Novavax, Inc. (NVAX)

In February 2026, Novavax reported a fourth-quarter profit and provided a 2026 revenue guidance between $230 million and $270 million. In April 2026, Shah Capital criticized Novavax's strategy and its failure to build sales of its COVID-19 vaccine. In May 2026, Novavax's shares rose after its Q1 2026 revenue beat analysts' estimates, attributed to milestone payments from vaccine supply and licensing agreements. The company announced a non-exclusive license agreement with Pfizer to utilize Matrix-M and reiterated its full-year 2026 revenue framework and target for non-GAAP profitability as early as 2028. The stock has risen 54% over the past year.

Novavax is shifting away from dependence on seasonal vaccine demand swings towards a model reliant on deal flow, milestone execution, and royalties from partnerships. The demand for standalone COVID-19 vaccines has declined, and Novavax's future revenue growth depends on partnerships, such as the one with Sanofi. This strategic shift aims to make Novavax less susceptible to seasonal fluctuations and more dependent on licensing and collaboration agreements.

Novavax, Inc. is a biotechnology company focused on the discovery, development, and commercialization of vaccines for infectious diseases. It operates in the healthcare sector, specifically in biotechnology and pharmaceuticals, focusing on biological product manufacturing. Novavax uses a proprietary technology platform combining recombinant protein-based nanoparticles with its Matrix-M adjuvant to develop vaccine candidates. Its major products include Nuvaxovid (COVID-19 Vaccine) and R21/Matrix-M (Malaria Vaccine). Novavax also has a pipeline of vaccine candidates for influenza, RSV, avian flu, shingles, and Clostridioides difficile. The Matrix-M adjuvant is a key component designed to stimulate a stronger immune response and is being licensed to other pharmaceutical companies.

Novavax is headquartered in Gaithersburg, Maryland, USA. Research and development and manufacturing for its Matrix-M adjuvant are conducted in Uppsala, Sweden, through its subsidiary, Novavax AB. The company has a global production network for manufacturing and distribution across the U.S., Asia, and Europe. Its COVID-19 vaccine has received approvals worldwide, with commercialization through global partnerships.

Novavax's brand reputation has been influenced by criticism from Shah Capital regarding the commercialization of its COVID-19 vaccine. However, recent data from Sanofi's Phase 4 COMPARE study indicated that Nuvaxovid produced fewer side effects and was preferred by patients compared to Moderna's mNEXSPIKE. This suggests a differentiated tolerability profile for Novavax's protein-based vaccine compared to mRNA alternatives.

Novavax is owned by 71.65% institutional shareholders, 17.12% Novavax insiders, and 11.23% retail investors. As of May 7, 2026, 259 institutional owners and shareholders hold a total of 115,997,957 shares. Major institutional owners include Vanguard Group Inc, Shah Capital Management, BlackRock, Inc., State Street Corp, Bank Of America Corp /de/, Sanofi, D. E. Shaw & Co., Inc., UBS Group AG, Millennium Management Llc, and Geode Capital Management, Llc. Cadila Pharmaceuticals Ltd is the largest individual Novavax shareholder, owning 9.50 million shares, representing 5.78% of the company.