Slide 1: Third quarter 2023 financial results & operational highlights
Third quarter 2023 financial results & operational highlights Nasdaq: NVAX | November 9th, 2023 © 2023 NOVAVAX. All rights reserved. 1
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: Q3 2023 Earnings call Agenda
Q3 2023 Earnings call Agenda Welcome Erika Schultz Senior Director, Investor Relations John C. Jacobs Introduction President and Chief Executive Officer Commercial Updates John Trizzino EVP, Chief Commercial Officer and Chief Business Officer Filip Dubovsky, MD Research and Development President, Re
Slide 4: Recent progress across near-term priorities
Recent progress across near-term priorities Priority #1 Priority #2 Priority #3 Deliver an updated Reduce our rate of Leverage our product for the 2023 spend, manage our technology platform, fall jdsfm vaccination cash flow, and our capabilities, and season evolve our scale & our portfolio of assets
Slide 5: Commercial Updates
1 Commercial SECTION Updates © 2023 NOVAVAX. All rights reserved. 5
Slide 6: Widespread access established in the U.S. for Novavax's updated COVID-19 vaccine
Widespread access established in the U.S. for Novavax’s updated COVID-19 vaccine U.S. Retail • National & regional retail Retail • Grocers Retail channel accounts for ~90% of Pharmacy vaccinations so far this season1 Channel • Independent pharmacies Retail • CDC U.S. Public • VFC, DoD, VA Health • I
Slide 7: Significant market opportunity remains despite lower than anticipated administrations
Expect significant market opportunity remains this season despite lower than anticipated administrations in initial weeks Gap Observed Between COVID-19 and Flu Uptake Overall COVID-19 Market Dynamics Weekly COVID-19 vs. Flu Administrations for Retail Channel (Cumulative, in millions)1 Distribution c
Slide 8: Opportunity to continue to grow market share throughout 2023–2024 season and beyond
Opportunity to continue to grow market share throughout 2023 – 2024 vaccination season and beyond Only protein- Ongoing HCP based non- and consumer mRNA COVID-19 demand vaccine option Key Market jdsfmShare Drivers Refrigerator- Increasing stable product brand profile and ease awareness of use © 2023
Slide 9: Increasing brand awareness to support uptake and market share across channels
Increasing brand awareness to support uptake and market share across channels Substantial Increase in U.S. Ongoing Efforts to Increase Brand Awareness HCP-Aided Awareness (% HCPS)1 Retail information HCP and jdsfm consumer jdsfm and education education Public relations jdsfm efforts 1. Source: Ipsos
Slide 10: Ongoing commercial progress across key markets globally
Ongoing commercial progress across key markets globally European Union (EU) Other APA Markets Approval received for updated Awaiting authorizations for updated COVID-19 vaccine COVID-19 vaccine in other key markets Expect to deliver all APA doses for 2023 – 2024 vaccination season based on committed
Slide 11: Long-term market opportunity expected for COVID-19
Long-term market opportunity expected for COVID-19 Long-term Market Potential $1 billion+ annual global opportunity for Novavax 2023 – 2024 Vaccination Season Transitional season for overall COVID-19 market and Novavax © 2023 NOVAVAX. All rights reserved. 11
Slide 12: Research and Development
2 Research and Development SECTION COVID-19-Influenza Combination (CIC) Vaccine Matrix-MTM Adjuvant © 2023 NOVAVAX. All rights reserved. 12
Slide 13: COVID-19-Influenza Combination (CIC) vaccine update
COVID-19-Influenza Combination (CIC) vaccine Update • Dosage level selected o COVID-19 and influenza neutralization responses favorable compared to individual vaccines o HAI responses achieved non-inferiority margins historically acceptable for licensure-enabling studies o Reactogenicity consistent
Slide 14: Unlocking the value of the Matrix-M adjuvant
Unlocking the value of the Matrix-M adjuvant Matrix-M Adjuvant Performance Characteristics Creating Additional Matrix-M • Induces broad, robust Adjuvant neutralizing response Respiratory Improvement MSD Animal Veterinary Value in currently viral vaccine with Health vaccines licensed biopharma • Long
Slide 15: Prioritizing potential accelerated approval of CIC vaccine
Prioritizing potential accelerated approval of COVID-19-Influenza Combination (CIC) vaccine Ongoing Activities & Strategy • Prioritizing CIC vaccine development in anticipation of significant combination vaccine market opportunity • Dosage level selected with coformulation development ongoing CIC/fl
Slide 16: Financial Results
3 SECTION Financial Results © 2023 NOVAVAX. All rights reserved. 16
Slide 17: Key financial themes
Key financial themes Financial Guidance Cost Reduction Initiatives Cash & APAs o Updating total revenue guidance to o FY 2023 – $100M ahead on our Over $960M in cash and expected cash reflect full 2023-2024 season sales existing cost reduction initiative o Cash (9/30/23): Over $660M expectation of $
Slide 18: Q3 2023 Financial results
Q3 2023 Financial results Q3 2023 Overview • Total revenue primarily driven by $165 million in grant revenue o On track to realize full value of the $1.8 billion funding under U.S. government agreement • Reduction to combined R&D and SG&A expense to $213 million o Includes a $58 million benefit from
Slide 19: Q3 2023 Financial results
Q3 2023 Financial results SK bioscience settlement favorable impact in Q3 2023 COGS ($22M) R&D ($58M) Total* ($79M) *rounding © 2023 NOVAVAX. All rights reserved. 19
Slide 20: R&D and SG&A expense guidance for 2023-2024
R&D and SG&A expense guidance for 2023-2024 Combined Annual R&D and SG&A Expense Prepared to initiate a new $300M+ cost reduction program $1.7B Novavax intends to further reshape the size $1.35B and scope of business operations beyond Midpoint $1.2B previously announced 2024 targets to align with th
Slide 21: Full year 2023 & Q1 2024 financial guidance
Full year 2023 & Q1 2024 financial guidance Prior Updated $ in millions (as of August 8, 2023) (as of November 9, 2023) Combined FY 2023 FY 2023 Q1 20243 FY 2023 & Q1 2024 Total Revenue1 $1,300 - $1,500 $1,300 $900 - $1,100 $300 Product Sales1 $960 - $1,140 $850 $475 - $625 $300 Grant Revenue $340 -
Slide 22: Closing Remarks
Closing Remarks © 2023 NOVAVAX. All rights reserved. 22
Slide 23: Q&A
Q&A © 2023 NOVAVAX. All rights reserved. 23