What Novavax Does & How It Makes Money (NVAX)

Updated October 2026 · reflects Novavax's latest reported financials

Biotech company developing and selling vaccines against serious infectious diseases. Novavax makes money by selling its vaccines and through license and collaboration agreements with larger drug companies.

How Novavax makes money

Novavax makes money by selling its vaccines and through license and collaboration agreements with larger drug companies. Its partners, Sanofi, Pfizer, Takeda and Serum Life Sciences, help develop, manufacture and sell its COVID-19 vaccine.

What Novavax does

Novavax is a vaccine company based in Gaithersburg, Maryland, and was founded in 1987. It discovers, develops and sells vaccines that protect against serious infectious diseases. Its best-known product is Nuvaxovid, a COVID-19 vaccine. It also sells the R21 malaria vaccine, which is built with the company's Matrix-M adjuvant, a component that makes vaccines trigger a stronger immune response. Novavax does not do everything itself. It has license and collaboration agreements with Sanofi, Pfizer, Takeda and Serum Life Sciences, which help develop, manufacture and sell its COVID-19 vaccine. With these partners, Novavax can reach markets in the United States, Europe and other countries, while it keeps its focus on vaccine research.

Products & services

• Nuvaxovid (COVID-19 vaccine)
• R21 Matrix-M malaria vaccine
• Matrix-M adjuvant

What is Novavax worth?

On an owner-earnings DCF, Novavax's most-likely value is about $7 versus a recent price near $13 (46% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$4) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

Related companies

Moderna (MRNA) · Vir Biotechnology (VIR) · Novanta (NOVT) · Walvax Biotechnology (300142.SZ) · Pfizer (PFE)