Novavax, Inc. · NASDAQ:NVAX
Novavax — Investor Presentation (March 2025)
41 slides from Novavax's investor presentation, Mar 4, 2025
Slide 1: Novavax Corporate Presentation March 2025
Novavax Corporate Presentation March 2025 © 2025 NOVAVAX. All rights reserved.
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 Cautionary Note Regarding Forward - Looking Statements © 2025 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,” “
Slide 3: Non-GAAP Financial Measures
3 Non - GAAP Financial Measures © 2025 NOVAVAX. All rights reserved. The Company has used a non - GAAP financial measure in this presentation, which is Adjusted Licensing, Royalties and Other Revenue . Non - GAAP financial measures refer to financial information adjusted from financial measures prep
Slide 4: Table of Contents
Table of Contents Corporate Overview and Growth Strategy • Corporate strategy • Novavax technology • Strategic priorities + impact • Pipeline Strategic Priorities • Executing on our Sanofi partnership • Leveraging our technology and pipeline to forge additional partnerships • Advancing our techn
Slide 5: Corporate Overview & Growth Strategy
Corporate Overview & Growth Strategy © 2025 NOVAVAX. All rights reserved. 5
Slide 6: Novavax is Focused on Harnessing the Promise of Vaccine Innovation
Our strategy is focused on building a company based upon our scientific expertise in vaccines and our proven technology platform to achieve our ambition of tackling some of the world’s most pressing health challenges. Starting with our core expertise in infectious disease and expanding into other va
Slide 7: Novavax is Driving Vaccine Innovation to Tackle Global Health Challenges
Value - creating corporate growth strategy of research and development (R&D) plus business development supported by a lean operating model Phase 3 COVID - 19 - Influenza Combination (CIC) and stand - alone flu programs, plus disciplined approach to early - stage R&D as driver of innovative new asset
Slide 8: Technology Platform and Deep Vaccine Expertise Fuels Innovation and Partnerships
Technology Platform and Deep Vaccine Expertise Fuels Innovation and Partnerships 8 Matrix - M Adjuvant Our proprietary adjuvant can be added to vaccines to help induce a stronger, more potent and longer - lasting immune response . 2 Recombinant Protein - based Nanoparticle CLINICALLY PROVEN Our reco
Slide 9: Strong Foundation with Future Focus on Innovating and Partnering
9 1st product launch in 2022 WHO authorization of R21/Matrix - M malaria vaccine with Oxford University and Serum Institute of India New corporate growth strategy unveiled 2024 Evolution of Business Model to Focus on R&D and Diversified Partnerships COVID - 19 vaccine launched in multiple markets
Slide 10: Corporate Growth Strategy
Corporate Growth Strategy New Corporate Strategy Delivers Value Through R&D and Partnerships In - house early - stage R&D to build a pipeline of high - value assets using our proven technology Partnerships to drive value creation for our R&D assets earlier in the development process, and for Matrix
Slide 11: In-House R&D Pipeline Diversification
Partner Authorized Use Phase 3 Phase 2 Phase 1 Preclinical Candidate Therapeutic Area Novavax Novavax COVID - 19 Vaccine 1 Respiratory diseases COVID - 19 COVID - influenza combination (CIC) vaccine Respiratory diseases COVID - 19 + seasonal influenza Influenza vaccine (older adults) Respiratory dis
Slide 12: Additional Value Generation through Partnerships
Partner Authorized Use Phase 3 Phase 2 Phase 1 Preclinical Candidate Therapeutic Area Developed by partners leveraging Novavax technology R21/Matrix - M adjuvant 1 Parasitic diseases Malaria RIV3 (FLUBLOK) - NCT06695130 2 Respiratory diseases COVID - 19 + seasonal influenza TIV - HD (FLUZONE High -
Slide 13: Strategic Priority: Sanofi Partnership
STRATEGIC PRIORITY 1 Sanofi Partnership © 2025 NOVAVAX. All rights reserved. 13
Slide 14: Existing and Future Partnerships Promise to Increase Access to Our Technology
Our partnership with Sanofi sets the bar for what is possible when our novel technology platform is combined with others’ world - class commercialization capabilities. This collaboration with Sanofi is just the beginning. By leveraging our people, our science and our technology we aim to improve exi
Slide 15: Sanofi Partnership Potential to Drive Multiple Revenue Streams
