Novavax, Inc. · NASDAQ:NVAX

Novavax — Investor Presentation (January 2025)

42 slides from Novavax's investor presentation, Jan 13, 2025

Slide 2: Cautionary note regarding forward-looking statements
2 Cautionary note regarding forward - looking statements © 2025 NOVAVAX. All rights reserved. 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,” “
Slide 3: Preliminary Financial Data / Non-GAAP financial measures
3 Preliminary Financial Data / Non - GAAP financial measures © 2025 NOVAVAX. All rights reserved. Preliminary Financial Data Novavax is in the process of finalizing its financial results for the year ended December 31 , 2024 , and the preliminary financial data included in this presentation is based
Slide 4: Table of Contents
Table of Contents Corporate Overview and Growth Strategy • Corporate strategy • Novavax technology • Value drivers + impact • Pipeline Value Drivers • Sanofi and additional future partnerships • Late - stage pipeline • Leveraging our technology • Emerging, early - stage pipeline Establishing a L
Slide 6: Focused on Harnessing the Promise of Vaccine Innovation
Our strategy is focused on building a company based upon our scientific expertise in vaccines and our proven technology platform to achieve our ambition of tackling some of the world’s most pressing health challenges. Starting with our core expertise in infectious disease and expanding into other va
Slide 7: Driving Vaccine Innovation to Tackle Global Health Challenges and Create Value
Value - creating corporate growth strategy of research and development (R&D) plus business development supported by a lean operating model Phase 3 COVID - 19 - Influenza Combination (CIC) and stand - alone flu programs, plus disciplined approach to early - stage R&D as driver of innovative new asset
Slide 8: Technology Platform and Deep Vaccine Expertise Fuels Innovation and Partnerships
Technology Platform and Deep Vaccine Expertise Fuels Innovation and Partnerships 8 Matrix - M Adjuvant Our proprietary adjuvant can be added to vaccines to help induce a stronger, more potent and longer - lasting immune response . 2 Recombinant Protein - based Nanoparticle CLINICALLY PROVEN Our reco
Slide 9: Evolution of Business Model to Focus on R&D and Diversified Partnerships
9 1st product launch in 2022 WHO authorization of R21/Matrix - M malaria vaccine with Oxford University and Serum Institute of India New corporate growth strategy unveiled 2024 Evolution of Business Model to Focus on R&D and Diversified Partnerships COVID - 19 vaccine launched in multiple markets
Slide 10: Corporate Growth Strategy
Corporate Growth Strategy New Corporate Strategy Delivers Value Through R&D and Partnerships In - house early - stage R&D to build a pipeline of high - value assets using our proven technology Partnerships to drive value creation for our R&D assets earlier in the development process, and for Matrix
Slide 11: In-House R&D Pipeline Diversification
In - House R&D Pipeline Diversification 11 © 2025 NOVAVAX. All rights reserved. 1. Authorized in select geographies under trade names Novavax COVID - 19 Vaccine, Adjuvanted; Covovax ; and Nuvaxovid .
Slide 12: Additional Value Generation through Partnerships
Partner Authorized Use Phase 3 Phase 2 Phase 1 Preclinical Candidate Therapeutic Area Developed by partners leveraging Novavax technology R21/Matrix - M adjuvant 1 Parasitic diseases Malaria RIV3 (FLUBLOK) - NCT06695130 2 Respiratory diseases COVID - 19 + seasonal influenza TIV - HD (FLUZONE High -
Slide 13: 2024 Accomplishments
2024 Accomplishments 13 © 2025 NOVAVAX. All rights reserved. x Corporate Growth Strategy renewed x Gavi settlement in February 2024 x Sanofi partnership agreement in May 2024 x U.S. COVID - 19 BLA acceptance by FDA x U.S. FDA EUA for updated COVID - 19 vaccine in August 2024 x CIC and stand - alone
Slide 15: Existing and Future Partnerships Promise to Increase Access to Our Technology
