Novavax : Q1 Reports & Financials (nvax q1 2026 earnings presentation)

Published: 2026-05-06 09:20:19 ET NVAX

Published on 05/06/2026 at 09:20 am EDT

May 6, 2026

Non-GAAP Financial Measures

The Company presents the following non-GAAP financial measures in this presentation: Adjusted Total Revenue, Adjusted Licensing, Royalties and Other Revenue, Non-GAAP combined RCD and SGCA expenses, net of partner reimbursement, non-GAAP RCD expenses, net of partner reimbursement, and Non-GAAP profitability. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that the presentation of these adjusted financial measures is useful to investors as they provide additional information on comparisons between periods by including certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes and to consider underlying trends of its business. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company's reported results prepared in accordance with GAAP. Our use of non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. The Company is unable to reconcile forward-looking Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue to the most directly comparable GAAP measures without unreasonable effort because the Company is reliant on Sanofi sales forecasts for certain revenue categories, which are not available.

Q1 2026 Earnings Call Agenda

Welcome

Jim Kelly

Executive Vice President, Chief Financial Officer and Treasurer

Growth Strategy

John C. Jacobs

President and Chief Executive Officer

Business Development

Elaine O'Hara

Executive Vice President, Chief Strategy Officer

Research and Development

Bob Walker, MD

Executive Vice President, Head of Research and Development

Financial Results

Jim Kelly

Executive Vice President, Chief Financial Officer and Treasurer

Our Corporate Growth Strategy is Designed to Deliver Value Through Partnering and RsD Innovation

Partnerships

Strong existing partnerships drive current value and have the potential to deliver significant additional value over time

Actively seeking new partnerships to further amplify value of our technology

R&D

In-house early-stage RCD to:

Drive further proof points on value of our technology

Expand utility of our technology

Build, create additional assets that can further facilitate partnering

Lean Operating Model

Lean and focused RCD and BD operating model

Actual Novavax scientist

With This Strategy, We Envision Building a Future Novavax, with Multiple Partners Developing and Commercializing Multiple Vaccines Across a Wide Array of Infectious Disease and Oncology Targets

We envision a future with multiple partnerships, including large, global pharmaceutical companies, and smaller highly innovative biotech companies

We envision tapping into a broad opportunity across a significant portion of the global vaccine market landscape

We intend to retain core capabilities in RCD to support partnering activities, advance and expand upon our adjuvant technology offerings, and to selectively advance vaccine candidates via our Matrix and Nanoparticle Technology Platform

Supported by a lean and focused infrastructure and cost structure that maintains core capabilities in BD, RCD and Matrix based adjuvant manufacturing

Progress Partnering Our Technology

Matrix-M - Recent Updates

Matrix-M - Progress To Date

Material Transfer Agreements (MTAs) provide potential partners the opportunity to explore the utility of Matrix-M in their vaccine portfolios

Non-exclusive license strategy for Matrix-M was launched in early 2025

2026 MTA activity

April - Novavax signed a new MTA with a top 10 leading pharmaceutical company and leader in oncology to explore Matrix-M in multiple oncology targets, antibiotic resistant bacterial infections and other infectious diseases

April - Novavax expanded an existing partnership with a new MTA, providing access to Matrix-M for exploration in up to nine additional identified infectious disease fields

February - Novavax expanded an existing MTA with a major global pharmaceutical company to explore an additional field and signed a new MTA with an oncology company

Status of Partnering (both License s MTA agreements)

Partnered with 4 top 10 large pharma companies plus several

innovative biotechs

Exploring over 30 unique fields of experimentation across

both infectious diseases and oncology. Several fields overlapping across multiple partners under MTA agreements.

Fields under exploration cover over 50% of the global

infectious disease and oncology vaccine and immuno-therapeutics market opportunity

Novavax Growth Strategy is Focused on Tapping Into a Global Market Opportunity That is Projected to Grow to >$100B by the 2030s

Novavax technology has the potential to target high-value/ high unmet need vaccine opportunities

Potential for cancer immunotherapies, vaccine and adjuvant innovations

Combined total of projection of the infectious

disease and oncology vaccines and immuno-therapeutics categories globally

Market Projected to Grow

~$57B1

Key Markets:

Pneumococcal

HPV

Shingles

Flu

COVID-19

Flu/COVID-19 Combo

DTaP

Meningococcal

RSV

~$12B2

Over

$42B2

2024 2024 2032

McKinsey Report, March 2025.