Sanofi P artnership has the Potential to Drive Business Through Multiple Revenue Streams 15 Co - exclusive license to co - commercialize Novavax’s current stand - alone adjuvanted COVID - 19 vaccine worldwide* Sole license to Novavax’s adjuvanted COVID - 19 vaccine for use in combination with Sanofi
Slide 16: Sanofi Partnership Potential to Provide Durable Cash Flows Over Time
16 Sanofi Partnership Has the Potential to Provide Durable Cash Flows Over Time $500M upfront payment received in Q2 2024 o $424M recognized in 2024 o $76M amortized over the performance period through 2026 $500 License, Royalties & Other Q2 2024 Upfront Payment and Equity Investment (~$570 Million)
Slide 17: Significant Interest in Both Matrix-M and R&D Assets
Significant Interest in Both Matrix - M and R&D Assets in Development Partnership potential in exploration phase • M aterial transfer agreement with a leading pharma company in Q4 2024 • Partnership interest in H5N1 avian pandemic influenza assets • Significant interest in partnering / out - licensi
Slide 18: Strategic Priority: Leveraging Technology and Pipeline for Additional Partnerships
STRATEGIC PRIORITY 2 Leveraging our Technology and Pipeline to Forge Additional Partnerships © 2025 NOVAVAX. All rights reserved. 18
Slide 19: Matrix-M Holds Incredible Promise for Our Own and Other Vaccines
Matrix - M Holds Incredible Promise for Our Own Vaccines and to Improve Other Companies’ Existing or New Vaccines R21/Matrix - M Malaria Vaccine: The Power of Matrix - M Partnership • Partnership with University of Oxford and Serum Institute of India • Used in multiple African countries to prevent m
Slide 20: Value Proposition and Proof Points for Matrix-M
Value Proposition and Proof Points Matrix - M Can be Added to Vaccines to Induce Stronger and Longer - lasting Immune Response 20 © 2025 NOVAVAX. All rights reserved. 1. Stertman , L et al., 2023 2. Kalkeri , R et al., 2024 3. Datoo , MS et al., 2022 • Improve upon existing viral vaccines Example: I
Slide 21: Matrix-M is Backed By Clinical Results
1 2 4 8 16 32 64 128 256 512 C o m p e t i n g A n t i b o d y E q u i v a l e n t ( C A E , μ g / m l ) HA (1.5 g/Strain) + Matrix-M (5 g) LOD Competition binning : A/Darwin/6/21 HA ✱✱✱✱ (p= <0.0001) ✱✱✱✱ (p= <0.0001) ✱ (p= 0.0299) Licensed IIV Licensed IIV + Matrix-M 21 Mice vaccinated on days 0 a
Slide 22: Early Research Shows Existing Pneumococcal Vaccines Could Benefit from Matrix-M
CASE STUDY Vaccine Vaccine + Matrix-M 10 1 10 2 10 3 10 4 10 5 Pneumococcal Vaccine (~3μg) I g G T i t e r ( E C 5 0 ) LOD 8.3 Fold- Rise Anti- Pneumococal Vaccine IgG Matrix - M Increases Antibody Detection Anti - Pneumococcal IgG Matrix - M Increases Antibody Activity Opsonophagocytic Killing (OPK
Slide 23: Combination and Stand-alone Flu Phase 3 Trial Initiated in December 2024
Novavax Combination and Stand - alone Flu Phase 3 Clinical Trial Initiated in December 2024 23 • Initiated Phase 3 trial in December 2024 • Initial cohort of ~2,000 participants • Immunogenicity comparisons to standalone COVID - 19 and commercial trivalent influenza vaccine • A dults age 65+ • Worki
Slide 24: Pursuing Partnership for Combination and Stand-alone Flu Vaccine Candidates
Pursuing Partnership for our Differentiated Combination and Stand - alone Flu Vaccine Candidates Leverage Proven Technology Platform Commercialized COVID - 19 vaccine with demonstrated efficacy and tolerability profile Matrix - M induces broad antibody response and long - lived cellular response Tri
Slide 25: Phase 2 Influenza + COVID-19 (65+) Clinical Outcomes
Phase 2: Influenza + COVID - 19 (65+) Clinical Outcomes Highlight the Partnership Opportunity for our Programs in High - value Markets 25 CIC wild - type HAI* responses generally consistent with Fluzone ® HD and FLUAD ® Strong immune response with SARS - CoV - 2 anti - S IgG and neutralization respo
Slide 26: H5N1 Avian Pandemic Influenza Program
Solid Foundation to Advance Our Differentiated H5N1 Avian Pandemic Influenza Program Leveraging Our Infectious Disease Expertise to Address Potential Pandemics • H5N1 vaccine candidate currently undergoing preclinical evaluation • Evaluating multiple highly pathogenic avian influenza strains • Abili
Slide 27: Strategic Priority: Advancing Technology and Early-stage Pipeline
STRATEGIC PRIORITY 3 Advancing our Technology and Early - stage Pipeline 27 © 2025 NOVAVAX. All rights reserved.
