Novavax (NVAX) Jefferies 2024 Global Healthcare Conference summary

Strategic highlights and recent progress

• Implemented a three-pillar strategy: proving technology, strengthening financials, and expanding beyond COVID vaccines.

• Reduced current liabilities by up to $2 billion and cut operating expenses by over $1 billion in 15 months.

• Established a major partnership with Sanofi, including $500 million upfront, equity investment, and up to $700 million in milestones.

• Sanofi partnership enables access to Matrix-M platform, with potential for $200 million milestones per new vaccine and ongoing royalties.

• Remains independent, focusing on pipeline expansion and additional business development.

Regulatory and commercial readiness

• Ready to supply updated JN.1 COVID vaccine in pre-filled syringes for the U.S. market by August.

• Pursuing both EUA for rapid market entry and BLA for long-term regulatory alignment; PDUFA date set for April next year.

• Retail distribution is prioritized, with improved contracts and focus on consumer awareness and convenience.

• No change in commercialization strategy between EUA and BLA; brand recognition is driven by company name.

Financial outlook and operational efficiency

• No updates to 2024 guidance; current plans already account for recent regulatory developments.

• Pro forma cash position of $1.1 billion after Sanofi deal, with $500 million in cash and $600 million from upfronts and equity.

• R&D and SG&A guidance for 2024 is $750 million, targeted to drop below $500 million next year, with further reductions planned.

• Focus remains on lean operations and maximizing value from the pipeline.