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Novavax focuses on early-stage vaccine research and seeks partners to develop and commercialize its technologies. Its platform combines protein-based vaccines with Matrix-M, a proprietary ingredient that helps stimulate the immune response, known as an adjuvant.
Sanofi now leads development and commercialization of Nuvaxovid, Novavax’s COVID-19 vaccine. It pays Novavax for agreed milestones and technology-transfer work, and owes royalties on vaccine sales. Sanofi supplies most of Novavax’s licensing, royalty and related revenue, making its ability to manufacture, distribute and market Nuvaxovid central to the business. Novavax still supplies certain customers under existing advance-purchase contracts and supplies vaccine materials to partners. In the United States, Nuvaxovid is approved for adults 65 and older and people aged 12–64 with an underlying condition that puts them at high risk of severe COVID-19.
Matrix-M also earns money outside Novavax’s own vaccines. Serum Institute of India buys it to manufacture the R21 malaria vaccine and pays Novavax royalties on vaccine sales. Further payments under partner agreements depend on development progress, technology transfer or sales; they are not all recurring income.
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Beyond this list, watch Serum Institute of India: Novavax depends on it for COVID-19 vaccine manufacturing, Matrix-M purchases and royalties tied to the R21 malaria vaccine.
Novavax depends on Sanofi to turn Nuvaxovid sales into royalties and development progress into milestone payments; Sanofi licenses its vaccine technology and receives vaccine and Matrix-M supplies. Watch Nuvaxovid sales and the manufacturing-process transfer, which had a $75 million payment still outstanding at December 31, 2025.
Moderna competes with Novavax’s Nuvaxovid for seasonal COVID-19 vaccine purchases, and both pursue vaccines combining COVID-19 and influenza protection. Watch sales of Moderna’s Spikevax and mNEXSPIKE and its combination-vaccine progress for signs of the demand and competition facing Novavax.
Pfizer competes with Novavax for COVID-19 vaccine sales but also pays to use Matrix-M in infectious-disease products. Watch development and sales of Pfizer products containing Matrix-M: the January 2026 license provides Novavax with $30 million upfront and potentially up to $500 million in milestones, plus sales royalties.
BioNTech’s Comirnaty, developed and sold with Pfizer, competes directly with Novavax’s Nuvaxovid for COVID-19 vaccine purchases. Watch Comirnaty sales and acceptance of its updated seasonal vaccines to gauge the competition Nuvaxovid faces.
Takeda pays Novavax to develop and commercialize its COVID-19 vaccine in Japan and buys Matrix-M for manufacturing, providing license fees, milestones and sales royalties. Watch Japanese vaccine approvals and sales: the amended agreement includes an $8 million annual milestone if Takeda receives marketing approval that year or approval is not required.
Arcturus Therapeutics Holdings Inc.’s KOSTAIVE, sold through partners, competes with Novavax’s COVID-19 vaccine, while its partnered influenza programs overlap Novavax’s development ambitions. Watch KOSTAIVE’s sales in Japan through Meiji Seika Pharma and progress in the influenza programs partnered with CSL Seqirus.
Takeda Pharmaceutical Company Limited earningsTAK
Takeda's report can show whether its Novavax-licensed COVID-19 vaccine is progressing toward Japanese sales and whether it continues to need Novavax's adjuvant.
Read vaccine approval progress and sales alongside Matrix-M purchases. If Takeda receives marketing approval that year, or approval is not required, and sales and adjuvant demand follow, Novavax has a path to the annual milestone, royalties and supply revenue; if approval or sales are delayed, those payments are harder to realize and adjuvant demand has less support.
Sanofi earningsSNY
Sanofi leads commercialization of Novavax's COVID-19 vaccine, and its report can show whether vaccine sales are generating recurring royalties for Novavax.
Read any reported sales of Sanofi's licensed COVID-19 vaccine alongside Novavax's royalties and its technology-transfer and service revenue. Stronger vaccine sales accompanied by royalties would point to recurring income from the partnership; weak sales with income still leaning on transfer or service work would leave Novavax more dependent on finite collaboration payments.
BioNTech SE earningsBNTX
BioNTech develops and sells Comirnaty with Pfizer, and its report can show whether seasonal COVID-19 vaccine demand persists and how strong a rival Novavax faces.
Use Comirnaty sales and acceptance of updated vaccines as signals of market demand and competition, not as a substitute for Novavax's own sales. If both hold up, people are still buying seasonal COVID-19 vaccines, but a strong rival is competing for those purchases; if they fall, the market itself may be weakening, which does not by itself mean Novavax will benefit.
Pfizer Inc. earningsPFE
Pfizer's report may show whether its infectious-disease products using Novavax's Matrix-M adjuvant are moving toward sales, a partner-revenue path beyond Novavax's COVID-19 vaccine.
If Pfizer reports progress or sales for these products, connect that evidence to the license's two possible income paths: milestones and sales royalties. Advancing programs that reach sales could turn the adjuvant license into partner revenue; stalled programs with no sales mean the agreement has not yet become an ongoing commercial income source.
Novavax Inc earningsThis company
Novavax has handed the lead on Nuvaxovid commercialization to Sanofi, and this report will show whether partner income is shifting from milestones and services toward recurring royalties and supply revenue.
Read vaccine product sales alongside licensing, royalty and other partner revenue, then compare them with operating cash use. Firmer sales-based royalties and supply revenue with contained cash use would show the partnership is generating more ongoing income; if revenue still leans on one-off milestones or technology-transfer work, or cash outflows exceed receipts, Novavax remains more reliant on finite partner payments and outside funding.
