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Novavax NVAX Milestones — Total Revenue

Other product segments

Licensing, royalties, and other
$37.84M-83.4%
Cost reimbursements
$22.6M+249%
Upfront fee amortization
$8.73M-28.9%
Milestones amortization
$3.76M-33.6%
Royalties
$700K-86.0%
Support services
$265K-4.7%
Upfront fee
$0-100%

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Other financials

Income statement

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Revenue$56.7M-76.3%
Gross profit$42.5M-81.0%
Operating income-$54.9M-154%
Net income-$53.4M-150%
EPS (diluted)-$0.32-152%

Balance sheet

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Cash & equivalents$191.5M-24.5%
Total debt$297.3M+413%
Total equity-$190.7M-607%
Total assets$955.6M-28.5%

Cash flow

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Operating cash flow-$72.8M+42.9%
CapEx$588.0K+11.6%
Free cash flow-$73.4M+42.7%

Valuation

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Market cap$1.27B+3.7%
Enterprise value$1.38B+33.6%
P/S3.1×+1.9×

Profitability

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Gross margin78.6%-9.6pp
Operating margin-56.6%-89.2pp
Net margin-59.9%-99.1pp
FCF margin-59%-61.5pp

Returns & leverage

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Return on equity-238.6%
Debt / equity1.5×
Current ratio2.3×0.0×

Where this comes from

Reported directly by Novavax in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Novavax’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 7:50 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001000694-26-000018
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Sanofi licensing, royalties, and other revenue
Licensing:
Milestones$175,000175,000
Royalties6764,195
Transition services and technology transfer:
Upfront fee amortization(1)8,72812,26820,83432,180
Milestones amortization(1)3,7625,6659,31314,808
Cost reimbursements22,6026,47950,32417,745

Item 1. Consolidated Financial Statements

FAQ

What is Novavax's milestones — total revenue?
Novavax (NVAX) reported milestones — total revenue of $0 in Q2 2026.
How has Novavax's milestones — total revenue changed year-over-year?
Novavax's milestones — total revenue decreased by 100.0% year-over-year, from $175M to $0.
What does milestones — total revenue mean?
This metric represents the total revenue recognized from milestone payments associated with licensing agreements, research collaborations, or commercial partnerships. It reflects the successful achievement of specific clinical, regulatory, or commercial development targets defined within contractual arrangements. Tracking this revenue stream provides insight into the company's ability to monetize its intellectual property and development pipeline through external partnerships.

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