Novavax Earns $125 Million From Sanofi After Fifth Patient Is Dosed In Flu-COVID Trial
Two more milestones, $75 million and $225 million, remain under the Sanofi deal, plus royalties on sales.
Novavax, the vaccine developer behind the COVID-19 shot Nuvaxovid, has earned a $125 million milestone payment from Sanofi, the company said Thursday. The trigger was Sanofi dosing its fifth patient on October 28 in a European Phase 3 trial of a combined flu-COVID vaccine that uses Novavax's COVID component.
The trial and the payment
Sanofi's late-stage trial is testing the safety and immune response of Nuvaxovid paired with Sanofi's marketed Efluelda/Fluzone High-Dose flu vaccine in adults aged 60 and older, according to the press release.
Novavax anticipates receiving the cash by the first quarter of 2027. The payment is due under its collaboration and license agreement with Sanofi.
CEO John C. Jacobs said the partnership has so far generated over $1 billion in revenue for Novavax. The company's footnote says that figure counts revenue recognized through June 30, 2026, plus this milestone.
What Novavax makes, and what is still owed
Novavax builds vaccines on its Matrix-M adjuvant, an ingredient that strengthens the immune response, and on protein-based nanoparticles. It earns money by licensing and supplying Matrix-M to partners and by selling COVID-19 doses to governments, with Sanofi now leading commercialization of Nuvaxovid.
Two milestones remain on the Nuvaxovid side of the Sanofi agreement:
- $75 million on successful completion of the manufacturing technology transfer, anticipated in mid-2027.
- $225 million on a U.S. launch of a flu-COVID combination vaccine, after Sanofi completes all U.S. clinical and regulatory requirements.
Novavax is also eligible for royalties on Sanofi sales. The agreement adds royalties on any combination products using Nuvaxovid, and milestones plus royalties on any new Sanofi vaccines that use Matrix-M.
Sanofi's combination-shot ambitions
Jacobs said Sanofi "has stated that they intend to be one of the first movers in the combination vaccine segment." He added that "Novavax believes this is an important step toward that goal."
The company's release puts the combined global flu and COVID-19 markets at more than $10 billion, based on 2025 revenue disclosures from the main market participants. It also cautions that additional clinical studies may be required for U.S. filings, and that the U.S. may have different regulatory requirements from other markets.
The next money on the calendar is the $125 million, expected by the first quarter of 2027, followed by the $75 million technology-transfer milestone in mid-2027.
Sources
- 8-K Filing — NOVAVAX INC (NVAX) — SEC EDGAR
- Exhibit tm2628546d1_ex99-1.htm — NOVAVAX INC 8-K exhibit — SEC EDGAR
- Novavax Earns $125 Million Milestone as Sanofi Launches Phase 3 Influenza-COVID-19 Combination Vaccine Trial in Europe – Company Announcement - FT.com — Financial Times
- What Novavax Doubters Overlooked — Yahoo Finance