Our partnership with Sanofi sets the bar for what is possible when our novel technology platform is combined with others’ world - class commercialization capabilities. This collaboration with Sanofi is just the beginning. By leveraging our people, our science and our technology we aim to improve exi
Slide 16: Sanofi Partnership Potential to Drive Business Through Multiple Revenue Streams
Sanofi P artnership has the Potential to Drive Business Through Multiple Revenue Streams 16 Co - exclusive license to co - commercialize Novavax’s current stand - alone adjuvanted COVID - 19 vaccine worldwide* Sole license to Novavax’s adjuvanted COVID - 19 vaccine for use in combination with Sanofi
Slide 17: Solid Foundation Established as Sanofi Assumes Co-commercialization Leadership
17 Novavax's COVID - 19 Vaccine: Solid Foundation Established for Success as Sanofi Assumes Co - commercialization Leadership 2024 - 2025 COVID - 19 Season Highlights • Maintained a competitive position against mRNA vaccines in select settings • Achieved ~70% market share in a regional retailer • Ta
Slide 18: Sanofi Partnership Potential to Provide Durable Cash Flows Over Time
18 Sanofi Partnership Has the Potential to Provide Durable Cash Flows Over Time $500M upfront payment received in Q2 2024 o $391M recognized in Q2 2024 o $109M amortized over the performance period through 2026 $500 License, Royalties & Other Q2 2024 Upfront Payment and Equity Investment (~$570 Mill
Slide 19: Significant Interest in Both Matrix-M and R&D Assets
Significant Interest in Both Matrix - M and R&D Assets in Development Partnership potential in exploration phase • M aterial transfer agreement with a leading pharma company in Q4 2024 • Partnership interest in H5N1 avian pandemic influenza assets • Significant interest in partnering / out - licensi
Slide 21: Combination and Stand-alone Flu Phase 3 Clinical Trial Initiated in December 2024
Novavax Combination and Stand - alone Flu Phase 3 Clinical Trial Initiated in December 2024 21 • Initiated Phase 3 trial in December 2024 • Initial cohort of ~2,000 participants • Immunogenicity comparisons to standalone COVID - 19 and commercial trivalent influenza vaccine • A dults age 65+ • Explo
Slide 22: Pursuing Partnership for Differentiated Combination and Stand-alone Flu Vaccine Candidates
Pursuing Partnership for our Differentiated Combination and Stand - alone Flu Vaccine Candidates Leverage Proven Technology Platform Commercialized COVID - 19 vaccine with demonstrated efficacy and tolerability profile Matrix - M induces broad antibody response and long - lived cellular response Tri
Slide 23: Phase 2 Influenza Clinical Outcomes Highlight the Partnership Opportunity
Phase 2: Influenza + COVID - 19 (65+) Clinical Outcomes Highlight the Partnership Opportunity for our Programs in High - value Markets 23 CIC wild - type HAI* responses generally consistent with Fluzone ® HD and FLUAD ® Strong immune response with SARS - CoV - 2 anti - S IgG and neutralization respo
Slide 24: Differentiated H5N1 Avian Pandemic Influenza Program
Solid Foundation to Advance Our Differentiated H5N1 Avian Pandemic Influenza Program Leveraging Our Infectious Disease Expertise to Address Potential Pandemics • H5N1 vaccine candidate currently undergoing preclinical evaluation • Evaluating multiple highly pathogenic avian influenza strains • Abili
Slide 26: Matrix-M Holds Incredible Promise for Our Own Vaccines and Others
Matrix - M Holds Incredible Promise for Our Own Vaccines and to Improve Other Companies’ Existing or New Vaccines R21/Matrix - M Malaria Vaccine: The Power of Matrix - M Partnership • Partnership with University of Oxford and Serum Institute of India • Used in multiple African countries to prevent m
Slide 27: Value Proposition and Proof Points of Matrix-M
Value Proposition and Proof Points Matrix - M Can be Added to Vaccines to Induce Stronger and Longer - lasting Immune Response 27 © 2025 NOVAVAX. All rights reserved. 1. Stertman , L et al., 2023 2. Kalkeri , R et al., 2024 3. Datoo , MS et al., 2022 • Improve upon existing viral vaccines Example: I
