Novavax's stock soared 17.35% during intraday trading on Wednesday, marking a significant upward movement for the vaccine maker.

The surge followed the company's first-quarter financial results, which showed revenue of $139.5 million, substantially beating analysts' average expectation of $78.3 million. The strength was attributed to upfront and milestone payments from vaccine supply and licensing deals, which helped offset pressure from sagging demand for its COVID-19 shot.

Additionally, Novavax reported a narrower-than-expected quarterly net loss of $0.06 per diluted share, compared to analyst estimates for a loss of $0.23. The company's strategy of licensing out assets and partnering early in development was cited as insulating it from policy uncertainty, while management reiterated cost reduction targets and maintained its 2026 adjusted revenue forecast.