Slide 28: Technology Creates Opportunities to Strategically Diversify Our Pipeline
Novavax’s R&D expertise, paired with our transformative technology, should allow us to expand our pipeline with high - value programs.” Ruxandra Draghia - Akli, MD, PhD Executive Vice President and Head of R&D Novavax's Technology Creates Opportunities to Strategically Diversify Our Pipeline © 2025
Slide 29: Identifying 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 Core Expertise COVID - 19 - Influenza Combination (CIC), stand - alone seasonal influenza vaccine candidates COVID - 19 CIC Flu New Opportunities in Infectious D
Slide 30: In-House R&D Pipeline Diversification
Partner Authorized Use Phase 3 Phase 2 Phase 1 Preclinical Candidate Therapeutic Area Novavax Novavax COVID - 19 Vaccine 1 Respiratory diseases COVID - 19 COVID - influenza combination (CIC) vaccine Respiratory diseases COVID - 19 + seasonal influenza Influenza vaccine (older adults) Respiratory dis
Slide 31: Advancing Early-Stage and Preclinical Programs in Vaccine-Preventable Diseases
© 2025 NOVAVAX. All rights reserved. Advancing Early - Stage and Preclinical Programs in High - Value Vaccine - Preventable Diseases H5N1 Avian Flu RSV Combinations Varicella - zoster virus (Shingles) C. difficile • Non - human primate studies have shown our vaccine candidate can produce protective
Slide 32: Establishing a Lean Operating Model to Drive Shareholder Value
Establishing a Lean Operating Model to Drive Shareholder Value © 2025 NOVAVAX. All rights reserved. 32
Slide 33: Driving Shareholder Value While Remaining Agile
33 We remain focused on improving the financial strength and performance of Novavax to drive shareholder value. Through a diligent approach to our cost structure, we are creating an agile and lean organization that is positioned to deliver on our strategy.” Jim Kelly Executive Vice President, Chief
Slide 34: New Growth Strategy Has Potential for Multiple Revenue Streams
New Growth Strategy for Novavax Has Potential for Multiple Revenue Streams Areas of Potential Revenue Generation in 2025 and Beyond Are Not Included in 2025 Guidance 2025 Revenue Framework New Strategy Drives Revenue Growth via Partnering and Innovative R&D Core Spend Profile Focus on Lean and Effic
Slide 35: 2025 is an Important Transition Year for Novavax
2025 is an Important Transition Year for Novavax Change to How Our Financials Will Look What Investors Should Expect During 2025 Revenue changes as we Track our progress on…. Focus on key value producing R&D programs and Eliminate the cost and complexity associated with commercialization activities
Slide 36: Reducing Operating Expenses to Enable Value Creation
FY 2022 Actual FY 2023 Actual FY 2024 Actual FY 2025 Expected FY 2026 Expected FY 2027 Expected Reducing Operating Expenses to Enable Value Creation FY 2025 guidance for combined R&D and SG&A expenses of $475 - $525 million o Targeting ~70% of spend in R&D for 2025 o Majority of R&D spend relates to
Slide 37: 2025 Revenue Framework
2025 Revenue Framework 37 © 2025 NOVAVAX. All rights reserved. Full Year 2025 (as of February 27, 2025) $ in millions No guidance at this time Sanofi Royalties No guidance at this time Sanofi CIC and Matrix - M Milestones No guidance at this time Product Sales $300 - $350 Adjusted Licensing, Royalti
Slide 38: Significant Value Creation Potential from Sanofi Related Revenue
Significant Value Creation Potential from Sanofi Related Revenue 38 © 2025 NOVAVAX. All rights reserved. Components of r evenue excluded from the 2025 Revenue Framework o Sanofi Royalties 1 o Sanofi CIC and Matrix M related M ilestones 2 o Nuvaxovid Product Sales 3 1. Sanofi Royalties . Sanofi will
Slide 39: 2025: Year Ahead
2025: Year Ahead © 2025 NOVAVAX. All rights reserved. 39
Slide 40: 2025 and Beyond
40 © 2025 NOVAVAX. All rights reserved. 2025 and Beyond Additional Sanofi - related milestones Data from late - stage assets Additional and enhanced partnerships Advancement of early - stage pipeline WHAT TO EXPECT KEY MILESTONES U.S. COVID - 19 BLA PDUFA date of April 2025 Sanofi CIC Phase 3 trial
Slide 41: Thank you
Thank you 41 © 2025 NOVAVAX. All rights reserved.