Novavax reported third-quarter 2026 revenue of $68 million and raised its full-year revenue outlook. The company also reported progress under its partnership with Sanofi, including a $125 million milestone earned in October after Sanofi began a late-stage trial of a combined influenza and COVID-19 vaccine in Europe.
The update also includes plans for a U.S. trial of that vaccine, continued commercial activity for Novavax’s COVID-19 vaccine through partners, and development work on other potential products.
Financial outlook
- Novavax raised its 2026 outlook for non-GAAP adjusted total revenue by $145 million, putting the midpoint at $400 million.
- It also improved its full-year guidance for combined research and development and selling, general and administrative expenses by $5 million at the midpoint.
- The company reported third-quarter revenue of $68 million. The results provided here do not include figures for profit or loss, cash, or other financial measures.
Sanofi partnership and commercial activity
- Sanofi’s launch of a Phase 3 European trial of its influenza-COVID-19 combination vaccine triggered a $125 million milestone payment to Novavax in October.
- Sanofi has told Novavax it intends to start a U.S. Phase 3 trial in 2027 to support a potential U.S. approval.
- Novavax is eligible for another $225 million milestone if Sanofi completes the required clinical and regulatory steps and launches the combination vaccine commercially in the United States.
- Novavax is also eligible for royalties ranging from the high single digits to the low teens as a percentage of Sanofi’s global net sales of the combination vaccine.
- A separate $75 million milestone is tied to completing the transfer of Nuvaxovid manufacturing technology to Sanofi, which Novavax expects in mid-2027.
- Sanofi and other commercial partners received approvals in August for an XFG-adapted version of Nuvaxovid in major markets, including the United States, the European Union and Japan. Sanofi began commercial activities for the 2026–2027 COVID-19 vaccination season in the United States and selected international markets; Takeda began commercial activities in Japan.
- Sanofi is promoting Nuvaxovid through physician outreach, pharmacy activation and direct-to-consumer efforts. Novavax is eligible for royalties in the high teens to low twenties as a percentage of Sanofi’s global Nuvaxovid sales.
Research and development
- Novavax expects its C. difficile vaccine candidate could enter clinical development as early as 2027.
- The company and its partners are conducting experiments with its Matrix-M adjuvant across infectious-disease targets and cancer models.
What changes
The October milestone is an earned payment tied to Sanofi’s European trial launch, while the potential U.S. milestone and royalties depend on future trial, regulatory and commercial outcomes. The manufacturing-transfer milestone is another prospective payment, expected in mid-2027. Novavax’s commercial revenues and potential future payments therefore include both near-term partner activity and milestones or royalties contingent on further progress.