Novavax, Inc. · NASDAQ:NVAX
Novavax — Investor Presentation (November 2024)
25 slides from Novavax's investor presentation, Nov 20, 2024
Slide 1: Investor Presentation
Investor Presentation © 2024 NOVAVAX. All rights reserved. 1 NASDAQ: NVAX | NOVEMBER 2024
Slide 2: Cautionary note regarding forward-looking statements
2 Cautionary note regarding forward-looking statements © 2024 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,” “believe
Slide 3: Non-GAAP financial measures
3 Non-GAAP financial measures © 2024 NOVAVAX. All rights reserved. The Company has used a non-GAAP financial measure in this presentation, which is adjusted combined R&D and SG&A expenses, net of Sanofi reimbursement costs under the Sanofi Agreement. Non-GAAP financial measures refer to financial in
Slide 4: Company Overview
Company SECTION Overview © 2024 NOVAVAX. All rights reserved. 4
Slide 5: Novavax value framework
jdsfm 5 © 2024 NOVAVAX. All rights reserved. Novavax value framework Four pillars of potential value creation based on a validated technology platform Lean and Agile Operating Model Value Driver #1 Sanofi partnership Value Driver #2 Late-stage pipeline Value Driver #3 Leverage our proven technology
Slide 6: Novavax's proven technology platform
Novavax’s proven technology platform © 2024 NOVAVAX. All rights reserved. 6 • Induces broad, robust neutralizing response2 • Long-lived polyfunctional CD4+ cellular response2 • Antigen sparing2 • Large safety database that includes use in approved vaccines2,3 • Reactogenicity consistent with license
Slide 7: Novavax's Product Pipeline
Novavax’s Product Pipeline © 2024 NOVAVAX. All rights reserved. 7 1. Authorized in select geographies under trade names Novavax COVID-19 Vaccine, Adjuvanted; Covovax ; and Nuvaxovid . 2. Commercialized by Serum Institute of India; Granted prequalification by the WHO and distributed by UNICEF to ende
Slide 8: Near-term Priorities
Near-term Priorities SECTION © 2024 NOVAVAX. All rights reserved. 8
Slide 9: 2024 Near-term priorities
2024 Near-term priorities jdsfm Priority #1 Prioritize the successful execution of our partnership with Sanofi Priority #2 Expand early-stage pipeline, advance CIC and flu programs. Pursue new BD opportunities Priority #3 Further reduce combined R&D and SG&A expenses Priority #4 Deliver an updated v
Slide 10: Sanofi partnership provides potential for multiple additional revenue streams
Sanofi partnership provides potential for multiple additional revenue streams © 2024 NOVAVAX. All rights reserved. 10 Further validation of our technology platform and provides significant opportunity to drive value creation and benefit global public health Co-exclusive license to co-commercialize N
Slide 11: Sanofi Agreement Economics & Financial Reporting
11 Sanofi Agreement Economics & Financial Reporting Upfront Payment and Equity Investment (~$570 Million) Q2 2024 License, Royalties & Other $500 $500 M Upfront payment received in Q2 2024 o $391M recognized in Q2 2024 o $109M amortized over the performance period through 2026 Q2 2024 Balance Sheet
Slide 12: COVID-19-Influenza-Combination and Seasonal Influenza Program
• Clinical hold removed by FDA • Safety event from previous phase 2 study reviewed in detail • All clinical hold issues satisfactorily addressed • Data supports assessment that SAE was not related to the NVAX vaccine • Plan to start Phase 3 trial as soon as possible COVID-19-Influenza-Combination an
Slide 13: COVID-19-Influenza-Combination vaccine updated Phase trial design
COVID-19-Influenza-Combination vaccine updated Phase 3 trial design 13 © 2024 NOVAVAX. All rights reserved. FDA aligned with one Phase 3 trial for both CIC and seasonal influenza vaccines • Phase 2 CIC data support noninferior immunogenicity • During Pre IND process, FDA aligned with one Phase 3 tri
