Novavax (NVAX) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Strategic transformation and partnerships

• Shifted from single-product focus to a licensing model, partnering with four of the top 10 global pharma companies, including Sanofi and Pfizer, and expanding into oncology and infectious diseases.

• Reduced expenses and headcount by 80–90% over three years, maintaining key talent and securing a two-year cash runway.

• Launched new strategy in January 2025, with about 30 active areas of exploration across infectious disease and oncology, representing significant market opportunities.

• Signed multiple MTAs with top pharma partners, generating unprecedented interest in the Matrix-M platform.

• Brought in $800 million in upfronts and milestones from Pfizer and Sanofi, with a diversified revenue stream emerging.

Matrix-M technology and R&D focus

• Matrix-M, a saponin-based adjuvant, is used in two commercial vaccines: Nuvaxovid (COVID) and R21 (malaria), with a strong safety and tolerability profile.

• Matrix-M enables antigen-sparing, reducing production costs and supporting vaccines for hard-to-treat infections like C. diff.

• In oncology, Matrix-M is being explored for its ability to activate both antibody and T-cell responses, potentially turning cold tumors hot.

• Internal and partner-led preclinical data in oncology are expected in the coming quarters, with early signs encouraging.

• Ongoing innovation includes advancing a C. diff vaccine to the clinic and exploring Matrix-M as a potential therapy.

Commercialization and market outlook

• Sanofi leads Nuvaxovid commercialization in the U.S., Europe, Canada, and other major markets; Takeda covers Japan.

• Nuvaxovid shipments to retail have begun, with approvals aligned with other vaccines and a global COVID vaccine market estimated at $5 billion for 2026.

• Combination COVID-flu vaccines represent a $10 billion+ market, with Sanofi advancing late-stage pivotal programs and aiming for early market entry.

• Sanofi's strategy includes leveraging its dominant flu market share and investing in real-world evidence to grow Nuvaxovid's share.

• Near-term milestones include $200 million in payments tied to tech transfer and phase III initiation, extending cash runway into the 2030s.