- Novavax is shifting from direct vaccine sales to a licensing-centric business model centered on its Matrix-M adjuvant technology.
- A key development in this transition is the January 2026 agreement with Pfizer, which paid US$ 30.0 million upfront for a non-exclusive global license.
- The company's narrative projects US$ 348.5 million in revenue and US$ 55.9 million in earnings by 2028, though risks remain regarding partner dependency.