How much of Novavax’s revenue comes from haram?

Novavax develops vaccines to prevent serious infectious diseases and address urgent global health needs. The company’s vaccine candidates include NVX-CoV2373, a coronavirus vaccine; NanoFlu, a nanoparticle seasonal influenza vaccine; and ResVax, a respiratory syncytial virus (RSV) fusion (F) protein nanoparticle vaccine.

Novavax earns its revenue primarily from the following revenue sources: 

  • Government Contracts:

Includes revenue generated from engaging in R&D services under U.S. government contracts and grants.

  • Grants and Other:

Includes revenue generated from collaborations, license agreements, and funding arrangements with the Coalition for Epidemic Preparedness Innovations (CEPI) to advance the clinical development and manufacturing of NVX-CoV2373.

  • Royalties:

Includes royalty revenues earned from SK bioscience’s sale of the antigen component of NVX-CoV2373 to the Korean government.

The contributions from each of Novavax’s revenue segments in their Q2 2021 report were as follows:

Practical Islamic Finance concludes:

None of Novavax’s revenue comes from anything inherently haram.

Does Novavax rely on interest to operate?

for period ended
Fiscal year
Fiscal year
Interest Income
Total Revenue$745,246$475,598$18,662
Interest Expense$10,807$15,145$13,612
Total Expenses$1,299,707$892,317$139,243
Interest Income / Revenue
Interest Expense / Total Expense0.83%1.70%9.78%
*Numbers in thousands, U.S. dollars

Practical Islamic Finance concludes: 

Riba is not currently relied upon in Novavax’s operation.

What is Novavax Environmental, Social, and Governance (ESG) Impact?


No notable environmental highlights.


Novavax has a Glassdoor rating of 3.9 out of 5 from over 110 current and previous employees compared to a 3.3 average for all other Glassdoor rated companies. 


No notable governance highlights.

Practical Islamic Finance concludes: 

Novavax has a net positive ESG impact. 

Comfort Rating 

From Novavax’s business, financial, and ESG reviews, Practical Islamic Finance rates Novavax stock as: 

Comfortable to invest in from a halal perspective.


Novavax 2020 Annual Report

Novavax Q2 2021 10Q 

Novavax Reviews