Novavax, Inc. · NASDAQ:NVAX

Novavax — Q2 2026 Earnings Presentation

29 slides from Novavax's earnings presentation, Aug 6, 2026

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,” "target," “g
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company presents the following non-GAAP financial measures in this presentation: Adjusted Total Revenue, Adjusted Licensing, Royalties and Other Revenue, Non-GAAP combined R&D and SG&A expenses, net of partner reimbursement, non-GAAP R&D expenses, net of partner reimb
Slide 4: Q2 2026 Earnings Call Agenda
Q2 2026 Earnings Call Agenda 01 Welcome Naina Zaman Director, Investor Relations 02 Growth Strategy John C. Jacobs President and Chief Executive Officer 03 Business Development Elaine O’Hara Executive Vice President, Chief Strategy Officer 04 Research and Development Bob Walker, MD Executive Vice Pr
Slide 5: Three Strategic Pillars Driving Long-Term Value
Three Strategic Pillars Driving Long-Term Value • Partnering our vaccine technology Maximize value from existing collaborations while building the next generation of licensing opportunities • Targeted and capital-efficient R&D innovation Generate data to support partnering discussions, expand utilit
Slide 6: Novavax Today: A Differentiated Vaccine Platform Company
Novavax Today: A Differentiated Vaccine Platform Company • Licensed partnerships & MTAs with 4 of the top-10 pharma companies and several innovative biotechs • Collectively, they have the rights to over 30 areas of exploration across both infectious disease and oncology 2Q 2026 HIGHLIGHTS • Sanofi h
Slide 8: Partnership Strategy Focused on Near- and Long-Term Value Creation
Partnership Strategy Focused on Near- and Long-Term Value Creation Maximize value from existing Build the next generation of collaborations licensing opportunities © 2026 NOVAVAX. All rights © 2026 reserved. NOVAVAX. Confidential All rights and proprietary. reserved. 8
Slide 9: Partnership Value Creation
Partnership Value Creation Partnerships & Mid- to Long-Term Near- to Mid-Term Collaborations • Nuvaxovid royalties • $225M milestone upon CIC launch in the U.S. • Manufacturing tech transfer milestone expected in mid- • New Matrix-M pipeline asset(s) milestones $200M 2027 ($75M) per product and roya
Slide 10: Our Partnering Model Framework
Our Partnering Model Framework From early collaboration to long-term value LICENSE AGREEMENTS (CLINICAL / MTA / EVALUATIONS (PRECLINICAL) COMMERCIAL) Materials Partner Data Review Contracting Partner Milestones Product Provided Experiments Discussions Clinical Achieved Commercialized Development We
Slide 12: R&D Innovation Fueling Partnerships
R&D Innovation Fueling Partnerships Data fuels new partnerships or expansion of existing partnerships with potential for initial upfront payments, development milestones and royalties Generate data for Expand utility of our Create new partnering Matrix technology innovative vaccine discussions platf
Slide 13: Why Oncology, Why Now: Matrix-M Opportunity
Why Oncology, Why Now: Matrix-M Opportunity Therapeutic cancer vaccines are entering a new era Momentum from new innovations & breakthroughs Neoantigen discovery, tumor profiling + novel antigen design accelerating the field; opportunities for platforms capable of enhancing anti-tumor immune respons
Slide 14: Additional R&D Areas of Focus
Additional R&D Areas of Focus Internal pipeline focused on addressing significant unmet medical needs while further strengthening our data set supporting our technology Data generation initiative: Assessment of Matrix-M in a Multivalent C. difficile Vaccine Candidate wide array of available commerci
Slide 16: Q2 2026 Financial Update: Progress on Growth Strategy
Q2 2026 Financial Update Progress on Growth Strategy • $75M milestone upon completion of Expect to earn in mid 2027 - manufacturing tech transfer extends cash runway from 2028 into 20291 Sanofi milestone updates • $125M milestone upon initiation CIC Sanofi in advanced Phase 3 study (US/EU) discussio
Slide 17: Q2 2026 Total Revenue
Q2 2026 Total Revenue $ in 300 $ in millions Q2 2026 Q2 2025 Change % millions $239M Q2 2026 highlights Nuvaxovid Sales 1 $ — $ (2) $ 2 (100%) 2 • $8 million higher Product Supply Sales 19 13 6 47% 200 Sales, 76% growth YoY Product Sales 19 11 8 76% $175M • $16 million higher Sanofi R&D milestone +
Slide 18: Q2 2026 Financial Results
Q2 2026 Financial Results $743 million – Q2 2026 ending Cash1 ($ in millions, except per share amounts) Q2 2026 Q2 2025 plus accounts receivables Product sales $ 19 $ 11 Licensing, royalties, and other 38 229 Key drivers of YoY change to Total revenue 57 239 Net income / (loss) Cost of sales 14 15 R
Slide 19: Q2 2026 Combined R&D and SG&A Expense Results
Q2 2026 Combined R&D and SG&A Expense Results Significant progress on cost reduction GAAP Non-GAAP Q2 YoY trends highlight (21%) continued improvements (36%) $ in millions 123 GAAP Non-GAAP 116 R&D (11%) (34%) 100 97 SG&A (39%) (39%) 79 73 75 Total (21%) (36%) 71 R&D R&D 50 48 Non-GAAP combined R&D
Slide 20: Full Year 2026 Revenue Framework & Expense Guidance
Full Year 2026 Revenue Framework & Expense Guidance Full Year 2026 Revenue Framework Full Year 2026 Full Year 2026 Reiterating $ in millions (as of Aug 6, 2026) (as of May 6, 2026) Prior FY 2026 Nuvaxovid Product Sales1 $35 - $45 $35 - $45 Framework and Expense Adjusted Supply Sales2 $45 - $55 $40 -
Slide 21: Non-GAAP Combined R&D and SG&A Expense Guidance
Non-GAAP Combined R&D and SG&A Expense Guidance1,2,3,4 Targeting a >$200M and >50% $ in decrease as partner and APA Novavax path to achieve millions support activities are 409 a lean and agile completed 400 operating model 325 o Complete partner and APA ~$125M Partner 225 support activities and APA
Slide 22: Financial Objectives and Value Creation
Financial Objectives and Value Creation Drive revenue from a diversified set of license partners and products to deliver long term cash flow growth Targeted and capital efficient R&D investment to drive long term value creation • Generate data to enable Matrix-M partnering • Expand utility of Matrix
Slide 24: Novavax 2026 & Beyond Corporate Milestones
Novavax 2026 & Beyond Corporate Milestones ACHIEVED MILESTONES POTENTIAL FUTURE MILESTONES ✓ Pfizer Matrix-M agreement ($30M upfront) • New license agreements (Matrix-M and development programs) ✓ YTD 4 new Matrix-M MTAs reflecting new and • Sanofi CIC Phase 3 – regulatory feedback and trial expande
Slide 27: Full Year 2026 Revenue Framework Footnotes
For internal discussion purposes only. Not endorsed or approved by Management. Full Year 2026 Revenue Framework Footnotes Revenue Categories Revenue Framework Footnotes Nuvaxovid Product Sales1 $35 million to $45 million in Nuvaxovid Product Sales by Novavax under existing APA and commercial agreeme
Slide 28: Reconciliation of GAAP to Non-GAAP Financial Results
For internal discussion purposes only. Not endorsed or approved by Management. Reconciliation of GAAP to Non-GAAP Financial Results (unaudited) Three Months Ended Six Months Ended ($ in millions) June 30, June 30, 2026 2025 2026 2025 R&D Expenses $ 70.7 $ 79.2 $ 166.2 $ 168.2 Adjustments: R&D Reimbu

