Novavax, Inc. · NASDAQ:NVAX
Novavax — Q4 2024 Earnings Presentation
20 slides from Novavax's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter 2024 Financial Results and Operational Highlights
Fourth Quarter 2024 Financial Results and Operational Highlights February 27, 2025 © 2025 NOVAVAX. All rights reserved.
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “pro
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company has used a non-GAAP financial measure in this presentation, which is Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles
Slide 4: Q4 2024 Earnings Call Agenda
Q4 2024 Earnings Call Agenda Welcome Luis Sanay Vice President, Investor Relations John C. Jacobs Introduction President and Chief Executive Officer Ruxandra Draghia-Akli, MD, PhD Research and Development Executive Vice President, Head of Research and Development John Trizzino Operating Updates Pres
Slide 5: 2024 Accomplishments
Advanced the New Corporate Growth Strategy: ✓ Sanofi partnership agreement in May 2024 ✓ U.S. COVID-19 BLA acceptance by U.S. FDA ✓ U.S. FDA EUA for updated COVID-19 vaccine in August 2024 ✓ CIC and stand-alone influenza Phase 3 trial initiation in December 2024 2024 ✓ Identification of 4 new early-
Slide 6: 2025 Strategic Priorities
2025 Strategic Priorities Priority #1 Priority #2 Priority #3 Leverage our Sanofi partnership Advance our technology technology platform and platform and early- pipeline to forge stage pipeline additional partnerships Innovate and Collaborate to Tackle the World's Most Significant Health Challenges
Slide 7: In-House R&D Pipeline Diversification
In-House R&D Pipeline Diversification 1. Authorized in select geographies under trade names Novavax COVID-19 Vaccine, Adjuvanted; Covovax ; and Nuvaxovid . © 2025 NOVAVAX. All rights reserved. 7
Slide 8: Expanding Into High-Value Vaccine-Preventable Diseases
Expanding Into High-Value Vaccine-Preventable Diseases Market Opportunity • Non-human primate studies have shown our vaccine candidate can H5N1 produce protective levels of immunity after a single dose ~$1B in H5N1 Avian government contracts • We stand ready to join pandemic preparedness efforts and
Slide 9: Sanofi & Novavax Partnership: Expanding Access to Protein-Based Vaccines
Sanofi & Novavax Partnership: Expanding Access to Protein-Based Vaccines Novavax + Sanofi Partnership • Sanofi’s world-class leadership in launching and commercializing innovative vaccines • Increased access to protein-based vaccine for consumers worldwide © 2025 NOVAVAX. All rights reserved. 9
Slide 10: Financial Results
Financial Results © 2025 NOVAVAX. All rights reserved.
Slide 11: New Growth Strategy for Novavax Has Potential for Multiple Revenue Streams
New Growth Strategy for Novavax Has Potential for Multiple Revenue Streams Areas of Potential Revenue Generation in 2025 and Beyond Are Not Included in 2025 Guidance New Strategy Drives Revenue Focus on Lean and Efficient Business plan1 drives towards Growth via Partnering and Model Reduces Cost Str
Slide 12: 2025 is an Important Transition Year for Novavax
2025 is an Important Transition Year for Novavax Change to How Our What Investors Should Expect Financials Will Look During 2025 Revenue changes as we Track our progress on…. Increase emphasis on licensing and royalty o Sanofi commercialization, U.S. BLA action revenue from partners and pursue grant
Slide 13: Full Year 2024 Financial Results
Full Year 2024 Financial Results FY 2024 Financial Results Operating Expenses Cash2 1 FY 2024 – Reduced R&D and Combined Cash & A/R of ~$1 1 Total Revenue: $682 million 1 SG&A expenses by 40%, as billion (12/31/2024) o Product sales: $190 million compared to 2023 o Cash: $938 million o Licensing, ro
Slide 14: Q4 and Full Year 2024 Financial Results
Q4 and Full Year 2024 Financial Results ($ in millions, except per share amounts) Q4 2024 Q4 2023 FY 2024 FY 2023 Product sales $ 50 $ 251 $ 190 $ 531 Licensing, royalties, and other 39 2 492 25 Grants - 38 - 427 Total revenue 88 291 682 984 Cost of sales 37 155 203 344 Research and development 104
Slide 15: Reducing Operating Expenses to Enable Value Creation
Reducing Operating Expenses to Enable Value Creation Combined Annual R&D and SG&A Expense FY 2025 guidance for combined R&D and SG&A expenses of $475 - $525 million $1.7B ~$1.5B & 85% reduction o Targeting ~70% of spend in R&D for 2025 compared to FY 2022 o Majority of R&D spend relates to completio
Slide 16: Significant Reduction to Current Liabilities
Significant Reduction to Current Liabilities Current Liabilities $481 million Decrease to Current Liabilities in 2024 ~$1.3B & over 50% o Supports financial health of company with reduction compared to FY 2022 improved current liability profile $2.5B o Current liabilities included $241 million and $
Slide 17: 2025 Revenue Framework
2025 Revenue Framework Full Year 2025 $ in millions (as of February 27, 2025) Sanofi Royalties No guidance at this time Components Sanofi CIC and Matrix-M Milestones No guidance at this time of Total Revenue Product Sales No guidance at this time Adjusted Licensing, Royalties and Other $300 - $350 R
Slide 18: Significant Value Creation Potential from Sanofi Related Revenue
Significant Value Creation Potential from Sanofi Related Revenue Components of revenue excluded from the 2025 Revenue Framework o Sanofi Royalties1 Expect significant future o Sanofi CIC and Matrix M related Milestones2 cash flows and value o Nuvaxovid Product Sales3 creation Components of Revenue D
Slide 19: 2025 and Beyond
WHAT TO EXPECT KEY MILESTONES Additional Sanofi-related milestones U.S. COVID-19 BLA PDUFA date of April 2025 Data from late-stage assets Sanofi CIC Phase 3 trial initiation Additional and enhanced partnerships Sanofi royalty opportunities from fall 2025 COVID-19 commercial performance Advancement o
Slide 20: Q&A
Q&A © 2025 NOVAVAX. All rights reserved. 20