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Novavax, Inc. (NASDAQ: NVAX) shares increased modestly as investors weighed broad regulatory approvals for its updated COVID-19 vaccine against weaker analyst earnings expectations.

• Novavax’s partners received approval for the XFG-adapted Nuvaxovid vaccine in the U.S., European Union and Japan for the 2026–2027 vaccination season. The approvals support continued vaccine sales and royalty income for Novavax under its partnership-driven business model. Novavax partnership strategy and Nuvaxovid approvals
• The U.S. Food and Drug Administration approved updated COVID-19 vaccines from Novavax-Sanofi, Moderna and Pfizer-BioNTech for the upcoming season, with the formulations targeting the dominant XFG variant. Regulatory clearance keeps Nuvaxovid commercially available alongside competing vaccines. FDA approves updated COVID vaccines
• Although the U.S. approval is supportive, eligibility is focused on adults 65 and older and people with certain high-risk conditions. That narrower market could limit vaccination volumes compared with earlier broad COVID-19 campaigns. Updated COVID vaccine approvals
• Zacks Research maintained a “Hold” rating while reducing several EPS forecasts, including estimates for full-year 2026, full-year 2027 and full-year 2028. The firm now expects losses for 2026 and 2027 and lowered its 2028 forecast to $0.78 per share from $1.41, signaling continued uncertainty around the timing and scale of profitability.