What was Novavax's revenue in Q1 2026?

Novavax reported Q1 2026 revenue of $139.51 million.

Why did Novavax stock rise 25.9%?

The stock surged after Q1 results beat expectations and a Matrix-M licensing deal with Pfizer was announced.

What is the Matrix-M deal with Pfizer?

It is a licensing agreement granting Pfizer rights to use Novavax's Matrix-M adjuvant platform for combination vaccines, including a $30 million upfront payment.

Did Novavax post a profit in Q1 2026?

No, it reported a net loss of $9.49 million, compared to net income of $518.65 million a year earlier.

What was Novavax's EPS in Q1 2026?

The loss per share from continuing operations was $0.06.

Novavax Q1 2026 Results Beat Estimates on Pfizer Matrix-M Deal

Novavax (NVAX) exceeded Q1 2026 expectations, reporting $139.51M in revenue and a net loss of $9.49M, boosted by a $30M upfront payment from a Matrix-M licensing deal with Pfizer (PFE). Shares rose 25.9%.

Novavax (NVAX) reported first-quarter 2026 results that surpassed analyst expectations, supported by new Matrix-M licensing activity with Pfizer (PFE). Revenue came in at $139.51 million, down from $666.66 million a year earlier, as the company swung from net income of $518.65 million to a net loss of $9.49 million. Basic and diluted loss per share from continuing operations was $0.06.

Key Financial Results

Metric	Q1 2026	Q1 2025
Revenue	$139.51M	$666.66M
Net Income (Loss)	($9.49M)	$518.65M
EPS	($0.06)	N/A

Highlights from the Report

The year-over-year decline in revenue reflects lower COVID-19 vaccine demand, but results exceeded expectations due to a $30 million upfront payment from the Matrix-M license deal with Pfizer. The partnership aims to develop combination vaccines using Novavax's Matrix-M adjuvant platform.

Guidance

Novavax did not provide specific quarterly guidance but reiterated its focus on expanding the Matrix-M platform through the Pfizer collaboration.

Stock Impact

Novavax shares surged 25.9% following the earnings release and deal announcement, reflecting investor optimism about the Matrix-M platform's potential.

What This Means for Investors

The results signal Novavax's shift toward a licensing-based revenue model rather than direct vaccine sales. The Pfizer collaboration could enhance long-term financial stability, though reliance on a single partner remains a risk.