Novavax (NVAX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Novavax published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Novavax guides on Adjusted Total Revenue, a non-GAAP figure that leaves out Sanofi supply sales, Sanofi royalties and future Sanofi milestones, so it is not directly comparable with GAAP total revenue.
• The year-ago Q3 2025 net loss of $202.4 million included a $97.0 million impairment of assets held for sale and a $28.7 million loss on debt extinguishment.

Source: Novavax Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Novavax splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Novavax's Product sales revenue was $25.7 million in Q3 2026, up 91% from $13.4 million in Q3 2025, 38% of total revenue.
• Novavax's Licensing, royalties and other revenue was $42.6 million in Q3 2026, down 25% from $57.0 million in Q3 2025, 62% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Novavax said:

“Raises full-year 2026 Non-GAAP Adjusted Total Revenue by $145 million to $400 million at mid-point and improves GAAP Combined R&D and SG&A expense guidance by $5 million at mid-point”

“$40 million to $50 million in Nuvaxovid Product Sales by Novavax under existing Advance Purchase Agreements and commercial agreements.”

“Since Novavax is reliant on Sanofi's sales forecasts for certain revenue components, these are not included in the Full Year 2026 Revenue Framework.”

Source: Novavax Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NVAX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and GAAP diluted EPS, each as first reported in that quarter's release. Novavax's quarterly revenue moves with milestone payments and the COVID-19 vaccination season.

We do not hold a confirmed date for Novavax's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Novavax reported total revenue of $68 million in Q3 2026, down 3% from $70 million a year earlier. Product sales were $26 million, up 91%, and consisted of supply sales of Nuvaxovid to Sanofi and of Matrix-M adjuvant to license partners. Licensing, royalties and other revenue was $43 million, down 25%. (Novavax Q3 2026 release, Nov 5, 2026)

Sanofi, which took over lead commercial responsibility for Nuvaxovid in select markets from the 2025-2026 season, is Novavax's largest partner. Revenue recognized from Sanofi fell to $19 million from $48 million, which Novavax attributed mainly to a $42 million year-over-year drop in research and development reimbursement revenue as its clinical support for Sanofi's Nuvaxovid postmarketing commitments nears completion. Takeda contributed $7 million, the Serum Institute $5 million and other partners $11 million. (Novavax Q3 2026 release, Nov 5, 2026)

The $11 million from other partners is non-cash deferred royalty recognition related to earlier Nuvaxovid sales by SK bioscience to the South Korean government. Novavax is eligible for royalties in the high teens to low twenties as a percentage of Sanofi's global Nuvaxovid net sales, and a mid-to-high teens percentage of Takeda's net sales in Japan plus an annual milestone. (Novavax Q3 2026 release, Nov 5, 2026)

Novavax earned a $125 million milestone in October 2026, after the quarter ended, when Sanofi began a Phase 3 trial of an influenza-COVID-19 combination vaccine in Europe. It is eligible for a further $225 million on a U.S. commercial launch of a combination vaccine and $75 million when the Nuvaxovid manufacturing technology transfer to Sanofi is completed, which it expects in mid-2027. (Novavax Q3 2026 release, Nov 5, 2026)

Novavax's GAAP net loss was $31.4 million, or $0.19 per share, in Q3 2026, against $202.4 million, or $1.25, a year earlier. Novavax reports no adjusted EPS. The year-ago loss included a $97.0 million impairment of assets held for sale and a $28.7 million loss on debt extinguishment. (Novavax Q3 2026 release, Nov 5, 2026)

Novavax's research and development expenses were $52 million, against $98 million, which Novavax put down to the near completion of Sanofi clinical support for Nuvaxovid, less seasonal strain change work and its cost reduction program. SG&A expenses fell 25% to $24 million as lead commercial activities moved to Sanofi. Combined R&D and SG&A expenses were $76.1 million, against $129.9 million. (Novavax Q3 2026 release, Nov 5, 2026)

Weighted average shares were 164,924 thousand, against 162,353 thousand a year earlier. During 2026 Novavax entered into a credit agreement with MidCap Financial Trust for a senior secured term loan facility of up to $330.0 million, of which $50.0 million was funded at closing, and long-term debt rose to $292.1 million from $244.2 million at December 31, 2025. (Novavax Form 10-Q, Q3 2026, Nov 5, 2026; Novavax Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Novavax publishes a full-year revenue framework and expense guidance in its release. With Q3 2026 it raised 2026 Adjusted Total Revenue guidance to $385 million to $415 million, from $235 million to $275 million, including the $125 million Sanofi milestone, Nuvaxovid product sales of $40 million to $50 million and adjusted supply sales of $50 million to $60 million. It narrowed combined R&D and SG&A expense guidance to $375 million to $395 million, from $370 million to $410 million. (Novavax Q3 2026 release, Nov 5, 2026)

Novavax's revenue framework excludes Sanofi supply sales, Sanofi royalties and future Sanofi milestones, because Novavax relies on Sanofi's sales forecasts for those. Cash, cash equivalents, marketable securities and restricted cash were $627 million at September 30, 2026, against $751 million at December 31, 2025. (Novavax Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Novavax, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Novavax's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NVAX is on is NVAX a buy or a sell?, what analysts expect next is on the NVAX forecast, and what the company does is on the Novavax (NVAX) stock page.

Every number on this page can be traced to a document Novavax published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.