What is Novavax's gross margin?

Novavax (NVAX) reported gross margin of 85% in Q1 2026.

How has Novavax's gross margin changed year-over-year?

Novavax's gross margin decreased by 2.8% year-over-year, from 87.4% to 85%.

What is the long-term trend for Novavax's gross margin?

Over 5 years (2020 to 2025), Novavax's gross margin has grown at a -1.3% compound annual growth rate (CAGR), from 100% to 93.5%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

Novavax NVAX Gross margin

Gross margin at other companies

ModernaMRNA

22.1%-32.0pp

Merck & Co.MRK

73.9%-2.5pp

ALN

Alnylam PharmaceuticalsALNY

81%-5.3pp

Gilead SciencesGILD

79.4%+1.1pp

Nektar TherapeuticsNKTR

100%+31.2pp

ImmunityBio, Inc.IBRX

99.3%-0.5pp

Other financials

Income statement

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Revenue$139.5M-79.1%

Gross profit$108.8M-83.3%

Operating income-$15.4M-103%

Net income-$9.5M-102%

EPS (diluted)-$0.06-102%

Balance sheet

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Cash & equivalents$228.4M-13.3%

Total debt$295.1M+404%

Total equity-$144.8M-91.4%

Total assets$1.0B-19.3%

Cash flow

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Operating cash flow-$32.4M+82.5%

CapEx$1.3M-20.4%

Free cash flow-$33.7M+82.0%

Valuation

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Market cap$1.46B+28.6%

Enterprise value$1.53B+68.6%

P/S2.5×+1.5×

Profitability

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Operating margin-13.1%-45.9pp

Net margin-14.7%-52.9pp

FCF margin-58.9%-61.4pp

Returns & leverage

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Return on equity-238.6%—

Debt / equity1.5×—

Current ratio2.5×+0.4×

Where this comes from

Calculated from Novavax’s reported figures.

gross profit/total revenue=85%

Based on trailing twelve months.

The official record: Novavax’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Novavax's gross margin?: Novavax (NVAX) reported gross margin of 85% in Q1 2026.
How has Novavax's gross margin changed year-over-year?: Novavax's gross margin decreased by 2.8% year-over-year, from 87.4% to 85%.
What is the long-term trend for Novavax's gross margin?: Over 5 years (2020 to 2025), Novavax's gross margin has grown at a -1.3% compound annual growth rate (CAGR), from 100% to 93.5%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.