(Reuters) -Novavax ( NVAX ) beat Wall Street expectations for second-quarter revenue on Wednesday, helped by a $175 million milestone payment related to U.S. approval of its COVID-19 vaccine in May.

The company, which is shifting its focus to commercializing vaccine candidates through partnerships, had licensed the rights for its COVID-19 shot, Nuvaxovid, to French drugmaker Sanofi in an up to $1.2 billion deal.

Novavax's ( NVAX ) traditional protein-based COVID-19 shot offers an alternative technology to messenger RNA-based rivals from Pfizer ( PFE ) and Moderna ( MRNA ), but has failed to make a mark in the U.S. vaccine market due to manufacturing issues and regulatory hurdles.

The biotech reported total revenue of $239 million during the quarter, compared with analysts' average estimate of $147.96 million, according to data compiled by LSEG.

The Maryland-based company also raised its full-year adjusted revenue forecast, citing higher sales tied to its vaccine supply partnerships, including with South Korea's SK Bioscience and Japan's Takeda.