Novavax, Inc. Q3 2026 Earnings Recap

Novavax fell 8.2% after earnings, despite raising its full-year revenue framework and improving expense guidance. The transcript points to limited near-term visibility beyond partner milestones: Sanofi’s U.S. phase III trial is targeted for 2027, while the company describes broader partnership and pipeline opportunities as still developing.

Key Takeaways

• Sanofi’s European phase III flu/COVID combination trial triggered a $125 million milestone; Novavax expects another $75 million upon completion of manufacturing technology transfer in mid-2027.
• Sanofi is targeting a U.S. phase III start in 2027 to support U.S. approval, leaving that opportunity dependent on future trial progress.
• Sanofi began the 2026/2027 COVID season with Nuvaxovid in the U.S. and introduced it in select international markets; Takeda continues promoting it in Japan.
• Novavax plans to enter the clinic with its C. diff vaccine candidate as early as next year.
• Management said it raised its full-year revenue framework and improved expense guidance, but the transcript provides no revised figures.