Novavax (NVAX) investor relations material

Strategic transformation and partnerships

• Shifted from a single-product, high-expense structure to a leaner, multi-opportunity biotech focused on value creation through technology out-licensing and partnerships, notably with Sanofi.

• Sanofi now leads commercialization of the COVID vaccine in the US and select markets, with milestone payments and tech transfer ongoing through next year.

• Sanofi has nonexclusive, broad access to Matrix M adjuvant, with potential for significant milestone and royalty payments for new vaccines developed using this technology.

• Two additional top 10 pharma companies are evaluating Matrix M, potentially leading to further deals.

• The company retains freedom to outlicense Matrix M to other partners, supporting a multi-pillar growth strategy.

Product pipeline and innovation

• Four new assets in development target multibillion-dollar markets, including RSV, pandemic flu, C. diff, and shingles, with a focus on improved efficacy and reduced reactogenicity.

• Early oncology research using Matrix M and AI aims to create a non-mRNA cancer vaccine platform.

• Combination vaccines, especially flu/COVID, are a major focus, with clinical trials underway and strong market and physician preference for these products.

• Matrix M's versatility across vaccine platforms enhances its value for both in-house and partnered programs.

• Ongoing grant applications and discussions with US and European authorities for pandemic flu and other pipeline assets.

Market outlook and financials

• The global vaccine market is projected to grow from $57B to $75B by 2030, with combination vaccines as a key driver.

• COVID vaccine market stabilized at ~$9B globally, with the US at $3.5–4B; combination flu/COVID market estimated at $8B.

• Royalties from Sanofi could reach $200M per $1B in COVID vaccine sales and $100M per $1B in combination vaccine sales.

• Targeting non-GAAP profitability as early as 2027, driven by cost reductions (85% from peak), milestone/royalty inflows, and a lean operating model.

• Short-term liabilities reduced from $2.6B to under $400M, with refinancing extending debt maturities to 2031.