Novavax Reports $140M Q1 Revenue and $30M Pfizer Matrix-M Upfront
Novavax reported $140M Q1 revenue, including a $30M upfront from a Matrix-M license with Pfizer that could generate $500M in milestones plus royalties. The company secured MTAs with four top-10 pharma covering 30+ fields in a $100B infectious disease and oncology market and reaffirmed a $325M 2026 R&D/SG&A expense guide.
1. Q1 2026 Financial Results
Novavax recorded $140 million in total revenue for the quarter ended March 31, 2026, driven by vaccine sales and upfront licensing fees. The company reiterated its full-year revenue framework and highlighted progress toward a lean operating model.
2. Pfizer Matrix-M License Deal
In January, Novavax granted Pfizer a non-exclusive license for its Matrix-M adjuvant in two infectious disease vaccine candidates. Novavax received a $30 million upfront payment and stands to earn up to $500 million in development and sales milestones, plus high-mid single-digit royalties.
3. Expanded Matrix-M Partnerships
During Q1 and April, Novavax signed material transfer agreements with four top-10 pharmaceutical companies and innovative biotech firms. These agreements allow partners to explore Matrix-M in over 30 unique fields across infectious diseases and oncology, targeting a projected $100 billion market opportunity.
4. R&D Pipeline and Cost Guidance
Novavax advanced its C. difficile vaccine candidate toward potential clinical entry by 2027 and reported positive preclinical data on RSV and varicella-zoster assets. The company targets non-GAAP combined R&D and SG&A expenses of $325 million for 2026 and $225 million for 2027, pursuing further cost reductions.