Sanofi's combination-vaccine trial start earns Novavax $125m and a higher annual revenue target

Novavax has increased its revenue outlook for 2026 after a $125m payment from Sanofi, which became due when the French drugmaker started a European Phase 3 trial of a vaccine combining protection against influenza and COVID-19. The company now expects adjusted full-year revenue with a midpoint of about $400m. The facts on file do not give the previous guidance, so the size of the change is not clear.

The third-quarter figures, published on 5 November, show how uneven the company's income remains. Revenue was $68m and the net loss was $31m. Novavax ended the period with $627m in cash. The source does not say how much of the Sanofi payment, if any, fell in the quarter.

The payment shows how much the company's near-term finances depend on partner-led development. The trigger was Sanofi starting a trial, not a Novavax launch or sales milestone, so the guidance rise reflects a clinical event the partner controls.

Sanofi plans a US Phase 3 trial of the combination vaccine in 2027, which the company describes as intended to support an application to the US Food and Drug Administration. No further design details, such as enrolment, endpoints or timing within the year, were provided.

Separately, Novavax said its vaccine candidate against Clostridioides difficile could enter clinical testing as early as 2027. If it does, the company would have a candidate outside respiratory disease in development. No data or trial plans were disclosed.