Fortune Business Insights, November 2025.

Significant interest and

engagement with partners

Partnering Strategy to Create Longterm Value

$100B+ Global Market Opportunity1,2

Opportunity for annual revenue stream from diversified set of partner products

Oncology

Infectious

Disease

Vaccines

NVAX

Royalties

Potential annual Matrix adjuvant royalties to NVAX3

Over

$250M

Over

$500M

Over

$750M

Over

$1B

Partner

Sales

$5B $10B $15B $20B

Novavax's Growth Strategy is Focused on Tapping Into a Global Market Opportunity That is Projected to Grow to >$100B by the early 2030s

McKinsey Report, March 2025.

Fortune Business Insights, November 2025.

Existing license partners and MTA collaborators have right to explore fields that cover over 50% of the global market opportunity

Illustrative annual royalties based on partner product sales

+ Potential additional deal economics Plus: Matrix deal upfronts, milestones and economics from existing and new product license agreements (upfronts, milestones C royalties)

NVAX royalties and average annual product sales are hypothetical values and are shown for illustrative purposes only and do not reflect management's guidance for projected results.

Illustrative Cumulative Value of a Matrix-M license agreement

Illustrative Matrix-M deal total economics to Novavax based on Pfizer licenses terms

Royalties earned over 20 years

Upfronts / Milestones

$30M

Upfront Payment

Up to $250M

in development and sales

based milestones

(for each vaccine product)

Illustrative examples for

Over

$2B

Over

$3B

hypothetical product sales1

Over

$1B

Cumulative potential royalties to Novavax

$3B

annually

$2B

annually

$1B

annually

Average annual partner product sales

Royalties - high, mid-single digit royalties for at least 20 years post launch

NVAX royalties and average annual product sales are hypothetical values and are shown for illustrative purposes only and do not reflect management's guidance for projected results.

Additional Partners s Novavax Updates

Sanofi Update

New Pfizer Agreement

(Announced January 2026)

Commercial license agreement covers Nuvaxovid, Novaxovid combination products plus Matrix-M

Non-exclusive license for Matrix-M use in up to two infectious disease areas

"Compare" study explores reactogenicity profile

(Announced at ESCMID in April 2026 )

Positive Nuvaxovid results versus mNEXSPIKE

50% fewer severe systemic symptoms

75% fewer severe local symptoms

Participants ~2x as likely to claim they would "definitely

choose" Nuvaxovid next year

Novavax is eligible to receive $425 million in Nuvaxovid and Sanofi COVID-Flu combination (CIC) milestones

$75M upon completion of Nuvaxovid manufacturing tech transfer

$125M upon initiation of a CIC phase 3 study

$225M upon U.S. launch of a CIC product

Additional milestones under Matrix-M agreement

Financial Terms

$30M upfront payment

$250M in milestone payments for each product

$70M development milestones

$180M sales milestones

Eligible to receive high-mid-single digit percentage of royalties on sales

This partnership has the potential to generate billions of dollars of revenue for Novavax over the life of the agreement

C. Diff:

A Life-threatening Bacterial Infection

for At-risk Populations* with no approved vaccine today

500k

Cases of C. diff in the U.S.1

30%

of patients with

C. diff in the U.S. will experience a recurrence3

20k+

in-hospital deaths occur with C. diff annually in the U.S.2

$5 billion

Annual estimated cost for healthcare related C. diff hospitalizations2

Guh AY. et al. Trends in US burden of Clostridioides difficile infection and outcomes. N Engl J Med. 2020;382:1320-1330. doi: 10.1056/NEJMoa1910215.

Zhang S. et l. Cost of hospital management of Clostridium difficile infection in United States-a meta-analysis and modelling study. BMC Infect Dis. 2016;16(1):447. doi: 10.1186/s12879-016-1786-6.

Feuerstadt P. et al. Mortality, Health Care Use, and Costs of Clostridioides difficile Infections in Older Adults. J Am Med Dir Assoc. 2022 Oct;23(10):1721-1728.e19. doi: 10.1016/j.jamda.2022.01.075.

* e.g., immunocompromised, people who have elective surgery and receive antibiotics

C. Diff Vaccine Candidate Next to Clinic as Early as 2027

Design Attributes

Prior Phase 3 Candidates

Why it Matters

Broader coverage

2 antigen candidates

•

Multiple antigens

Breadth of coverage improves likelihood

of preventing serious infection.