Slide 28: Matrix-M is Backed By Clinical Results
1 2 4 8 16 32 64 128 256 512 C o m p e t i n g A n t i b o d y E q u i v a l e n t ( C A E , μ g / m l ) HA (1.5g/Strain) + Matrix-M (5g) LOD Competition binning : A/Darwin/6/21 HA ✱✱✱✱ (p= <0.0001) ✱✱✱✱ (p= <0.0001) ✱ (p= 0.0299) Licensed IIV Licensed IIV + Matrix-M 28 Mice vaccinated on days 0 and
Slide 29: Early Research Shows Existing Pneumococcal Vaccines Could Benefit from Matrix-M
CASE STUDY Vaccine Vaccine + Matrix-M 10 1 10 2 10 3 10 4 10 5 Pneumococcal Vaccine (~3μg) I g G T i t e r ( E C 5 0 ) LOD 8.3 Fold- Rise Anti- Pneumococal Vaccine IgG Matrix - M Increases Antibody Detection Anti - Pneumococcal IgG Matrix - M Increases Antibody Activity Opsonophagocytic Killing (OPK
Slide 31: Technology Creates Opportunities to Strategically Diversify Our Pipeline
Novavax’s R&D expertise, paired with our transformative technology, should allow us to expand our pipeline with high - value programs.” Ruxandra Draghia - Akli, MD, PhD Executive Vice President and Head of R&D Novavax's Technology Creates Opportunities to Strategically Diversify Our Pipeline © 2025
Slide 32: Identifying Early-stage Pipeline and Innovation Expansion Opportunities
We are Identifying Early - stage Pipeline and Innovation Expansion Opportunities as Part of Our R&D Strategy to Support Long - term Growth Core Expertise COVID - 19 - Influenza Combination (CIC), stand - alone seasonal influenza vaccine candidates COVID - 19 CIC Flu New Opportunities in Infectious D
Slide 33: In-House R&D Pipeline Diversification
In - House R&D Pipeline Diversification 33 © 2025 NOVAVAX. All rights reserved. 1. Authorized in select geographies under trade names Novavax COVID - 19 Vaccine, Adjuvanted; Covovax ; and Nuvaxovid .
Slide 34: Additional Value Generation through Partnerships
Partner Authorized Use Phase 3 Phase 2 Phase 1 Preclinical Candidate Therapeutic Area Developed by partners leveraging Novavax technology R21/Matrix - M adjuvant 1 Parasitic diseases Malaria RIV3 (FLUBLOK) - NCT06695130 2 Respiratory diseases COVID - 19 + seasonal influenza TIV - HD (FLUZONE High -
Slide 36: Driving Shareholder Value While Remaining Agile
36 We remain focused on improving the financial strength and performance of Novavax to drive shareholder value. Through a diligent approach to our cost structure, we are creating an agile and lean organization that is positioned to deliver on our strategy.” Jim Kelly Executive Vice President, Chief
Slide 37: Continuing to Significantly Reduce Operating Footprint and Expenses
Continuing to Significantly Reduce Operating Footprint and Expenses Targeting FY 2024 combined R&D and SG&A expenses of $ 7 00 - $750 million Prepared to initiate an additional cost reduction program to reduce combined R&D and SG&A expenses with a portion of expenses to be reimbursed by Sanofi under
Slide 38: Current Financial Guidance Full Year 2024
Current Financial Guidance Full Year 2024 $ in millions $650 - $700 Total Revenue $175 - $225 Product Sales 1 $475 Licensing, Royalties and Other Revenue 2 $700 - $750 Combined R&D and SG&A 38 Guidance Notes : Guidance as of November 12, 2024. We undertake no obligation to update or revise this guid
Slide 39: Significant Progress in Improving Novavax's Financial Strength
Continued operating expense reduction resulting in ~ 80% decrease in expenses by 2026 compared to 2022 Right - sized combined R&D & SG&A expenses Optimized facility footprint $200 million sale of CZ manufacturing facility to Novo Nordisk , with significant non - dilutive capital and annual cost redu
Slide 41: 2025 and Beyond: What to Expect and Key Milestones
41 © 2025 NOVAVAX. All rights reserved. 2025 and Beyond Additional Sanofi - related milestones Data from late - stage assets Additional and enhanced partnerships Advancement of early - stage pipeline WHAT TO EXPECT KEY MILESTONES U.S. COVID - 19 BLA PDUFA date of April 2025 Sanofi CIC Phase 3 trial

