Novavax (NVAX) investor relations material

Executive summary

• Strategy centers on licensing vaccine technology, targeted capital-efficient R&D and a lean operating model, with partners providing manufacturing scale and commercial reach.

• Q3 revenue was $68.3M and net loss was $31.4M; FY2026 adjusted revenue guidance rose to $385M–$415M, including a $125M Sanofi milestone.

• Expected cash runway extends into 2029 under stated assumptions, supported by Sanofi milestones and partner reimbursements.

Financial highlights

• Q3 revenue was $68.3M versus $70.4M a year earlier; product sales increased to $25.7M from $13.4M, while licensing, royalties and other revenue fell to $42.6M from $57.0M.

• Q3 net loss was $31.4M, or $0.19 per share, versus $202.4M, or $1.25 per share; prior-year impairment and debt-extinguishment charges contributed to the comparison.

• GAAP combined R&D and SG&A fell 41% YoY to $76.1M; non-GAAP combined expenses, net of partner reimbursements, fell 14% to $72.3M.

• Q3 revenue included $11M of non-cash deferred royalty recognition tied to prior SK bioscience sales to the South Korean government.

Outlook and guidance

• FY2026 adjusted total revenue guidance rose from $235M–$275M to $385M–$415M, a $145M midpoint increase that includes the $125M Sanofi CIC milestone.

• FY2026 Nuvaxovid sales guidance is $40M–$50M; adjusted supply sales are $50M–$60M and adjusted licensing, royalties and other revenue are $170M–$180M.

• FY2026 combined GAAP R&D and SG&A guidance is $375M–$395M; non-GAAP guidance is $315M–$335M after $60M of R&D reimbursements.

• A $75M Sanofi technology-transfer milestone is expected upon completion targeted for mid-2027; a U.S. CIC commercial launch could trigger a $225M milestone.

• 2028 non-GAAP combined R&D and SG&A target is $150M–$200M; non-GAAP profitability is targeted as early as 2029, with timing partly dependent on Sanofi’s U.S. CIC launch.