Business
Novavax Reports Second Quarter 2024 Financial Results and Operational Highlights
Achieved total revenue of $415 million in the second quarter of 2024 and ended the period with $1.1 billion in CashFiled with the U.S. FDA and EMA for
About this update from Novavax, Inc.
[{"type":"text","content":"Achieved total revenue of $415 million in the second quarter of 2024 and ended the period with $1.1 billion in CashFiled with the U.S. FDA and EMA for authorization of updated 2024-2025 formula COVID-19 vaccineReceived $570 million in upfront payment and equity investment from Sanofi; progressed operationalization of Sanofi partnershipPhase 3 trial initiation for COVID-19-Influenza Combination and stand-alone influenza vaccines planned for Q4 2024; data expected by mid-2025Company to host conference call today at 8:30 a.m. ETGAITHERSBURG, Md., Aug. 8, 2024 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its Matrix-M™ adjuvant, today announced its financial results and operational highlights for the second quarter ended June 30, 2024.\n\"This is an exciting time for Novavax, and we have been keenly focused on evolving our operating model to leverage our key drivers of value,\" said John C. Jacobs, President and Chief Executive Officer, Novavax. \"We intend to drive future value for the business through not only the Sanofi partnership, but also through our late-stage combination and influenza assets. We plan to unveil a new and expanded clinical pipeline by the end of this year and leverage both the pipeline and our proven technology to drive additional partnerships and deals and to ultimately drive significant, long-term value for our shareholders.\"\nSecond Quarter 2024 and Recent Highlights\nDuring the second quarter, Novavax continued executing against its four key priorities for the remainder of 2024.\nPriority #1: Successful Execution of Sanofi Partnership\nNovavax has taken steps to enable a successful operationalization of the collaboration and license agreement (the Sanofi Agreement) with Sanofi Pasteur Inc. (Sanofi). \nEffective January 1, 2025, Sanofi will assume primary commercial responsibility for Novavax's updated 2024-2025 formula COVID-19 vaccine (NVX-CoV2705) in the U.S., Europe and select major markets not currently subject to Novavax Advance Purchase Agreements (APAs) or existing partnership agreements.Received $500 million upfront payment and an approximately $70 million equity investment from Sanofi.Novavax is eligible to receive up to $700 million in development, regulatory and launch milestones for activities related to commercializing Nuvaxovid™ and adva...