Novavax, Inc. · NASDAQ:NVAX
Novavax — Q1 2025 Earnings Presentation
18 slides from Novavax's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Financial Results and Operational Highlights
First Quarter 2025 Financial Results and Operational Highlights May 8, 2025 © 2025 NOVAVAX. All rights reserved.
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,” “goal,” “pro
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 and Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accord
Slide 4: Q1 2025 Earnings Call Agenda
Q1 2025 Earnings Call Agenda Welcome Luis Sanay Vice President, Investor Relations Introduction 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 Executiv
Slide 5: 2025 Strategic Priorities
2025 Strategic Priorities Priority #1 Priority #2 Priority #3 Leverage our Sanofi partnership Advance our technology technology platform and platform and early- pipeline to forge stage pipeline additional partnerships Innovate and Collaborate to Tackle the World's Most Significant Health Challenges
Slide 6: R&D Update
R&D Update © 2025 NOVAVAX. All rights reserved.
Slide 7: Matrix-M: Favorable Reactogenicity Profile - Strong Confidence from 60+ Publications
Matrix-M®: Favorable Reactogenicity Profile - Strong Confidence from 60+ Publications Proven tolerability in diverse settings Broad Data Set Reports From Phase 1-3 trials PRIMARY & BOOST CO-ADMINISTRATION FORMULATIONS o Over 50K patients in Novavax clinical programs o Different ethnicities o Healthy
Slide 8: Tolerability: A Consistent, Clear Differentiator versus mRNA Vaccines
Tolerability: A Consistent, Clear Differentiator versus mRNA Vaccines Nuvaxovid recipients experienced approximately 39% fewer symptoms on average o 2019nCoV-406: mRNA platforms are more reactogenic.1 % of Participants with events within 2 days (IPTW adjusted) 0% 20% 40% 60% 80% 100% o Avoiding unwa
Slide 9: R&D Pipeline Diversification
R&D Pipeline Diversification 1. Authorized in select geographies under trade names Novavax COVID-19 Vaccine, Adjuvanted; Covovax ; and Nuvaxovid®. © 2025 NOVAVAX. All rights reserved. 9
Slide 10: Financial Results
Financial Results © 2025 NOVAVAX. All rights reserved.
Slide 11: Q1 2025 Financial Results
Q1 2025 Financial Results Cash2 & Business Q1 2025 Financial Results Operating Expenses Development 1 Q1 2025 – Reduced Combined Combined Cash & A/R of $792 1 Total Revenue: $667 million 1 R&D and SG&A expenses by million (3/31/2025) o Product sales of $622 million 24%, as compared to Q1 2024 o Cash
Slide 12: Q1 2025 Revenue Results and Disclosures
Q1 2025 Revenue Results and Disclosures $ in millions Q1 2025 Q1 2024 Change % Nuvaxovid Sales 1 $608 $82 $526 NM Q1 2025 Total Revenue Supply Sales 2 14 8 6 82% Product Sales 622 90 532 NM o Nuvaxovid sales of $608 million includes $603 million related to the termination of two APAs and Sanofi 3 re
Slide 13: Q1 2025 Financial Results
Q1 2025 Financial Results 24% reduction in Combined R&D + SG&A expenses for Q1: • Q1 2025: $137 million • Q1 2024: $180 million Totals may not sum due to rounding © 2025 NOVAVAX. All rights reserved. 13
Slide 14: Significant Reduction to Current Liabilities
Significant Reduction to Current Liabilities Current Liabilities $732 million Decrease to Current Liabilities in Q1 2025 ~$2.1B & over 80% reduction compared to FY 2022 o Supports financial health of company with $2.5B improved current liability profile $1.6B $1.2B $0.4B 12/31/2022 12/31/2023 12/31/
Slide 15: Reducing Operating Expenses to Enable Value Creation
Reducing Operating Expenses to Enable Value Creation Combined Annual R&D and SG&A Expense $1.7B Reiterating FY 2025 Financial Guidance Expected ~$1.5B & 85% reduction compared to FY $1.2B 2022 FY 2025 guidance for Combined R&D and SG&A expenses of $475 - $525 million $728M o Targeting ~70% of spend
Slide 16: Raising Full Year 2025 Revenue Framework
Raising Full Year 2025 Revenue Framework Full Year 2025 Full Year 2025 $ in millions (as of May 8, 2025) (as of February 27, 2025) Sanofi Supply Sales No guidance No guidance Sanofi Royalties No guidance No guidance Sanofi Influenza-COVID-19 No guidance No guidance Combination and Matrix-M Milestone
Slide 17: Closing Remarks
Closing Remarks © 2025 NOVAVAX. All rights reserved.
Slide 18: Q&A
Q&A © 2025 NOVAVAX. All rights reserved.