Novavax: The Pivot To A Royalty Model Is Working, But It's Still A Hold
Novavax is currently rated as a Hold as it shifts towards a royalty-driven business model. The company's partnership with Sanofi for a COVID-19 and flu vaccine is operational, but the market for seasonal COVID-19 vaccines remains limited. In Q1 2026, Novavax reported $140 million in revenue and expects total revenue for the year to be between $230 million and $270 million, primarily from royalties.
- ▪Novavax is transitioning to a royalty-driven model with a focus on partner revenue.
- ▪The company's partnership with Sanofi for a COVID-19/flu vaccine is operationally ready.
- ▪Q1 2026 revenue was reported at $140 million, with annual guidance reaffirmed at $230–$270 million.
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