Quick Summary
- Novavax delivered Q4 EPS of $0.11, surpassing projections by $0.60
- Fourth-quarter revenue reached $147M, significantly exceeding the $90.25M analyst consensus
- The biotech firm achieved an $18M net profit, reversing the prior year’s $81M loss
- 2026 adjusted revenue forecast upgraded to $230M–$270M from previous $185M–$205M guidance
- Strategic licensing agreements, notably a $530M deal with Pfizer for Matrix-M adjuvant technology, fuel positive momentum
Novavax (NVAX) delivered impressive fourth-quarter results that exceeded analyst expectations across key metrics, while simultaneously upgrading its financial outlook for 2026.
The biotech company announced Q4 earnings per share of $0.11, dramatically outperforming the Street’s expectation of -$0.49 by a margin of $0.60. Total revenue reached $147 million, representing a 67% increase from the year-ago period and substantially above the approximately $90 million consensus forecast.
The company recorded net income of $18 million for the quarter. This marks a significant reversal from the $81 million net loss posted during the comparable quarter last year — a transformation attributed to operational efficiency improvements and revenue from licensing arrangements.
NVAX shares settled at $9.53 during the trading session. The stock has gained 35.18% in the trailing three-month period and advanced 34.99% over the past year.
According to InvestingPro, Novavax receives a “great performance” rating for its Financial Health metrics.
The strong quarterly performance extends beyond traditional vaccine revenue. Strategic licensing partnerships have emerged as a cornerstone of Novavax’s business model, with tangible results appearing in recent financials.
Last month, the company entered into a licensing arrangement with Pfizer worth up to $530 million for its Matrix-M adjuvant technology. This proprietary component enhances immune system response in the company’s Nuvaxovid vaccine.
Chief Executive John Jacobs indicated that demand for the company’s platform has reached unprecedented levels. “We have more interest than I’ve ever seen in three years in our tech and some great conversations going on,” he told Reuters.
Updated 2026 Revenue Projections
Novavax has revised its 2026 adjusted revenue expectations upward to a range of $230 million to $270 million. This represents an increase from the company’s previous projection of $185 million to $205 million.
These updated figures do not incorporate revenues and royalties stemming from the Sanofi collaboration, suggesting additional potential upside beyond the revised guidance.
Management anticipates that milestone payments derived from vaccine supply contracts and licensing partnerships will help balance declining demand in the COVID-19 vaccine market.
Navigating the Regulatory Environment
COVID-19 vaccination uptake in the United States has declined under current federal leadership, which has implemented policy changes that have created headwinds for vaccine manufacturers.
Jacobs recognized the challenges. “We probably disagree as a scientific community and an industry with some of their positions,” he stated, while noting that the company does “see a pathway forward.”
Earlier this month, the FDA initially rejected Moderna’s mRNA influenza vaccine submission for review before reversing course after the company modified its application. Jacobs expressed support, saying it was “good to see them have a regulatory path forward.”
Novavax is working toward achieving full profitability by 2028, leveraging anticipated product launches through its Sanofi partnership. Among these pipeline candidates is a combination COVID-influenza vaccine incorporating the Nuvaxovid platform.
Analyst sentiment showed 0 upward EPS revisions and 2 downward EPS revisions during the 90-day period preceding the earnings announcement.
Fourth-quarter revenue of $147 million exceeded the average analyst projection of $78.84 million, based on LSEG data.