NVAX candidate covers 91-100% of

clades and ribotypes

Mucosal immunity

Not demonstrated

Infection occurs in the gut and mucosal

immunity may play key role in prevention

Fold increase

from baseline

6,000

4,000

2,000

Improved Immune Responses

31.3x

2.3x

Anti-Toxin A IgG Anti-Toxin B IgG

Based on 2 dose Hamster model

2-weeks post 2nd dose

RsD model combines deep bench of expertise with AI and machine learning to rapidly advance antigen design and testing

Continuing to build on our established recombinant protein / Matrix-M platform that

has produced highly efficacious and well tolerated malaria and COVID-19 vaccines

Leverages AI and machine learning

Enables rapid design of superior vaccine antigens

Low-cost, high-throughput exploratory efforts

Early pipeline informing next steps

Matrix Technology RsD

Expanding the utility of our Matrix-M adjuvant

Creating additional potential Matrix-based

adjuvants

Adjuvants tailored to foster specific differentiated immune properties for new indications

Focus on infectious diseases where previous vaccine candidates have been insufficiently immunogenic

Potential to enable access into new disease areas and indications, including select areas within oncology.

RsD Innovation Fueling Partnerships

Data fuels new partnerships or expansion of existing partnerships with potential for initial upfront payments, development milestones and royalties

Generating data for partnering discussions

Expanding utility of our Matrix technology platform

Creating new innovative vaccine candidates with our Matrix-M and nanoparticle technology platforms to facilitate partnership discussions

New Data Supporting Favorable Tolerability of NUVAXOVID

COMPARE Study1

SHIELD Study2

These data support the well-established reactogenicity profile of our vaccine.

Announced by Sanofi

First head-to-head randomized Phase 4 study

comparing NUVAXOVID to mNEXSPIKE

Statistically significant fewer side effects across all pre-specified endpoints

Participants who received NUVAXOVID were nearly

twice as likely as mNEXSPIKE recipients to say they

would "definitely choose" the same vaccine type again

the following year

Prospective, interventional real-world study comparing comparing NUVAXOVID to Pfizer-BioNTech mRNA

Significantly fewer reactogenicity symptoms two days

post-vaccination

50% fewer work hours lost

https://www.news.sanofi.us/2026-04-18-ESCMID-Sanofis-NUVAXOVID-TM-COVID-19-vaccine-showed-better-tolerability-than-mNEXSPIKE-in-head-to-head-study

Yoon et al., 2026 https://doi.org/10.1093/ofid/ofag141

First Quarter 2026 Financial Results Highlights

Compared to Q1 2025 Net

income of $519 million

Net Loss: $G million

Total Revenue: $140 million

79% decrease YoY

Q1 2025 included $603 million of non-cash sales related to the close-out of APA agreements

Q1 2026 partner related sales categories (supply and licensing, royalties C other) each increased by over 100% YoY

Q1 2026 Financial Results

23% decrease YoY to Non-GAAP

RCD expenses

Non-GAAP Combined RsD and SGsA

expenses: $97 million

(net of RsD reimbursement):

Combined RsD and SGsA

expenses: $124 million

9% decrease YoY

40% decrease YoY to SGCA expenses

Operating Expenses

Estimated Cash runway2 into 2028

and prior to any new cash to company

New $330 million credit facility

established in Q1 2026

Combined Cash s A/R of $818

million (3/31/2026)

Cash: $795 million

A/R: $23 million

Cash1

Cash, cash equivalents, marketable securities and restricted cash.

Based on 3/31/2026 Cash and accounts receivables plus future partner cost reimbursement.

Q1 2026 Total Revenue

Revenue mix changing as a result of

new business strategy

First Quarter

$ in millions Q1 2026 Q1 2025

Change %

Partner related revenue

>100% growth

Nuvaxovid Sales

Nuvaxovid Sales 1

$10

$608

($598)

(98%)

Supply Sales 2

33 14

19 139%

Product Sales

622

(579)

(93%)

Sanofi 3

21%

Pfizer

Serum

65%

Other Partners 4

Licensing, Royalties and

by Novavax

Transition to royalties as partners lead commercialization

Growth in Supply Sales (+13G%) Q1 2025 included $603 million of

Other Revenue

97 45 52 116%

and Licensing, Royalties s Other Revenue (+116%)

non-cash sales related to the

close-out of APA agreements

Total Revenue $140 $667 ($527) (79%)

Q1 2026 Sanofi licensing, royalties and other revenue of

$49 million consisted of

$28 million RCD cost reimbursements

$17 million upfront and RCD milestone amortization

$4 million Sanofi royalty revenue

Nuvaxovid Sales1 are to Novavax's direct commercial customers

Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of our COVID-19 vaccine.

Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to our license

partners.

Sanofi includes revenue recognized under our license agreement including upfront payments, milestones, royalties and transition services reimbursement.

Other Partners includes upfront payments, royalties and milestone revenue under our licensing agreements including Takeda and SK bioscience.

Q1 2026 Combined RsD and SGsA Expense Results

Significant progress on cost reduction

$ in

millions

150

100

RsD

SGsA

137

GAAP Non-GAAP

126

(23%)

(G%)

124

RsD

SGsA

Total

Q1 YoY trends highlight

(13%)

(40%)

(23%)

Non-GAAP

continued improvements

GAAP

(40%)

(G%)

Q1 2025 Q1 2026 Q1 2025 Q1 2026

($ in millions, except per share amounts)

Q1 2026

Q1 2025

Product sales

Licensing, royalties, and other

$ 42

$ 622

Total revenue

140

667

Cost of sales

Research and development

Selling, general, and administrative

Total expenses

155

151

Income (loss) from operations

(15)

516

Interest expense

(5)

(6)

Other income, net

Income (loss) before income tax expense

(9)

520

Income tax expense

Net income (loss)

$ (9)

$ 519

Net income (loss) per share

Basic

$ (0.06)

$ 3.22

Diluted

$ (0.06)

$ 2.93

Q1 2026 Financial Results

Q1 2025 included $603 million of non-cash sales related to the close-out of APA agreements

23% reduction in Non-GAAP Combined RCD + SGCA expenses:

Q1 2026: $97 million

Q1 2025: $126 million

Accomplishments to Drive Financial Performance

Estimated Cash1 runway into 2028 (prior to new cash to company) as we drive towards our goal of Non-GAAP profitability as early as 20282,3

Reduced operating expenses

Reduced current liabilities

Negotiated and extended maturities of liabilities

Added non-dilutive capital sources

Decreased GAAP Combined RCD and SGCA expenses by $1.2B and over 70% since year end 2022

Decreased by $2B and over 80% since year end 2022

Addressed GAVI and UK APA liabilities and extended payment terms negotiated in 2024

Extended 2027 convertible notes4 to 2031

Added ~$1.4B in cash in 2024 C 2025 with 78% from non-dilutive sources5

Secured credit facility in 2026 to provide additional source

of non-dilutive cash

Based on March 31, 2026 Cash and accounts receivables plus future partner cost reimbursement.

Assumed timing of the Sanofi CIC launch is a primary contributor to the timing of future Novavax profitability.

Non-GAAP profitability defined as GAAP operating profit less SBC and depreciation.

$25 million of the original $150 million 2027 convertible notes mature in 2027, while the remainder of the notes were extended to 2031 via the August 2025 transaction.

Cash flow earned in 2024 C 2025 and includes $200M proceeds from sale of Czech Republic manufacturing facility.

Novavax Core Spend Targeted RsD Investments

Non-GAAP Combined RsD and SGsA Expense Guidance

$ in millions

400

200

FY 2025

Actual

FY 2026 E FY 2027 E FY 2028 E

2026, 2027 s 2028 estimates at midpoint of range

2026 and 2027 Partner s APA support obligations:

Sanofi RsD support (non-reimbursed)

COVID strain change and commercial manufacturing support

Advancement of the early-stage pipeline with potential to bring at least one program into the clinic as early as 2027

175

40G

Targeting a >$200M and >50%

decrease as partner and APA support activities are completed

325

Partner

and APA

Support

225

Core

Spend

Core

Spend

Range of

$150M

$200M

~$200M

~$25M

~$200M

~$125M

Generate new data to support partnering of Matrix-M

Advance adjuvant technology for both Infectious Disease and Oncology use with new formulations

Support for license partners via ongoing Matrix-M manufacturing

Full Year 2026 Revenue Framework

Full Year 2026

$ in millions (as of May 6, 2026)

Nuvaxovid Product Sales1

$35 - $45

Adjusted Supply Sales2

$40 - $50

Adjusted Licensing, Royalties and Other

Revenue3

$155 - $175

Adjusted Total Revenue4

$230 - $270

Sanofi Supply Sales, Sanofi Royalties and Sanofi Milestones

No guidance

Full Year 2026 Revenue Framework s Expense Guidance

Reiterating Prior FY 2026 Framework and Expense Guidance

See footnotes on slide 34

Full Year 2026 Combined RsD and SGsA Expense Guidance

Full Year 2026

$ in millions (as of May 6, 2026)