Novavax — Q2 2026 Earnings Presentation on 6ix

Novavax — Q2 2026 Earnings Presentation

Slide 1: Second Quarter 2026 Financial Results & Operational Highlights

Slide 2: Cautionary Note Regarding Forward-Looking Statements

Slide 3: Non-GAAP Financial Measures

Slide 4: Q2 2026 Earnings Call Agenda

Slide 5: Three Strategic Pillars Driving Long-Term Value

Slide 6: Novavax Today: A Differentiated Vaccine Platform Company

Slide 7: Business Development Update

Slide 8: Partnership Strategy Focused on Near- and Long-Term Value Creation

Slide 9: Partnership Value Creation

Slide 10: Our Partnering Model Framework

Slide 11: Research & Development Update

Slide 12: R&D Innovation Fueling Partnerships

Slide 13: Why Oncology, Why Now: Matrix-M Opportunity

Slide 14: Additional R&D Areas of Focus

Slide 15: Financial Results

Slide 16: Q2 2026 Financial Update: Progress on Growth Strategy

Slide 17: Q2 2026 Total Revenue

Slide 18: Q2 2026 Financial Results

Slide 19: Q2 2026 Combined R&D and SG&A Expense Results

Slide 20: Full Year 2026 Revenue Framework & Expense Guidance

Slide 21: Non-GAAP Combined R&D and SG&A Expense Guidance

Slide 22: Financial Objectives and Value Creation

Slide 23: Closing Remarks

Slide 24: Novavax 2026 & Beyond Corporate Milestones

Slide 25: Q&A

Slide 26: Appendix

Slide 27: Full Year 2026 Revenue Framework Footnotes

Slide 28: Reconciliation of GAAP to Non-GAAP Financial Results

Slide 29: © 2026 NOVAVAX. All rights reserved.