Novavax, Inc. · NASDAQ:NVAX

Novavax — J.P. Morgan 40th Annual Healthcare Conference 2022

22 slides from Novavax's conference presentation, Jan 10, 2022

1. Slide 1: J.P. Morgan 40th Annual Healthcare Conference

   1 © 2022 NOVAVAX. All rights reserved. J.P. MORGAN 40 TH ANNUAL HEALTHCARE CONFERENCE NASDAQ: NVAX | JANUARY 2022

2. Slide 2: Safe Harbor Statement

   2 © 2022 NOVAVAX. All rights reserved. SAFE HARBOR STATEMENT Certain information, particularly information relating to the future of Novavax, its operating plans and prospects, its partnerships, the ongoing development of NVX - CoV 2373 , COVID - NanoFlu TM combination vaccine, Omicron - specific va

3. Slide 3: Our Significant Momentum

   3 © 2022 NOVAVAX. All rights reserved. OUR SIGNIFICANT MOMENTUM

4. Slide 4: Novavax At-a-Glance

   4 NOVAVAX AT - A - GLANCE ROBUST VACCINE PIPELINE Addressing today’s most serious infectious diseases COVID - 19 (primary vaccination, boosting and pediatric) • Influenza • Respiratory syncytial virus (RSV) HIGH EFFICACY FOR NVX - CoV2373 90% overall • 100% against moderate & severe disease STRONG R

5. Slide 5: Addresses the Evolving Pandemic: Vaccine Design

   5 © 2022 NOVAVAX. All rights reserved. NVX - CoV2373 ADDRESSES THE EVOLVING PANDEMIC NVX - CoV2373 VACCINE DESIGN • Innovative vaccine nanoparticles based on recombinant protein technology • Full - length SARS - CoV - 2 Spike • Formulated with unique Matrix - M TM adjuvant Significant Global Capacit

6. Slide 6: Status of Global Regulatory Filings

   Status of global regulatory filings 6 © 2022 NOVAVAX. All rights reserved. MULTIPLE EMERGENCY USE AUTHORIZATIONS RECEIVED *Regulatory submissions in partnership with Serum Institute **EUA request expected end of January 2022 ***Regulatory submission of Biologics License Application (BLA) in partners

7. Slide 7: Global Market Opportunities

   7 © 2022 NOVAVAX. All rights reserved. GLOBAL MARKET OPPORTUNITIES FOR NVX - CoV2373 Addressing vaccine hesitancy through best - in - class efficacy based on well - understood technology Need for robust protection, including against variants, driving continued demand for boosters PRIMARY VACCINATION

8. Slide 8: Significant Global Market Opportunity to Supply Primary, Booster and Pediatric Vaccinations

   8 © 2022 NOVAVAX. All rights reserved. SIGNIFICANT GLOBAL MARKET OPPORTUNITY FOR NVX - CoV2373 TO SUPPLY PRIMARY, BOOSTER AND PEDIATRIC VACCINATIONS Source: Worldbank data and OWID as of December 2021. Total dose opportunity per Novavax’ management *Weighted average partial initial regimen vaccinati

9. Slide 9: Advance Purchase and Licensing Agreements

   9 © 2022 NOVAVAX. All rights reserved. GAVI / COVAX FACILITY COMMITMENT TO US GOVERNMENT ADVANCE PURCHASE AGREEMENTS LICENSING AGREEMENTS • APA with Gavi • NVAX to provide 350 million doses • Serum Institute to provide 750 million doses • Fair and equitable access of NVX - CoV2373 around the world D

10. Slide 10: Manufacturing Infrastructure Supports Global Demand

    MANUFACTURING INFRASTRUCTURE SUPPORTS GLOBAL DEMAND FOR NVX - CoV2373 10 © 2022 NOVAVAX. All rights reserved. x World’s largest vaccine manufacturer by volume, used in ~170 countries x Provides significant capacity to support global manufacturing scale - up Partnership with Serum Institute Antigen P

11. Slide 11: Clinical & Regulatory Overview

    CLINICAL & REGULATORY OVERVIEW 11 © 2022 NOVAVAX. All rights reserved.

