Novavax (NVAX) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic transformation and vision

• Transitioned from a single-asset COVID-19 vaccine focus to a diversified platform strategy, emphasizing global health impact and legacy creation, with leadership changes and a shift to a lean operating model.

• Achieved significant cost and liability reductions, cutting over $2 billion in liabilities, reducing annual expenses by over $1 billion, and decreasing headcount by 65-70% between 2023-2025.

• Launched a new growth strategy in 2025 centered on R&D innovation and partnerships, aiming for non-GAAP profitability as early as 2028, driven by the Sanofi CIC launch.

• Earned $1.4 billion in cash in 2024-2025, with nearly 80% from non-dilutive sources, and has not raised equity capital since Q2 2024.

• Envisions long-term growth through multiple pharma partners, diversified royalty streams, and milestone opportunities beyond 2028.

Partnership expansion and value creation

• Deepened relationships with Sanofi, Takeda, and Serum Institute of India, securing long-term royalties and milestone payments, including $800 million from Sanofi in the past 18 months.

• Sanofi partnership includes eligibility for up to $350 million in COVID milestones, $350 million in combination product milestones, and up to $200 million per new asset using Matrix-M, with 20-year royalty streams.

• Achieved all anticipated 2025 milestones from Sanofi, totaling $225 million, and expects further milestones as combination vaccines advance.

• Multiple new Material Transfer Agreements (MTAs) signed with top 10 pharma and oncology companies, aiming to convert these into future partnerships.

• Takeda delivered over 12% market share for Nuvaxovid in Japan in 2025; Serum Institute achieved 85% market share for the R21 malaria vaccine in Africa, impacting 25 million children.

R&D innovation and pipeline development

• R&D focuses on generating proof points for the technology, expanding into oncology, and developing early-stage assets for future partnerships.

• Early-stage programs in C. diff, shingles, and RSV triple advanced with less than $10 million invested in 2025, aiming for clinical entry as early as 2027.

• Matrix-M adjuvant technology enables broad immune responses and cost efficiencies, with ongoing experiments in both vaccine and oncology applications.

• Pipeline includes marketed COVID-19 and malaria vaccines, with preclinical and clinical candidates in RSV, shingles, C. diff, and pandemic influenza.

• Pipeline development is partner-leveraged, with no further internal investment in late-stage assets, focusing resources on early-stage innovation.