Combined RsD and SGsA Expenses

$380 - $420

Less: RsD Reimbursements

($70 - $80)

Non-GAAP Combined RsD and SGsA Expenses

$310 - $340

We are Building Significant Momentum to Achieve our Vision

Significant Progress is Being Made Under Our New Business Model and Strategy

>$0.8B

In revenue to date via Sanofi C Pfizer Agreements

>$1.2B

In Annual Expense1 Reductions Since 2022

GAAP Combined RCD and SGCA expenses McKinsey Report, March 2025.

Approved and Marketed Products via Partners

>$2B

Reduction in Current Liabilities Since 2022

Top 10 Global Pharma Co's Now Working with Novavax Technology, Including Global Leaders in Vaccines and Oncology

Clinical Stage

Combo Vaccines in Development by Sanofi

Fields of experimentation underway with Matrix-M via multiple partner programs and MTA collaborations

t approved by management.

Of the Projected >$100B Global ID and Oncology Vaccine Market2,3 Is Targeted via Partners licenses and/or MTA agreements

2027

NVAX C. diff

vaccine candidate with potential to advance into Clinic as Early as 2027

Fortune Business Insights, November 2025.

Novavax 2026 s Beyond Corporate Milestones

WHAT TO EXPECT ACHIEVED & ANTICIPATED MILESTONES

Additional Sanofi-related milestones, commercial performance C royalties

New license agreements and enhanced partnerships

Advancement of early-stage pipeline to the clinic as early as 2027

Targeting non-GAAP PCL profitability as early as 2028

Lean C agile operating model to drive value

2026 and Beyond

Jan to April - 4 new Matrix-M MTAs reflecting both new and expanded relationships to explore utility of Matrix-M

Reconciliation of GAAP to Non-GAAP Financial Results

NOVAVAX, INC.

Reconciliation of GAPP to NON-GAAP Financial Results (unaudited)

($ in millions)

Three Months Ended March 31,

2026

2025

Total Revenue

$ 139.5

$ 666.7

Adjustments:

Sanofi Supply Sales Adjustment

17.1

1.2

Sanofi Royalties Adjustment

3.5

Adjusted Total Revenue

$ 118.9

$ 665.5

R&D Expenses

$ 95.5

$ 88.9

Adjustments:

R&D Reimbursement

27.7

11.3

Non-GAAP R&D Expenses

$ 67.8

$ 77.6

Combined R&D and SG&A Expenses

$ 124.3

$ 137.0

Adjustments:

R&D Reimbursement

27.7

11.3

Non-GAAP Combined R&D and SG&A Expenses

$ 96.6

$ 125.7

Full Year 2026 Revenue Framework Footnotes

Revenue Categories

Revenue Framework Footnotes

Nuvaxovid Product Sales1

$35 million to $45 million in Nuvaxovid Product Sales by Novavax under existing APA and commercial

agreements.

Adjusted Supply Sales2

$40 million to $50 million in Adjusted Supply Sales associated with collaborations with the Serum Institute on R21/Matrix-M and collaboration partners for COVID-19 vaccine, including Serum and Takeda.

Adjusted Licensing, Royalties

and Other Revenue3

$70 million to $80 million in RCD Reimbursement. Under the Sanofi co-exclusive licensing agreement (CLA), Novavax is eligible to receive reimbursement for costs incurred related to select RCD and technology transfer activities during the transition performance period.

$50 million to $60 million in Other Partner related revenue including royalties and milestones from Pfizer, Serum on R21/Matrix-M and collaboration partners for COVID-19 vaccine, including Serum and Takeda. Includes a $30 million upfront payment under the Pfizer agreement received in the first quarter of 2026.

$35 million amortization related to the $500 million Upfront Payment and the $50 million Database Lock Milestone. Revenue recognition will occur over the transition performance period.

Adjusted Total Revenue4

Adjusted Total Revenue is a non-GAAP financial measure. Adjusted Total Revenue is total revenue excluding Sanofi Supply Sales, Sanofi Royalties and Sanofi Nuvaxovid, Influenza-COVID-19 Combination and Matrix-M related Milestones. See "Non-GAAP Financial Measures" on slide 2.

Disclaimer

Novavax Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 13:19 UTC.