NVAX Q1 2026: Revenue falls 79% as Sanofi takes commercial lead; Pfizer adjuvant deal adds $30M

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

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  Revenue dropped 79% to $139.5M from $666.7M in Q1 2025, driven by absence of one-time APA termination payments ($603M in prior year). Product sales fell 93% to $42.2M as Sanofi assumed commercial lead for Nuvaxovid™.

  MD&A: Revenue verify on EDGAR →
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  Pfizer licensed Matrix-M™ adjuvant for two infectious disease areas in January 2026, paying $30M upfront with up to $500M in development and sales milestones plus high mid-single digit royalties. Four new MTAs signed in early 2026 expand adjuvant partnerships to over 30 fields across oncology and infectious disease.

  MD&A: Pfizer License & MTAs verify on EDGAR →
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  FDA approved Nuvaxovid™ BLA in May 2025, triggering $175M Sanofi milestone. Marketing authorizations transferred to Sanofi in October-November 2025, shifting commercialization responsibility and triggering additional $50M in milestones.

  MD&A: BLA Approval verify on EDGAR →