0001649094-26-000017
SEC filingVaxcyte reported significantly wider losses in Q1 FY2026 versus Q1 FY2025, driven by increased R&D investment and operational scaling, with operating income declining 91.3% to -$345.9M and net income falling 127.8% to -$320.6M.
In collaboration with Lonza, Vaxcyte completed construction of a dedicated, large-scale manufacturing facility designed to support potential global commercial manufacturing of its PCV candidates for all indications. This milestone reflects a strategic shift toward externalized, scalable production capacity. Under the Commercial Manufacturing and Supply Agreement, Vaxcyte will purchase components pursuant to purchase orders, and Lonza will operate the facility for active component manufacturing in exchange for a daily fee. These arrangements enable Vaxcyte to advance commercial readiness without bearing full capital ownership of the facility.
Operating income for Q1 FY2026 was -$345.9M, a 91.3% decline from -$180.8M in Q1 FY2025. Net income was -$320.6M, down 127.8% from -$140.7M in the prior-year period. Diluted EPS was -$2.30, compared to -$1.04 in Q1 FY2025. These results reflect the company’s continued prioritization of late-stage clinical advancement and commercial infrastructure build-out. The magnitude of the year-over-year change underscores the acceleration of investment across both internal personnel-related costs and external development and manufacturing activities.
The company acknowledged that prior and expected future losses continue to adversely affect stockholders’ equity and working capital. It also noted that operating plans may evolve, and additional funding could be required to meet future operational needs or capital requirements arising from such changes. No new financing activity was reported in Q1 FY2026 beyond ongoing execution against previously disclosed agreements and commitments.