Novavax reported third-quarter 2026 total revenue of $68 million, down 3% from $70 million a year earlier, and a net loss of $31 million, compared with a net loss of $202 million in the third quarter of 2025. The company raised full-year 2026 Non-GAAP Adjusted Total Revenue guidance by $145 million to $385–$415 million and improved GAAP combined R&D and SG&A expense guidance by $5 million at midpoint to $375–$395 million.
In October, Novavax earned a $125 million milestone upon Sanofi's launch of a Phase 3 influenza-COVID-19 combination vaccine trial in Europe. Sanofi confirmed its intent to initiate a U.S. Phase 3 CIC trial in 2027 to support U.S. approval. Novavax is eligible for an additional $225 million milestone upon a U.S. commercial launch of a CIC vaccine, plus royalties in the high single digits to sub-teens as a percentage of Sanofi's global net sales on a CIC product.
Manufacturing technology transfer to Sanofi for Nuvaxovid is expected to be completed in mid-2027, which would trigger a $75 million milestone payment. In August, Novavax's commercial partners received approvals for the XFG-adapted Nuvaxovid formulation in the U.S., EU and Japan. Novavax is eligible for royalties in the high teens to low twenties as a percentage of Sanofi's global Nuvaxovid net sales.
Third-quarter product sales of $26 million were 91% higher than a year earlier, while licensing, royalties and other revenue of $43 million declined 25%, driven primarily by a $42 million reduction in R&D reimbursement revenue. R&D expenses fell to $52 million from $98 million, and SG&A expenses fell 25% to $24 million. Cash and equivalents were $627 million as of September 30. The company's C. difficile vaccine program is anticipated to advance into the clinic as early as 2027.
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