What is Novavax's R&D?

Novavax (NVAX) reported R&D of $95.47M in Q1 2026.

How has Novavax's R&D changed year-over-year?

Novavax's R&D increased by 7.3% year-over-year, from $88.94M to $95.47M.

What is the long-term trend for Novavax's R&D?

Over 4 years (2021 to 2025), Novavax's R&D has grown at a -39.4% compound annual growth rate (CAGR), from $2.53B to $342.32M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Novavax NVAX R&D

R&D at other companies

ModernaMRNA

$649M-24.2%

Merck & Co.MRK

$12.59B+248%

Vaxcyte, Inc.PCVX

$312.78M+111%

Viridian Therapeutics, Inc.VRDN

$77.63M+1.0%

ALN

Alnylam PharmaceuticalsALNY

$364.87M+37.6%

Nektar TherapeuticsNKTR

$35.68M+17.1%

Segments

By segment

See full

Reportable Segment$38.06M-4.6%

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

See full

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

See full

Operating cash flow-$32.4M+82.5%

CapEx$1.3M-20.4%

Free cash flow-$33.7M+82.0%

Valuation

See full

Market cap$1.46B+35.6%

Enterprise value$1.53B+76.9%

P/S2.5×+1.6×

Profitability

See full

Gross margin85%-2.5pp

Operating margin-13.1%-45.9pp

Net margin-14.7%-52.9pp

FCF margin-58.9%-61.4pp

Returns & leverage

See full

Return on equity-238.6%—

Debt / equity1.5×—

Current ratio2.5×+0.4×

Where this comes from

Reported directly by Novavax in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

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 R&D?: Novavax (NVAX) reported R&D of $95.47M in Q1 2026.
How has Novavax's R&D changed year-over-year?: Novavax's R&D increased by 7.3% year-over-year, from $88.94M to $95.47M.
What is the long-term trend for Novavax's R&D?: Over 4 years (2021 to 2025), Novavax's R&D has grown at a -39.4% compound annual growth rate (CAGR), from $2.53B to $342.32M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.