Novavax — Investor Presentation (January 2025) on 6ix

Novavax — Investor Presentation (January 2025)

Slide 1: Novavax Corporate Presentation January 2025

Slide 2: Cautionary note regarding forward-looking statements

Slide 3: Preliminary Financial Data / Non-GAAP financial measures

Slide 4: Table of Contents

Slide 5: Corporate Overview & Growth Strategy

Slide 6: Focused on Harnessing the Promise of Vaccine Innovation

Slide 7: Driving Vaccine Innovation to Tackle Global Health Challenges and Create Value

Slide 8: Technology Platform and Deep Vaccine Expertise Fuels Innovation and Partnerships

Slide 9: Evolution of Business Model to Focus on R&D and Diversified Partnerships

Slide 10: Corporate Growth Strategy

Slide 11: In-House R&D Pipeline Diversification

Slide 12: Additional Value Generation through Partnerships

Slide 13: 2024 Accomplishments

Slide 14: Value Driver: Sanofi Partnership

Slide 15: Existing and Future Partnerships Promise to Increase Access to Our Technology

Slide 16: Sanofi Partnership Potential to Drive Business Through Multiple Revenue Streams

Slide 17: Solid Foundation Established as Sanofi Assumes Co-commercialization Leadership

Slide 18: Sanofi Partnership Potential to Provide Durable Cash Flows Over Time

Slide 19: Significant Interest in Both Matrix-M and R&D Assets

Slide 20: Value Driver: Late-stage Pipeline

Slide 21: Combination and Stand-alone Flu Phase 3 Clinical Trial Initiated in December 2024

Slide 22: Pursuing Partnership for Differentiated Combination and Stand-alone Flu Vaccine Candidates

Slide 23: Phase 2 Influenza Clinical Outcomes Highlight the Partnership Opportunity

Slide 24: Differentiated H5N1 Avian Pandemic Influenza Program

Slide 25: Value Driver: Leveraging our Technology

Slide 26: Matrix-M Holds Incredible Promise for Our Own Vaccines and Others

Slide 27: Value Proposition and Proof Points of Matrix-M

Slide 28: Matrix-M is Backed By Clinical Results

Slide 29: Early Research Shows Existing Pneumococcal Vaccines Could Benefit from Matrix-M

Slide 30: Value Driver: Emerging, Early-stage Pipeline

Slide 31: Technology Creates Opportunities to Strategically Diversify Our Pipeline

Slide 32: Identifying Early-stage Pipeline and Innovation Expansion Opportunities

Slide 33: In-House R&D Pipeline Diversification

Slide 34: Additional Value Generation through Partnerships

Slide 35: Establishing a Lean Operating Model to Drive Shareholder Value

Slide 36: Driving Shareholder Value While Remaining Agile

Slide 37: Continuing to Significantly Reduce Operating Footprint and Expenses

Slide 38: Current Financial Guidance Full Year 2024

Slide 39: Significant Progress in Improving Novavax's Financial Strength

Slide 40: 2025: Year Ahead

Slide 41: 2025 and Beyond: What to Expect and Key Milestones

Slide 42: Thank you