Novavax, Inc. · NASDAQ:NVAX
Novavax — Q1 2026 Earnings Presentation
34 slides from Novavax's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Financial Results and Operational Highlights
First Quarter 2026 Financial Results and Operational Highlights May 6, 2026 © 2026 NOVAVAX. All rights reserved. 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 including any adverse impact funding for vaccine research and development, reimbursement for vaccines identified by the use of words such as “
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: Q1 2026 Earnings Call Agenda
Q1 2026 Earnings Call Agenda Welcome Jim Kelly Executive Vice President, Chief Financial Officer and Treasurer Growth Strategy John C. Jacobs President and Chief Executive Officer Business Development Elaine O’Hara Executive Vice President, Chief Strategy Officer Research and Development Bob Walker,
Slide 5: Our Corporate Growth Strategy is Designed to Deliver Value Through Partnering and R&D Innovation
Our Corporate Growth Strategy is Designed to Deliver Value Through Partnering and R&D Innovation Partnerships R&D Lean Operating • Strong existing In-house early-stage R&D to: Model partnerships drive current • Drive further proof points • Lean and focused value and have the on value of our technolo
Slide 6: We Envision Building a Future Novavax with Multiple Partners
With This Strategy, We Envision Building a Future Novavax, with Multiple Partners Developing and Commercializing Multiple Vaccines Across a Wide Array of Infectious Disease and Oncology Targets We envision a future with We intend to retain core capabilities in R&D to multiple partnerships, We envisi
Slide 7: Business Development Update
Business Development Update © 2026 NOVAVAX. All rights reserved. 7 7
Slide 8: Progress Partnering Our Technology
Progress Partnering Our Technology Matrix-M - Recent Updates Matrix-M - Progress To Date • Material Transfer Agreements (MTAs) provide • Non-exclusive license strategy for Matrix-M was potential partners the opportunity to explore the launched in early 2025 utility of Matrix-M in their vaccine portf
Slide 9: Growth Strategy Focused on Global Market Opportunity Projected to Grow to >$100B
Novavax Growth Strategy is Focused on Tapping Into a Global Market Opportunity That is Projected to Grow to >$100B by the 2030s Novavax technology has the potential to target Potential for cancer immunotherapies, high-value/ high unmet need vaccine opportunities vaccine and adjuvant innovations Comb
Slide 10: Partnering Strategy to Create Longterm Value
Partnering Strategy to Create Longterm Value $100B+ Global Significant interest and Opportunity for annual revenue stream engagement with partners from diversified set of partner products Market Opportunity1,2 Potential annual Matrix A adjuvant royalties to NVAX3 Over $1B Over Oncology $750M > Over
Slide 11: Illustrative Cumulative Value of a Matrix-M license agreement
Illustrative Cumulative Value of a Matrix-M license agreement Illustrative Matrix-M deal total economics to Novavax based on Pfizer licenses terms Upfronts / Milestones + Royalties earned over 20 years Illustrative examples for $30M hypothetical product sales1 Upfront Payment Over Up to $250M + Cumu
Slide 12: Additional Partners & Novavax Updates
Additional Partners & Novavax Updates New Pfizer Agreement Sanofi Update (Announced January 2026) • Commercial license agreement covers Nuvaxovid, • Non-exclusive license for Matrix-M use in up to two Novaxovid combination products plus Matrix-M infectious disease areas “Compare” study explores reac
Slide 13: Research & Development Update
Research & Development Update © 2026 NOVAVAX. All rights reserved. 13 13
Slide 14: C. Diff: A Life-threatening Bacterial Infection for At-risk Populations
C. Diff: 20k+ A Life-threatening 500k Cases of C. diff in in-hospital deaths Bacterial Infection the U.S.1 occur with C. diff for At-risk Populations* annually in the U.S.2 with no approved vaccine today 30% $5 billion of patients with Annual estimated C. diff in the U.S. cost for healthcare will ex
Slide 15: C. Diff Vaccine Candidate Next to Clinic as Early as 2027
C. Diff Vaccine Candidate Next to Clinic as Early as 2027 Design Attributes Prior Phase 3 Candidates Why it Matters Broader coverage 2 antigen candidates • Breadth of coverage improves likelihood of preventing serious infection. Multiple antigens • NVAX candidate covers 91-100% of clades and ribotyp
Slide 16: R&D model combines deep bench of expertise with AI and machine learning
R&D model Continuing to build on our established recombinant protein / Matrix-M platform that has produced highly efficacious and well tolerated malaria and COVID-19 vaccines combines deep bench of expertise Leverages AI and machine learning with AI and machine learning to Enables rapid design of su
Slide 17: Matrix Technology R&D