12. Slide 12: Expanding Label and Policy Indications

    EXPANDING LABEL AND POLICY INDICATIONS © 2022 NOVAVAX. All rights reserved. Strategic Approach Primary Vaccination • Receive regulatory authorizations in additional markets • Distribute doses to ensure broad, equitable access • Collect additional data against emerging variants Pediatric Vaccination

13. Slide 13: Consistent Efficacy Across Phase Studies

    13 © 2022 NOVAVAX. All rights reserved. CONSISTENT EFFICACY ACROSS PHASE 3 STUDIES Overall Efficacy 89.7% 90.4% “Matched”/ Prototype Efficacy 96.4% Prototype 100% (Non - VoI / VoC ) Efficacy Against Variants 86.3% Alpha (B.1.1.7) 93.6% Alpha (B.1.1.7) 92.6% All VoI / VoC Efficacy Against Severe Dise

14. Slide 14: Robust Data to Support as a Booster

    14 © 2022 NOVAVAX. All rights reserved. ROBUST DATA TO SUPPORT NVX - CoV2373 AS A BOOSTER Booster Vaccination Heterologous Homologous Phase 2 U.S. & Australia • Functional inhibition increased 6x (prototype) to 19.9x (Omicron) compared to peak responses following 2 - dose primary series • Increase i

15. Slide 15: Variant-Specific Responses Induced After 6-Month Boost

    Prototype Beta Delta Alpha Omicron 100 1,000 10,000 100,000 1,000,000 Prototype Beta Delta Alpha Omicron Fold increase 100% seroconversion after 2 doses against all tested variants VARIANT - SPECIFIC RESPONSES INDUCED, WITH SIGNIFICANT IgG INCREASE AFTER 6 - MONTH BOOST 15 5.4x 6.5x 11.1x 9.7x 9.3x

16. Slide 16: Functional Inhibition of hACE2 Against Variants Increased After Boost

    Prototype Beta Delta Alpha Omicron Magnitude of immune responses for all variants was greater than the peak observed after 2 doses FUNCTIONAL INHIBITION OF hACE2 AGAINST VARIANTS INCREASED AFTER 6 - MONTH BOOST 16 Fold increase 6x 10.8x 6.6x 8.1x 19.9x Day 35 (After 2 doses) Day 217 (After 6 - month

17. Slide 17: Pediatric Expansion to Support Regulatory Submission

    PEDIATRIC EXPANSION TO SUPPORT REGULATORY SUBMISSION IN 1Q 2022 17 © 2022 NOVAVAX. All rights reserved. Protocol version 8.0 posted on Novavax.com Pediatric Vaccination After 2 doses: functional immune responses 2.4 - 4x higher than in adults, including against Delta and Omicron April 2021 First dos

18. Slide 18: Omicron Vaccine Development Underway

    18 © 2022 NOVAVAX. All rights reserved. OMICRON VACCINE DEVELOPMENT UNDERWAY December 2021 • Initiated development of Omicron - specific vaccine • Demonstrated cross - reactive immune responses against Omicron variant from two - dose primary regimen of NVX - CoV2373 • Initiated GMP manufacturing for

19. Slide 19: Leader in COVID, NanoFlu and Combination Vaccine Development

    19 LEADER IN COVID, NANOFLU TM AND COMBINATION VACCINE DEVELOPMENT A transformative innovation to fight both illnesses © 2022 NOVAVAX. All rights reserved. September 2021 • Initiated Phase 1/2 clinical trial of combination vaccine • Safety, immunogenicity, and dose finding October 2021 • Completed e

20. Slide 20: Near-Term Vaccine Pipeline

    Significant opportunities for future development 20 © 2022 NOVAVAX. All rights reserved. NEAR - TERM VACCINE PIPELINE DISEASE PRODUCT PRECLINICAL PHASE 1 PHASE 2 PHASE 3 AUTHORIZED Coronavirus NVX - CoV2373* Omicron Variant Strain (Potential licensure pathway via strain change) Seasonal Influenza Na

21. Slide 21: Key Upcoming Milestones

    KEY UPCOMING MILESTONES © 2022 NOVAVAX. All rights reserved. 21 NVX - CoV2373 Primary Vaccination • Receive regulatory authorizations in additional markets • Distribute doses in authorized geographies • File for EUA with the U.S. FDA Boosting Vaccination • Initiate additional boosting studies • Purs

22. Slide 22: Q&A

    Q&A © 2022 NOVAVAX. All rights reserved. 22

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