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NVAX · NASDAQ · Biotechnology

Novavax

Builds protein vaccines and Matrix-M partnerships around Nuvaxovid and R21/Matrix-M.

$9.27

After-hours close+0.01 (+0.11%)

At close$9.26(+2.32%)

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Profile

Novavax, Inc.NVAXHealth Care

Develops recombinant protein vaccines and the Matrix-M adjuvant platform, with Nuvaxovid commercialized mainly through Sanofi and R21/Matrix-M supplied through partners. Revenue depends on partner commercialization, licensing, royalties, product supply, regulatory transfers, and a pipeline built for future collaboration.

Develops vaccines from recombinant protein nanoparticles and the Matrix-M adjuvant, a platform used in Nuvaxovid and the R21/Matrix-M malaria vaccine. Work is centered in Gaithersburg, with commercialization and supply spread through Sanofi, Takeda, Serum Institute, and other partners.

The business now runs through Nuvaxovid product supply and Sanofi-led commercialization, Matrix-M licensing and royalties, and early-stage vaccine assets intended for partnership. Named programs include flu-COVID combinations led by Sanofi and early work in pandemic influenza, C. difficile, shingles, RSV combinations, and oncology collaborations.

Execution depends on partner launches, regulatory transfers, technology transfer, supply commitments, and access to collaboration or financing capital. Operations are being reset around a leaner footprint rather than a broad owned manufacturing network.

Company facts

CEOJohn C. Jacobs

ListedDec 5, 1995

ExchangeNASDAQ

HeadquartersGaithersburg, MD

CountryUnited States

Employees749

CIK0001000694

ISINUS6700024010

Key statistics

Market cap$1.52B

EPS (ttm)−$1.52

P/E (ttm)−6.09

ROE159.9%

P/B−7.99

P/S3.68

Dividend yield—

Beta1.88vs XLV 0.70

Year to date +29.9% · Average volume (30d) 3.9M

Analysts

Price target, next 12 months$18.00+94.4%Median of 23 analysts · vs the Aug 28 close

ConsensusBuy17 of 23 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $9.26

High$25.00+170.0%

Median$18.00+94.4%

Low$11.00+18.8%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Oct 24, 2025	Cantor Fitzgerald	Target			$174	$18
Oct 23, 2025	H.C. Wainwright	Target			$19	$11
Aug 20, 2025	B of A Securities	Downgrade	Neutral	Underperform

Earnings

EPS

Estimate−$0.22

ReportedDue Nov 5, 2026

Revenue

Estimate$72.7M

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.38	−$0.32	+15.8%	$52.5M	$56.7M	+8.0%	+0.52%
May 6, 2026Q1 FY26	−$0.25	−$0.06	+76.0%	$79.8M	$139.5M	+74.8%	−1.39%
Feb 26, 2026Q4 FY25	−$0.66	$0.11	+116.7%	$89.8M	$147.1M	+63.8%	−9.38%
Nov 6, 2025Q3 FY25	−$1.08	−$0.62	+42.6%	$90.3M	$70.4M	−22.0%	−1.98%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$666.7M	$239.2M	$70.4M	$147.1M	$139.5M	$56.7M
Gross profit	$652.5M	$225.0M	$48.9M	$121.9M	$108.8M	$42.5M
Operating income	$515.5M	$105.7M	−$178.0M	$21.0M	−$15.4M	−$54.9M
Net income	$518.6M	$106.5M	−$202.4M	$17.5M	−$9.5M	−$53.4M
Diluted EPS	$2.93	$0.60	−$1.25	$0.11	−$0.06	−$0.32
Gross margin	97.9%	94.1%	69.5%	82.9%	78.0%	74.9%
Operating margin	77.3%	44.2%	-252.7%	14.3%	-11.1%	-96.8%

Fiscal years (4-quarter sums)FY21 $197.6M · FY22 $1.81B · FY23 $731.4M · FY24 $682.2M · FY25 $1.12B

Revenue by product · Q2 FY26

Licensing, Royalties, And Other$37.8M · 98%

Royalties And Other$676.0K · 2%

Revenue by geography · Q2 FY26

United States$38.4M · 68%

Rest Of The World$17.1M · 30%

Europe$1.1M · 2%

Balance sheet, Jun 30, 2026Cash & short-term investments $719.3M · Total debt $295.6M · Total assets $955.6M · Shareholders' equity −$190.7M

Dividends

No dividends on record.

Ownership

Institutions 73.02%120.08M sharesInsiders 0.65%1.06M sharesOther 26.33%43.30M shares

Shares outstanding 164.44M · Float 141.47M · 86.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Himanshu H. Shah	14.84M	9.03%	13D	May 15, 2026
Shah Capital Management	14.17M	8.61%	13F	Aug 14, 2026
BlackRock, Inc.	13.95M	8.48%	13F	Aug 7, 2026
State Street Corporation	11.74M	7.10%	13G	Aug 7, 2026
Vanguard Portfolio Management LLC	7.61M	4.63%	13F	Aug 13, 2026

Insider tradesForm 4

No open-market trades in the last 12 months.