Slide 1: Third Quarter 2025 Financial Results and Operational Highlights
Third Quarter 2025 Financial Results and Operational Highlights November 6, 2025 © 2025 NOVAVAX. All rights reserv ed. 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 filling Novavax’s COVID-19 vaccine and the impact of any delays or disruptions in their operations; difficulty identified by the use of words
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company presents the following non-GAAP financial measures in this press release: Adjusted Total Revenue, Adjusted Licensing, Royalties and Other Revenue and Non-GAAP combined R&D and SG&A expenses. Non-GAAP financial measures refer to financial information adjusted f
Slide 4: Q3 2025 Earnings Call Agenda
Q3 2025 Earnings Call Agenda Welcome Luis Sanay Vice President, Investor Relations Growth Strategy John C. Jacobs President and Chief Executive Officer Research and Development Ruxandra Draghia-Akli, MD, PhD Executive Vice President, Head of Research and Development Financial Results Jim Kelly Execu
Slide 5: Transforming Novavax: Executing Our Growth Strategy
Transforming Novavax: Executing Our Growth Strategy 2 0 2 3 - 2 0 2 4 2 0 2 5 - 2 0 2 7 2 0 2 8 a n d B e y o n d Global Commercial Company Evolve Business Model to Long-term Growth Driven by Singular Focus on COVID-19 Focus on R&D and Partnerships Diversified Revenue Base KEY ACHIEVEMENTS: KEY ACHI
Slide 6: Corporate Growth Strategy is Designed to Deliver Value Through R&D and Partnerships
Corporate Growth Strategy is Designed to Deliver Value Through R&D and Partnerships Corporate One Operating Growth Strategy Strategic Priorities Model In-house early-stage R&D to Optimize our Sanofi Lean and focused 1 1 build a pipeline of high-value partnership R&D and business assets using our pro
Slide 7: R&D Update
R&D Update © 2025 NOVAVAX. All rights reserv ed. 7 7
Slide 8: Advancing Early-Stage Pipeline in High-Value Vaccine-Preventable Diseases
Advancing Early-Stage Pipeline in High-Value Vaccine-Preventable Diseases Market Opportunity Varicella- • Our technology has the potential to improve on the current standard of care by More tolerable entrant enabling a more tolerable, less reactogenic, equally efficacious vaccine could substantially
Slide 9: Financial Results
Financial Results © 2025 NOVAVAX. All rights reserv ed. 9 9
Slide 10: Q3 2025 Financial Results
Q3 2025 Financial Results Q3 2025 Financial Results Operating Expenses Cash1 1 Total Revenue: $70 million 1 Q3 2025 – Reduced Combined R&D 1 Combined Cash & A/R of $812 o Product sales of $13 million and SG&A expenses by 18%, as million (9/30/2025) o Licensing, royalties and other compared to Q3 202
Slide 11: Q3 2025 Revenue Results
Q3 2025 Revenue Results $ in millions Q3 2025 Q3 2024 Change % Nuvaxovid Sales 1 ($0) $38 ($38) NM Q3 2025 Total Revenue Supply Sales 2 14 3 11 NM Product Sales 13 41 (28) (68%) • Product sales of $13 million from a combination of COVID-19 and Matrix-M sales to license partners Sanofi 3 48 36 12 33%
Slide 12: Q3 2025 Financial Results
Q3 2025 Financial Results Combined R&D and SG&A Expenses $158 $130 $46 of $98 million in R&D reimbursed by partners (47%) 55% reduction to 18% SG&A Reduction Q3 2024 Q3 2025 Q3 2025 non-cash charges of $126 million o $97 million asset impairment o $29 million on debt extinguishment 12 © 2025 NOVAVAX
Slide 13: Reducing Operating Expenses to Enable Value Creation
Reducing Operating Expenses to Enable Value Creation Mid point Financial targets established Full Year 2025 Financial Guidance for Combined to support R&D focused lean ~$520M and agile operating model R&D and SG&A expenses of $505 - $535 million ~$450M • Completion of transfer of lead commercial ~$3
Slide 14: 2024-2025 New Cash Flow to Novavax
2024-2025 New Cash Flow to Novavax Building Financial Strength in 2024 - 2025 ~$1.4 billion in NVAX cash flow Highlights: earned in 2024 & 20251 o Non-dilutive capital as primary source of new cash to Novavax as we monetize our technology and sell assets linked to prior commercial operations o No AT
Slide 15: Full Year 2025 Revenue Framework
Full Year 2025 Revenue Framework Full Year 2025 Full Year 2025 $ in millions (as of November 6, 2025) (as of August 6, 2025) Nuvaxovid Product Sales2 $610 $610 Adjusted Supply Sales 3 $35 - $45 $25 - $40 Adjusted Licensing, Royalties and Other $395 - $405 $365 - $400 Revenue4,5,6,7 Adjusted Total Re
Slide 16: 2026 Revenue Framework Preview
2026 Revenue Framework Preview Non-GAAP Adjusted Total Revenue 2026 Revenue Framework Preview $ in millions Mid point of 2026 Revenue Framework of $185M to $205M $1,050M Milestones $75M (expected in Q4 2026) R&D Reimbursement $30M - $40M (pending final partner plans) 2025 includes Potential for addi
Slide 17: Closing Remarks
Closing Remarks © 2025 NOVAVAX. All rights reserv ed. 17 17
Slide 18: 2025 and Beyond
2025 KEY MILESTONES PLANS FOR 2026 AND BEYOND U.S. COVID-19 BLA Approval (May 2025) Additional Sanofi-related milestones and royalties Novavax CIC and Stand-alone flu data (June 2025) Additional partnerships COVID-19 commercial performance & royalties (US launch in September 2025) Advancement of ear
Slide 19: Q&A
Q&A © 2025 NOVAVAX. All rights reserv ed. 19 19
Slide 20: © 2025 NOVAVAX. All rights reserv ed.
20 © 2025 NOVAVAX. All rights reserv ed.