, Novavax avoids some of that risk. Reuters
On the analyst call, Jacobs noted that demand for Matrix-M is “strong,” regardless of the broader macro picture. Novavax, in its latest release, highlighted that partners now hold rights to explore Matrix-M in over 30 areas spanning infectious disease and cancer. Investing.com Novavax Investor Relations
Pfizer stands out as the most immediate case. The agreement granted Pfizer a non-exclusive license for Matrix-M in two infectious disease indications. Novavax picked up $30 million right away, with the potential to earn as much as $500 million more through various development and sales milestones, plus royalties.
Sanofi stands out as Novavax’s other key partner. The U.S. biotech is counting on the French company’s efforts around Nuvaxovid and its COVID-flu combo shot to hit profitability by 2028, according to Reuters. Last month, Sanofi reported that Nuvaxovid outperformed Moderna’s mNEXSPIKE on tolerability in a Phase 4 study of 1,000 adults—measuring expected side effects like fever or tiredness.
Novavax highlighted some of its early-stage projects for investors. The company said a vaccine candidate targeting C. difficile—a bacterial infection responsible for severe diarrhea and colitis—could begin human trials as soon as 2027. Chief strategy officer Elaine O’Hara pegged the market potential at $1.5 billion to $2.5 billion, based on the assumption that rivals will also enter the field.
Still, the turnaround remains largely theoretical. Novavax logged a first-quarter net loss of $9.5 million, and revenue from Nuvaxovid came in at just $10 million. According to the filing, Novavax continues to lean heavily on the Serum Institute of India for essential steps like co-formulation, filling, and finishing its COVID-19 shot. Any hiccup with its partner, weaker demand, or a surprise U.S. policy move could easily knock that 2028 profitability goal off course.
Novavax stuck with its 2026 adjusted revenue target, keeping the range at $230 million to $270 million and leaving out certain Sanofi sales, royalties and milestones. As of March’s close, the company was holding $795 million in cash, cash equivalents, marketable securities and restricted cash.
Investors get another look at the company next week. Novavax announced late Thursday it’s joining a BofA Securities health-care fireside chat in Las Vegas on May 13, with investor meetings also scheduled for that day.