Matrix Technology R&D 1 Expanding the utility of our Matrix-M adjuvant 2 Creating additional potential Matrix-based adjuvants Adjuvants tailored to foster specific differentiated immune properties for new indications Focus on infectious diseases where previous vaccine candidates have been insufficie
Slide 18: 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 Generating data for Expanding utility of Creating new innovative partnering discussions our Matrix technology vaccin
Slide 19: New Data Supporting Favorable Tolerability of NUVAXOVID
New Data Supporting Favorable Tolerability of NUVAXOVID COMPARE Study1 SHIELD Study2 • Announced by Sanofi • Prospective, interventional real-world study comparing comparing NUVAXOVID to Pfizer- BioNTech mRNA • First head-to-head randomized Phase 4 study These data support the comparing NUVAXOVID to
Slide 20: Financial Results
Financial Results © 2026 NOVAVAX. All rights reserved. 20 20
Slide 21: First Quarter 2026 Financial Results Highlights
First Quarter 2026 Financial Results Highlights Q1 2026 Financial Results Operating Expenses Cash1 1 Combined R&D and SG&A 1 Combined Cash & A/R of $818 1 Total Revenue: $140 million expenses: $124 million million (3/31/2026) • 79% decrease YoY • 9% decrease YoY • Cash: $795 million • Q1 2025 includ
Slide 22: Q1 2026 Total Revenue
Q1 2026 Total Revenue First Quarter Revenue mix changing as a result of $ in millions Q1 2026 Q1 2025 Change % new business strategy Nuvaxovid Sales 1 $10 $608 ($598) (98%) Partner related revenue Nuvaxovid Sales Supply Sales 2 33 14 19 139% >100% growth by Novavax Product Sales 42 622 (579) (93%) T
Slide 23: Q1 2026 Combined R&D and SG&A Expense Results
Q1 2026 Combined R&D and SG&A Expense Results Significant progress on cost reduction GAAP Non-GAAP Q1 YoY trends highlight $ in continued improvements (9%) millions (23%) GAAP Non-GAAP 150 137 124 126 R&D 7% (13%) 97 SG&A (40%) (40%) 100 89 78 Total (9%) (23%) R&D 95 68 50 SG&A 48 48 29 29 - Q1 2025
Slide 24: Q1 2026 Financial Results
Q1 2026 Financial Results ($ in millions, except per share amounts) Q1 2026 Q1 2025 Q1 2025 included $603 Product sales $ 42 $ 622 million of non-cash sales Licensing, royalties, and other 97 45 related to the close-out of APA Total revenue 140 667 agreements Cost of sales 31 14 Research and develop
Slide 25: Accomplishments to Drive Financial Performance
Accomplishments to Drive Financial Performance Estimated Cash1 runway into 2028 (prior to new cash to company) as we drive towards our goal of Non-GAAP profitability as early as 20282,3 Reduced operating expenses o Decreased GAAP Combined R&D and SG&A expenses by $1.2B and over 70% since year end 20
Slide 26: Non-GAAP Combined R&D and SG&A Expense Guidance
Non-GAAP Combined R&D and SG&A Expense Guidance Targeting a >$200M and >50% Novavax Core Spend $ in decrease as partner and APA Targeted R&D Investments millions support activities are 409 completed 400 • Advancement of the early-stage 325 pipeline with potential to bring at least one program into t
Slide 27: Full Year 2026 Revenue Framework & Expense Guidance
Full Year 2026 Revenue Framework & Expense Guidance Full Year 2026 Revenue Framework Full Year 2026 Reiterating $ in millions (as of May 6, 2026) Prior FY 2026 Nuvaxovid Product Sales1 $35 - $45 Framework and Expense Adjusted Supply Sales2 $40 - $50 Guidance Adjusted Licensing, Royalties and Other $
Slide 28: Closing Remarks
Closing Remarks © 2026 NOVAVAX. All rights reserved. 28 28
Slide 29: We are Building Significant Momentum to Achieve our Vision
We are Building Significant Momentum to Achieve our Vision Significant Progress is Being Made Under Our New Business Model and Strategy 4 >$0.8B Top 10 Global Pharma Co’s Now Working with 30+ 2 In revenue to date via Fields of experimentation Sanofi & Pfizer Novavax Technology, Including Global Lead
Slide 30: 2026 and Beyond
Novavax 2026 & Beyond Corporate Milestones WHAT TO EXPECT ACHIEVED & ANTICIPATED MILESTONES Additional Sanofi-related milestones, commercial Jan 2026 – Pfizer Matrix-M agreement ($30M upfront) performance & royalties Jan to April – 4 new Matrix-M MTAs reflecting both new and New license agreements a
Slide 31: Appendix
Appendix © 2026 NOVAVAX. All rights reserved. 31 31
Slide 32: Reconciliation of GAAP to Non-GAAP Financial Results
Reconciliation of GAAP to Non-GAAP Financial Results NOVAVAX, INC. Reconciliation of GAPP to NON-GAAP Financial Results (unaudited) Three Months Ended ($ in millions) March 31, 2026 2025 Total Revenue $ 139.5 $ 666.7 Adjustments: Sanofi Supply Sales Adjustment 17.1 1.2 Sanofi Royalties Adjustment 3.
Slide 33: Full Year 2026 Revenue Framework Footnotes
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 agreements. Adjusted Supply Sales2 $40 million to $50 million in Adjusted Supply Sales
Slide 34: © 2026 NOVAVAX. All rights reserved.
34 © 2026 NOVAVAX. All rights reserved.