The financials
Novavax, Inc. by the numbers
Novavax, Inc. (NVAX) reported revenue of $140M in Q1 2026 (quarter ended Mar 31, 2026), down 79% from the same quarter a year earlier. That came with a gross margin of 78% and net loss of $9.5M. For the full year FY2025, revenue was $1.12B (+65% year on year) and net income $440M. Its largest product in Jun 2026 was Licensing Royalties And Other at $38M, 62% of the disclosed total, well ahead of Supply Sales at 31%.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $140M | $667M | −79% |
| Gross profit | $109M | $653M | −83% |
| Operating income | −$15M | $516M | to a loss |
| Net income | −$9.5M | $519M | to a loss |
| Diluted EPS | −$0.06 | $2.93 | to a loss |
| Product | Revenue | Share |
|---|---|---|
| Licensing Royalties And Other | $38M | 62% |
| Supply Sales | $19M | 31% |
| Milestone Amortization | $3.8M | 6.1% |
| Royalty | $676K | 1.1% |
| Support Services | $265K | 0.4% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Jun 2026Total $61.4M (-59%)
Supply Sales grew +47% year on yearUpfront Fee -100% year on year
Segment Latestquarter on quarteryear on year
- Licensing Royalties And Other$37.8M$37.8MQoQ -61%year on year -83%-61%-83%
- Supply Sales$18.9M$18.9MQoQ -42%year on year +47%-42%+47%
- Milestone Amortization$3.8M$3.8MQoQ -32%year on year -34%-32%-34%
- Royalty$676.0K$676.0KQoQ -81%year on year --81%-
- Support Services$265.0K$265.0KQoQ +165%year on year -4.7%+165%-4.7%
- Milestone$0.00$0.00QoQ -year on year -100%--100%
- Nuvaxovid Sales$0.00$0.00QoQ -100%year on year --100%-
- Upfront Fee$0.00$0.00QoQ -year on year -100%--100%