Slide 14: Opportunities for Matrix-M in vaccine development
• Improve upon existing viral vaccines • Example: Inactivated egg-based influenza • Antigen-sparing, reduce COGs • Example: Pneumococcal polysaccharide • Enable new vaccine development for poorly immunogenic pathogens • Master Transfer Agreement established with leading pharmaceutical company to eva
Slide 15: Matrix-M can be leveraged to improve existing vaccines
1 2 4 8 16 32 64 128 256 512 Competing Antibody Equivalent (CAE, μg/ml) 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 15 Mice vaccinated on days 0 and 21, HAI measured at day 35 8 16 32
Slide 16: Matrix-M can improve bacterial polysaccharide vaccines
Vaccine Vaccine + Matrix-M 10 1 10 2 10 3 10 4 10 5 Pneumococcal Vaccine (~3μg) IgG Titer (EC50) LOD 8.3 Fold- Rise Anti- Pneumococal Vaccine IgG Anti-Pneumococcal IgG V a c c in e V a c c in e + M a trix -M 10 0 10 1 10 2 10 3 10 4 10 5 Serotype 6B Pneumococcal Vaccine (~1μg) Opsonic Index LOD 3.7
Slide 17: 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 Early Pipeline Opportunities COVID-19 Flu CIC Expansion Within Infectious Disease Expansion Beyond Infectious Disease • Focus on exploring RSV- containing combinatio
Slide 18: Continuing to significantly reduce operating footprint and expenses
F Y 2022 Actual F Y 2023 Actual F Y 2024 Expected F Y 2025 Expected F Y 2026 Expected Continuing to significantly reduce operating footprint and expenses $1.7B Creating a more lean and agile organization • Targeting FY 2024 combined R&D and SG&A expenses of $700 - $750 million • Prepared to initiate
Slide 19: U.S. COVID-19 2024-2025 commercial market
U.S. COVID-19 2024-2025 commercial market © 2024 NOVAVAX. All rights reserved. 19 Focused on improved performance in the largest market Received authorization at the start of the season Pre-filled syringe product presentation Available in over 30,000 locations, including grocers and independent phar
Slide 20: U.S. COVID-19 2024-2025 Season: Early highlights
20 U.S. COVID-19 2024-2025 Season: Early highlights Focused Commercial Approach Establishing a solid foundation • Maintained a competitive position against mRNA vaccines in select settings • Achieved ~70% market share in a regional retailer • Targeted marketing campaign, with 53% of Nuvaxovid claims
Slide 21: 2024-2025 COVID-19 Vaccine
• Emergency Use Authorization granted by FDA on August 30th • Pre-filled syringes available across the U.S. by September 13th • Non-clinical studies continue to demonstrate that Novavax updated vaccine induces broad neutralizing responses, including against KP.3.1.1 and XEC strains 2024-2025 COVID-1
Slide 22: Novavax JN.1 vaccine induces broad cross neutralization to variants
GMFR compared to pre-boost (Day 357) titer XBB.1.5 vaccine given on days 0, 21, and 211; JN.1 vaccine given on day 357 Novavax JN.1 vaccine induces broad cross neutralization to variants including KP.3.1.1 and XEC © 2024 NOVAVAX. All rights reserved. 22 10 100 1,000 10,000 98 4,106 141 1,841 139 2,8
Slide 23: Financial Guidance and Corporate Milestones
Financial Guidance and Corporate Milestones SECTION © 2024 NOVAVAX. All rights reserved. 23
Slide 24: Full year 2024 financial guidance
Full year 2024 financial guidance $ in millions Prior (as of Aug. 8, 2024) Updated (as of Nov. 12, 2024) Total Revenue $700 - $800 $650 - $700 Product Sales1 $275 - $375 $175 - $225 Licensing, Royalties and Other Revenue2 $425 $475 Combined R&D and SG&A3 $700 - $750 $700 - $750 © 2024 NOVAVAX. All r
Slide 25: Corporate Milestones
Corporate Milestones © 2024 NOVAVAX. All rights reserved. 25 Received EUA from U.S. FDA for updated COVID-19 vaccine for ages 12+ Announced Novavax and Sanofi collaboration and licensing agreement (May 2024) Initiated 2024-2025 COVID-19 commercial season in mid-September Start CIC and stand-alone in