Recent Updates — NVAX

Sanofi Pasteur dosed the fifth patient in its Phase 3 influenza-COVID-19 combination vaccine trial in the European Union, triggering a $125 million milestone payment from Sanofi to Novavax under their Collaboration and License Agreement. Novavax anticipates receiving this payment by the first quarter of 2027. The trial evaluates Nuvaxovid combined with Sanofi's high-dose flu vaccine in adults aged 60 and older. Under the agreement, Novavax remains eligible for a $75 million milestone upon manufacturing technology transfer completion in mid-2027, an additional $225 million milestone upon U.S. launch, and royalties on sales of combination products utilizing Nuvaxovid or Matrix-M adjuvant. Novavax is a biotechnology company focused on developing vaccines using its protein-based nanoparticle platform and Matrix-M adjuvant technology.

Novavax reported second quarter 2026 total revenue of $57 million, a 76% decrease from the prior year period which benefited from significant milestone payments. The company raised its full-year 2026 adjusted total revenue framework to between $235 million and $275 million and improved its combined R&D and SG&A expense guidance by reducing the midpoint by $10 million. Sanofi confirmed advanced regulatory discussions regarding a Phase 3 COVID-19-Influenza Combination trial, which would trigger a $125 million milestone upon initiation in the U.S. or EU. Additionally, manufacturing technology transfer to Sanofi is expected in mid-2027, triggering a $75 million payment. Novavax holds $724 million in cash and equivalents as of June 30, 2026. The company operates in the biotechnology industry, developing vaccines and adjuvant technologies.