Novavax earns $125 million as Sanofi dosing triggers flu-COVID vaccine trial milestone

Novavax disclosed in an 8-K dated October 29, 2026 that on October 28, 2026, Sanofi Pasteur Inc. dosed the fifth patient in its Phase 3 trial combining influenza and COVID-19 vaccines in the European Union, using Novavax's COVID-19 component.¹ That fifth dosing triggered a $125 million milestone payment from Sanofi under the companies' Collaboration and License Agreement.¹ Novavax said it expects to receive the payment by the first quarter of 2027.¹

The study is testing the safety and immunogenicity of Novavax's Nuvaxovid paired with Sanofi's marketed Efluelda/Fluzone High-Dose vaccine, in adults aged 60 and older.¹

CEO John Jacobs said the partnership with Sanofi continues to deliver on its opportunities, and has generated over $1 billion in revenue for Novavax to date.¹ He added that Sanofi has said it wants to be among the first movers in the combination vaccine category, and that Novavax views the trial milestone as a step toward that goal.¹

Beyond this payment, Novavax said it is eligible for royalties on Sanofi's Nuvaxovid sales and a separate $75 million milestone tied to completing a manufacturing technology transfer expected in mid-2027.¹ It also said a further $225 million payment is possible if Sanofi completes all U.S. clinical and regulatory requirements and launches a combination flu-COVID vaccine in the United States.¹ The agreement additionally covers royalties on any Sanofi combination products using Nuvaxovid, and milestones plus royalties for any new vaccines Sanofi develops using Novavax's Matrix-M adjuvant.¹

Novavax cautioned that additional clinical studies may be needed to support U.S. regulatory filings for the combined flu-COVID program, since U.S. requirements may differ from those in other markets.¹