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How Novavax (NVAX) makes money
Novavax (NVAX) made $68.3M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Licensing, royalties, and other brought in $42.6M (62%); Product sales brought in $25.7M (38%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Licensing, royalties, and other | $42.6M | 62.4% | +13% | -25% |
| Product sales | $25.7M | 37.6% | +36% | +91% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $68.3M | 100.0% |
| Income tax | $1.7M | 2.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $68.3M | -3% |
| Q2 2026 | $56.7M | -76% |
| Q1 2026 | $140M | -79% |
| Q4 2025 | $147M | +67% |
| Q3 2025 | $70.4M | -17% |
| Q2 2025 | $239M | -42% |
| Q1 2025 | $667M | +610% |
From Novavax's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Novavax make money?
Novavax (NVAX) made $68.3M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Licensing, royalties, and other brought in $42.6M (62%); Product sales brought in $25.7M (38%).
What is Novavax's biggest business?
Licensing, royalties, and other: $42.6M in the third quarter 2026, 62% of revenue, -25% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.