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Novavax NVAX Upfront fee amortization — Total Revenue

Other product segments

Licensing, royalties, and other
$37.84M-83.4%
Cost reimbursements
$22.6M+249%
Milestones amortization
$3.76M-33.6%
Royalties
$700K-86.0%
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
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
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
Total Sanofi licensing, royalties, and other revenue$35,768$199,412$84,666$239,733

Item 1. Consolidated Financial Statements

FAQ

What is Novavax's upfront fee amortization — total revenue?
Novavax (NVAX) reported upfront fee amortization — total revenue of $8.73M in Q2 2026.
How has Novavax's upfront fee amortization — total revenue changed year-over-year?
Novavax's upfront fee amortization — total revenue decreased by 28.9% year-over-year, from $12.27M to $8.73M.
What does upfront fee amortization — total revenue mean?
This metric represents the portion of revenue recognized from non-refundable upfront payments received from collaboration or licensing agreements. It reflects the systematic release of deferred revenue as the company fulfills its performance obligations over the term of the contract. Investors use this to gauge the long-term value realization from strategic partnerships and the stability of recurring revenue streams derived from historical licensing deals.

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