Novavax earns $125M Sanofi milestone, raises 2026 revenue outlook
Novavax said Sanofi's Phase 3 flu-COVID combination vaccine trial start in Europe triggered a $125 million payment, as the company lifted its full-year revenue framework.
Novavax, Inc. reported third quarter 2026 results on November 5, 2026, highlighted by a milestone tied to its partner Sanofi. In October 2026, Novavax earned a $125 million milestone payment with the initiation of Sanofi's Phase 3 influenza-COVID-19 combination vaccine trial in Europe.1 Sanofi also confirmed to Novavax its intent to start a U.S. Phase 3 CIC trial in 2027 to support U.S. approval, and Novavax is eligible for an additional $225 million milestone upon a U.S. commercial launch of a CIC vaccine following successful completion by Sanofi of clinical and FDA regulatory requirements.1 Novavax is also eligible for royalties in the high single digits to sub-teens as a percentage of Sanofi's global net sales on a CIC product.1
On the existing COVID-19 vaccine, manufacturing technology transfer of Nuvaxovid to Sanofi is expected to finish by mid-2027, which would trigger a $75 million payment to Novavax.1 In August 2026, commercial partners of Novavax secured approvals for the XFG-adapted Nuvaxovid formulation in markets including the U.S., the EU and Japan.1
In the pipeline, the company's C. difficile vaccine program is expected to enter the clinic as early as 2027, after Novavax presented preclinical data in September 2026 at the 9th International C. Difficile Symposium showing immune responses and protection in lethal challenge models.1
On guidance, Novavax raised its full-year 2026 Combined R&D and SG&A expense guidance to a range of $375 million to $395 million, down from $370 million to $410 million, while keeping its Non-GAAP Combined R&D and SG&A guidance at $315 million to $335 million.1 It also raised its 2026 Adjusted Total Revenue framework to $385 million to $415 million, up from $235 million to $275 million previously.1
Cash, cash equivalents, marketable securities and restricted cash totaled $627 million as of September 30, 2026, compared with $751 million at the end of 2025.1 Net loss for the quarter was $31 million, versus a $202 million net loss in the same period of 2025.1
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