Novavax (NVAX) Goldman Sachs 46th Annual Global Healthcare Conference summary

Business model evolution and strategic direction

• Shifted from a vertically integrated commercial model to an R&D and partnership-focused approach since 2023.

• Launched a malaria vaccine in collaboration with Oxford University and Serum Institute in 2023.

• Announced a major collaboration and licensing agreement with Sanofi in May 2024, forming the basis of a new growth strategy, including co-commercialization, licensing, and a minority equity investment.

• Strategy centers on in-house R&D pipeline development and forging diversified partnerships.

• Three 2025 priorities: optimize Sanofi partnership, expand partnerships, and advance the technology platform.

Financial and operational transformation

• Removed over $2 billion in liabilities and cut annual SG&A and R&D expenses by over $1 billion since 2023.

• Targeting an 80% reduction in headcount by 2027 while maintaining core capabilities.

• Implementing a lean operating model with a long-term core spend profile of $250 million.

• Signed multiple MTAs with top pharmaceutical companies to explore Matrix-M applications.

• Announced four new early-stage R&D programs in the first half of 2025.

Technology platform and product differentiation

• Core technology includes a recombinant protein-based nanoparticle platform and proprietary Matrix-M adjuvant, which is clinically proven and adaptable.

• Matrix-M enhances immune response, reduces antigen requirements, and supports combination vaccine development.

• Sanofi partnership includes co-commercialization, combination vaccine licenses, and non-exclusive Matrix-M rights, with significant milestone and royalty potential.

• Immediate and long-term cash flows expected from the Sanofi deal.

• Initial Phase 3 data for COVID-influenza combination (CIC) and stand-alone flu vaccines show robust immune responses and favorable tolerability.