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| Period | Instrument | Printed amount or status |
|---|---|---|
| Q4 2024. Canada APA | Canada Advance Purchase Agreement | $555.7 million current deferred revenue plus $48.0 million other current liabilities at December 31, 2024. |
| Mar 2025. Canada termination | Canada APA terminated with immediate effect | No remaining Canada obligation. $575.7 million previously in deferred revenue and other current liabilities recognized as product sales in Q1 2025. |
| Q4 2025 and Q2 2026. Australia APA | Australia Advance Purchase Agreement | $133.9 million remaining ($48.4 million current / $85.4 million non-current deferred revenue) at both December 31, 2025 and June 30, 2026. December 2024 amendment covers approximately three million remaining doses. Up to $92.5 million may become refundable. TGA application withdrawn Q3 2025. Parties in discussion. |
| Q4 2025 and Q2 2026. Other APAs | Other country APAs excluding Gavi | $73.3 million remaining ($38.1 million current / $35.2 million non-current deferred revenue). Recognition depends on dose delivery or expiry of optional quantities. |
| Feb 2024. Gavi settlement structure | Gavi Termination and Settlement Agreement | $700 million potential consideration: $75 million initial payment, up to $400 million deferred payments ($80 million per year through December 31, 2028, reducible by vaccine credits), and up to $225 million additional credit on qualifying sales above the annual $80 million. |
| Q4 2025. Gavi remaining on balance sheet | Gavi remaining classification | $225.0 million non-current deferred revenue (additional credit), $80.0 million other current liabilities, $195.0 million other non-current liabilities. Security interest in Serum Institute R21 receivables. |
| Q2 2026. Gavi remaining on balance sheet | Gavi remaining classification | $225.0 million non-current deferred revenue, $80.0 million other current liabilities, $145.0 million other non-current liabilities. Additional credit unchanged. Other non-current declined from year-end 2025 as printed (do not restate the $50 million decline as a derived payment schedule). |
| Q4 2025. UK settlement remaining | UK Health Security Agency settlement (November 2024) | $123.8 million refund including $11.3 million interest, $10.3 million equal quarterly installments through June 2027. Remaining at December 31, 2025: $38.6 million other current liabilities and $20.2 million other non-current liabilities. |
| Period | Term | Printed amount or status |
|---|---|---|
| Jan 15 2026. Agreement | License and Option Agreement (non-exclusive, worldwide) | Matrix-M for Pfizer vaccine products in at least one and up to two infectious-disease fields. First field already selected. Second field is Pfizer's option, with specified limitations. |
| Q1 2026. Upfront | Upfront cash | $30 million received and recognized in Q1 2026 on delivery of the license. Development milestones were excluded from the initial transaction price as uncertain. |
| Pfizer license. Development milestones per field | Development milestones | Up to $70 million per field. Two fields would be up to $140 million. Not earned as of Q2 2026. |
| Pfizer license. Sales milestones per field | Sales milestones | Up to $180 million per field. Two fields would be up to $360 million. Combined with development marks this is the $500 million additional-milestone cap. |
| Pfizer license. Royalties | Tiered royalties on quarterly net sales | High mid-single digit percent, product-by-product and country-by-country, from first commercial sale until the later of 20 years or no remaining valid patent right. |
| Pfizer license. Roles | Development, commercial, and supply | Pfizer is solely responsible for development and commercialization of its Matrix-M products. Novavax supplies Matrix-M under separate supply terms. |
| Period | Product / market | Printed volume or share |
|---|---|---|
| Jul 2024. R21 first commercial doses | R21/Matrix-M malaria (Serum Institute) | First commercial doses administered to children in Cote d'Ivoire and South Sudan. |
| Feb 2026. R21 doses sold | R21/Matrix-M malaria | 30 million doses sold since the mid-2024 launch. Available in 24 countries. Over 80% market share as printed in the FY 2025 10-K and results release. |
| May 2026. R21 doses distributed (floor) | R21/Matrix-M malaria | Over 30 million doses distributed (floor, not an exact count) and available in 25 countries as of May 2026 (Q2 2026 10-Q). |
| FY 2025. Takeda Japan share | Nuvaxovid in Japan (Takeda) | Takeda achieved 12% market share with Nuvaxovid in Japan, as printed with FY 2025 results. Not a dose count. |
| Dec 2024. Australia remaining doses | Nuvaxovid Australia APA | Approximately three million doses remaining under the December 2024 amendment, to be invoiced against a credited advanced payment. Australia did not take 2025 deliveries. TGA application withdrawn Q3 2025. |
| Period | Mark | Printed amount or status |
|---|---|---|
| May 2024. Upfront | Sanofi CLA cash upfront | $500 million non-refundable. Separate $68.8 million equity subscription (6,880,481 shares at $10.00, about 4.9%) is not a milestone. |
| 2024. Database lock | Existing Phase 2/3 COVID trial database lock | $50 million achieved in 2024. Amortized into licensing revenue over the transition period with the $500 million upfront. |
| May 2025. US BLA | Nuvaxovid US BLA approval (pre-filled syringe) | $175 million earned in Q2 2025. Combined with a $27 million Takeda amendment in the prior-year Q2 2025 revenue compare. |
| Oct 2025. EMA marketing authorization transfer | Transfer of European Medicines Agency approval to Sanofi | $25 million achieved October 2025. Cash received December 2025. |
| Nov 2025. US marketing authorization transfer | Transfer of US BLA / marketing authorization to Sanofi | $25 million achieved November 2025. Cash received January 2026. Completes the $50 million Q4 2025 marketing-authorization pair. |
| FY 2025. Sanofi COVID royalties | Royalties on Sanofi sales of licensed COVID-19 Vaccine products | $5.8 million recognized in 2025. Rate is high teens to low twenties percent of Sanofi global net sales. |
| YE 2025. Remaining COVID technology transfer | Manufacturing process technology transfer to Sanofi | $75 million remaining of the original $350 million COVID-product milestone bucket. Q2 2026 release: expected to complete mid-2027 (outlook). |
| Q2 2026. CIC Phase 3 initiation (outlook) | Sanofi COVID-influenza combination Phase 3 start in the US or EU | $125 million CIC development milestone. Sanofi told Novavax it is in advanced regulator discussions and intends to be among the first movers in combination vaccines. Not yet earned. |
| YE 2025. Remaining CIC launch marks | CIC commercial-launch milestones | $225 million remaining. Together with the $125 million development mark this is the $350 million CIC bucket still outstanding. |
| Sanofi CLA. Adjuvant products (per product) | Non-exclusive Matrix-M license for new Sanofi vaccines, including H5 SP0335 (FDA Fast Track as of Q2 2026) | Up to $200 million development, launch, and sales milestones for each of the first four adjuvant products and $210 million for each thereafter, plus mid-single digit royalties for 20 years. Not included in the $700 million COVID/CIC bucket. |
Novavax is founded. Protein-nanoparticle vaccines plus Matrix-M adjuvant are the platform; COVID is the first large commercial test.
FDA issues EUA for Novavax COVID-19 vaccine, adjuvanted (Nuvaxovid) on 13 Jul 2022 for adults. Protein plus Matrix-M, not mRNA.
FY 2025 revenue $1.123B, mostly APA settlement. 2026 adjusted revenue guided $230M to $270M with Sanofi leading selected-market commercial.
Matrix-M licensed to Pfizer (15 Jan 2026). Adjuvant IP is now a separate cash story from Nuvaxovid volumes.