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Novavax NVAX Royalties — 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%
Support services
$265K-4.7%
Milestones
$0-100%
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

The Company is eligible to receive milestone payments totaling up to $350 million in the aggregate with respect to the COVID-19 Vaccine products, of which $75 million due upon completion of the technology transfer of the Company’s manufacturing process for the COVID-19 Vaccine products to Sanofi remains outstanding, and royalty payments in the high teens to low twenties percent on Sanofi’s sales of such licensed products. During the three and six month period ended June 30, 2026, the Company recognized $0.7 million and $4.2 million of royalties on Sanofi sales of COVID-19 Vaccine products, respectively.

Item 1. Consolidated Financial Statements

FAQ

What is Novavax's royalties — total revenue?
Novavax (NVAX) reported royalties — total revenue of $700K in Q2 2026.
How has Novavax's royalties — total revenue changed year-over-year?
Novavax's royalties — total revenue decreased by 86.0% year-over-year, from $5M to $700K.
What does royalties — total revenue mean?
This metric represents the total gross revenue generated from licensing intellectual property, patents, or proprietary vaccine technology to third-party partners. It reflects the company's ability to monetize its research and development pipeline through passive income streams rather than direct product sales. Growth in this segment indicates successful commercial adoption of the company's technology by external entities.

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