Novavax, Inc. · NASDAQ:NVAX
Novavax — J.P. Morgan Healthcare Conference 2026
15 slides from Novavax's conference presentation, Jan 12, 2026
Slide 1: Novavax Corporate Presentation
© 2026 NOVAVAX. All rights reserved. 1 Novavax Corporate Presentation John C. Jacobs, President and Chief Executive Officer J.P. Morgan Healthcare Conference © 2026 NOVAVAX. All rights reserved. 1
Slide 2: This is Novavax
© 2026 NOVAVAX. All rights reserved. 2 We envision a world where our technology is amplified to touch the lives of billions, sparking transformation in global health. This is Novavax © 2026 NOVAVAX. All rights reserved. 2
Slide 3: Cautionary Note Regarding Forward-Looking Statements
© 2026 NOVAVAX. All rights reserved. 3 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
Slide 4: Non-GAAP Financial Measures
© 2026 NOVAVAX. All rights reserved. 4 Non-GAAP Financial Measures The Company presents the following non-GAAP financial measures in this presentation: Combined R&D and SG&A expenses (net of partner reimbursements) and Non-GAAP profitability. Non-GAAP financial measures refer to financial informatio
Slide 5: Transformed Our Business Model to Position Novavax for Long-term Value Creation
© 2026 NOVAVAX. All rights reserved. 5 Global Commercial Company With Singular Focus on COVID-19 Vision for Long-term Growth Via Diversified Revenue Base Driving Value Through Partnering and R&D Innovation • Bold leadership changes • Aggressive cost and liability reduction • Sanofi partnership secur
Slide 6: Corporate Growth Strategy Designed to Deliver Value Through Partnering and R&D Innovation
© 2026 NOVAVAX. All rights reserved. 6 Actual Novavax scientist • Strong existing partnerships drive current value and have the potential to deliver significant additional value over time • Actively seeking new partnerships to further amplify the value of our technology • Lean and focused R&D and BD
Slide 7: Partnering and R&D Pipeline of Milestones and Royalties
© 2026 NOVAVAX. All rights reserved. 7 • New Matrix-M pipeline asset(s) milestones & royalties • CIC/Nuvaxovid royalties • CIC milestones & royalties • Nuvaxovid royalties • Improved financial terms in 2025 • Nuvaxovid milestones & royalties (20 years) • Annual milestones and royalties • Annual mile
Slide 8: 2025: A Year of Achievements
© 2026 NOVAVAX. All rights reserved. 8 2025: A Year of Achievements Potential for Value Creation: 2026-2028 and beyond Ongoing receipt of milestones and royalties from existing partnerships Nuvaxovid U.S. BLA approved + commercial transition to Sanofi $225 million in Sanofi milestones achieved Sanof
Slide 9: Technology Targets High-Value, High Unmet Need Vaccine Opportunities
© 2026 NOVAVAX. All rights reserved. 9 Novavax technology has the potential to target high-value/ high unmet need vaccine opportunities Potential for cancer immunotherapies, vaccine and adjuvant innovations ~$12B2 2024 2032 Over $42B2 Combined total of projection of the infectious disease and oncolo
Slide 10: Matrix-M Adjuvant Technology Platform Fuels Pipeline, Partnerships and Value Creation
© 2026 NOVAVAX. All rights reserved. 10 Matrix-M® Adjuvant • Helps induce a broad, potent and long-lasting immune response1,2 • Compatible with multiple vaccine development platforms3,4 • Ability to lower antigen content, improving tolerability and lowering COGS5-7 • ~25 million doses9 of R21/Matrix
Slide 11: Pipeline and Partnered Programs
© 2026 NOVAVAX. All rights reserved. 11 P Preclinical 1 Phase 1 2 Phase 2 3 Phase 3 A Authorized Use Therapeutic Area Candidate Phase Partner COVID-19 Nuvaxovid (COVID-19 Vaccine, Adjuvanted)1 Malaria R21/Matrix-M® adjuvant2 Clostridiodes difficile (C. diff) colitis – initial preclinical work funded
Slide 12: Revenue Framework and Path to Profitability
© 2026 NOVAVAX. All rights reserved. 12 Revenue Framework New Strategy Drives Revenue Growth via Partnering and R&D Innovation Core Spend Profile Focus on Lean and Efficient Model Reduces Cost Structure Full Value Potential Revenue Cost Structure Long-term core spend profile of $250 million R&D+SG&A
Slide 13: Reducing Operating Expenses to Enable Value Creation
© 2026 NOVAVAX. All rights reserved. 13 Lean and agile operating model is focused on targeted investments in R&D to drive value creation FY 2025 E FY 2026 E FY 2027 E ~$250M ~$350M ~$450M Combined R&D and SG&A Expenses, Net of Partner Reimbursement Financial Guidance for R&D and SG&A expenses, net o
Slide 14: Building Financial Strength in 2024 - 2025
© 2026 NOVAVAX. All rights reserved. 14 Building Financial Strength in 2024 - 2025 Cash flow earned in 2024 & 20251 Upfront payments $520M Milestones $280M Asset Sales $260M Non-Dilutive $1,060M 78% Financings $307M 22% Total $1,367M Highlights: 1. Cash flow earned in 2024 & 2025 through November 20
Slide 15: Thank you!
© 2026 NOVAVAX. All rights reserved. 15 We look forward to the year ahead where our efforts will be focused on unlocking new opportunities to create shareholder value and deliver lasting impact on global health. Thank you! © 2026 NOVAVAX. All rights reserved. 15