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Adaptive Biotechnologies vs Novavax: ADPT and NVAX compared
Adaptive Biotechnologies is the larger company: $83.9M of revenue in its latest quarter (Q3 2026) against $68.3M for Novavax (Q3 2026). Novavax is growing faster (-3% against -11% a year earlier). Adaptive Biotechnologies is more profitable, with an operating margin of -0.5% against -45.8%.
Where the money goes: ADPT and NVAX
Adaptive Biotechnologies (ADPT) · Q3 2026
Adaptive Biotechnologies, Q3 2026: revenue $83.9M (-11% year over year), operating margin -0.5%, net earnings $2.8M, operating cash flow $9.6M. The chart follows the revenue to costs, profit and cash.
Novavax (NVAX) · Q3 2026
Novavax, Q3 2026: revenue $68.3M (-3% year over year), operating margin -45.8%, net loss $31.4M, operating cash flow −$94.2M. The chart follows the revenue to costs, profit and cash.
| Adaptive Biotechnologies (ADPT) | Novavax (NVAX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $83.9M | $68.3M |
| Revenue growth, Y/Y | -11% | -3% |
| Operating margin | -0.5% | -45.8% |
| Net earnings | $2.8M | −$31.4M |
| Net margin | 3.3% | -45.9% |
| Operating cash flow | $9.6M | −$94.2M |
| Free cash flow | $7.7M | — |
Where the revenue comes from
Novavax
- Licensing, royalties, and other: $42.6M (62%)
- Product sales: $25.7M (38%)
Questions
Which is bigger, Adaptive Biotechnologies or Novavax?
Adaptive Biotechnologies is the larger company: $83.9M of revenue in its latest quarter (Q3 2026) against $68.3M for Novavax (Q3 2026).
Is Adaptive Biotechnologies or Novavax growing faster?
Novavax is growing faster (-3% against -11% a year earlier).
Which is more profitable, Adaptive Biotechnologies or Novavax?
Adaptive Biotechnologies is more profitable, with an operating margin of -0.5% against -45.8%.
More: Adaptive Biotechnologies earnings · how Adaptive Biotechnologies makes money · Novavax earnings · how Novavax makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.