Vaxcyte (PCVX) Q2 2026 earnings summary

Executive summary

• Advanced and fully enrolled three Phase 3 clinical trials for VAX-31, with topline data from OPUS-1 expected in Q4 2026 and OPUS-2/3 in H1 2027; Phase 2 infant study also fully enrolled with data expected by end of H1 2027.

• Initiated a Phase 1 study for VAX-A1, a Group A Streptococcus vaccine candidate, with topline data expected in H2 2027.

• Completed a $601.8 million underwritten public offering in February 2026, strengthening liquidity.

• Ended the quarter with $2.5 billion in cash, cash equivalents, and investments as of June 30, 2026, supporting ongoing clinical and commercial activities.

Financial highlights

• Net loss for Q2 2026 was $284.3 million, up 70.7% year-over-year; six-month net loss was $604.9 million, up 96.9%.

• Operating expenses rose 33.8% to $302.8 million for the quarter, driven by a 37.9% increase in R&D expenses and a 9.0% increase in G&A expenses.

• R&D expenses were $267.9 million for Q2 2026, up from $194.2 million in Q2 2025; G&A expenses rose to $34.9 million.

• Cash, cash equivalents, and investments totaled $2,507.7 million as of June 30, 2026, up from $2,442.6 million at year-end 2025.

• Other income, net, decreased 69.0% to $18.5 million for the quarter, mainly due to lower foreign currency gains and interest income.

Outlook and guidance

• Topline data from VAX-31 adult Phase 3 OPUS-1 trial expected in Q4 2026; OPUS-2/3 and pediatric data expected in H1 2027.

• VAX-A1 Phase 1 topline data expected in H2 2027.

• Manufacturing consistency study planned to support BLA submission and potential U.S. commercial launch.

• Cash, cash equivalents, and investments are expected to fund operating expenses and capital requirements for at least 12 months from the filing date.

• Continued focus on advancing PCV franchise and strategic capital deployment.