Novavax is a vaccine technology company whose primary commercial asset is Nuvaxovid, a protein-based COVID-19 vaccine built on Novavax's recombinant nanoparticle platform and proprietary Matrix-M adjuvant. Following a major partnership with Sanofi in 2024, Novavax has stepped back from direct commercialization — Sanofi now leads global commercialization of Nuvaxovid while Novavax earns royalties in the high-teens to low-twenties percent range on Sanofi's sales, plus milestone payments tied to clinical, regulatory, and commercial events. Novavax's second key commercial asset is Matrix-M, which it licenses to partners for use in their own vaccine programs. The most prominent example is the R21/Matrix-M malaria vaccine developed by Oxford's Jenner Institute and manufactured by Serum Institute of India, with over 25 million doses distributed across 24 African countries. Novavax also signed a deal with Pfizer in January 2026, providing Matrix-M for Pfizer's vaccine programs in exchange for $30M upfront and up to $500M in milestones plus royalties. Novavax's business model has shifted from commercial vaccine company to technology licensor: revenue comes from royalties, milestone payments, R&D reimbursements from Sanofi, and near-breakeven supply sales of Matrix-M and finished doses. The company's long-term growth is anchored to Sanofi's potential launch of a COVID-influenza combination vaccine, which could trigger up to $225M in launch milestones alone. Novavax is also developing an early-stage pipeline in C. difficile, shingles, RSV, and flu, with the explicit intent to partner these assets at proof-of-concept rather than advance them independently.