The financials
Novavax, Inc. by the numbers
Novavax, Inc. (NVAX) reported revenue of $140M in Q1 2026 (quarter ended March 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 2026-Q1 was Licensing Royalties And Other at $97M, 76% of the disclosed total, just ahead of Upfront Fee Amortization at 9.4%.
| 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 | $97M | 76% |
| Upfront Fee Amortization | $12M | 9.4% |
| Nuvaxovid Sales | $9.6M | 7.5% |
| Milestone Amortization | $5.6M | 4.3% |
| Royalty | $3.5M | 2.7% |
| Support Services | $100K | 0.1% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q1 2026Total $128.2M (+116%)
Licensing Royalties And Other grew +116% year on yearNuvaxovid Sales -98% year on year
Segment Latestquarter on quarteryear on year
- Licensing Royalties And Other$97.3M$97.3MQoQ +71%year on year +116%+71%+116%
- Upfront Fee Amortization$12.1M$12.1MQoQ -year on year -39%--39%
- Nuvaxovid Sales$9.6M$9.6MQoQ -year on year -98%--98%
- Milestone Amortization$5.6M$5.6MQoQ -year on year -39%--39%
- Royalty$3.5M$3.5MQoQ -16%year on year --16%-
- Support Services$100.0K$100.0KQoQ -63%year on year --63%-
- Milestone--QoQ -year on year ---
- Upfront Fee--QoQ -year on year ---