Slide 1: Fourth Quarter and Full Year 2025 Financial Results and Operational Highlights
Fourth Quarter and Full Year 2025 Financial Results and Operational Highlights February 26, 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 funding for vaccine research and development, reimbursement for vaccines and their administration, identified by the use of words such as “ant
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: Q4 2025 Earnings Call Agenda
Q4 2025 Earnings Call Agenda Welcome Luis Sanay Vice President, Investor Relations Growth Strategy John C. Jacobs President and Chief Executive Officer Business Development Elaine O’Hara Executive Vice President, Chief Strategy Officer Research and Development Ruxandra Draghia-Akli, MD, PhD Executiv
Slide 5: Transformed Our Business Model to Position Novavax for Long-term Value Creation
Transformed Our Business 2023-2024 2025-2027 2028 and Beyond Model to Position Novavax for Global Commercial Driving Value Vision for Long-term Long-term Value Company With Through Partnering Growth Via Diversified Singular Focus on and R&D Innovation Revenue Base Creation COVID-19 • New growth stra
Slide 6: Value Creation Opportunity Amplifies Over Time with Potential for Billions in Revenue
Value Creation Opportunity Amplifies Over Time with Potential for Billions in Revenue Current Mid- to Long-Term • Upfront and milestone • Upfront payments from new payments from current partnerships agreements • Milestone payments from both new and • Royalties from our existing partners for continue
Slide 7: R&D Innovation to Drive Near and Long-Term Value
R&D Innovation to Drive Near and Long-Term Value Generating data for Expanding utility of Advancing our R&D partnering discussions Matrix for portfolio assets for partnering of Matrix-based adjuvants 7 © 2026 NOVAVAX. All rights reserved.
Slide 8: 2025: A Year of Achievements; 2026 Potential for Value Creation
2025: Potential for Value Creation: A Year of Achievements 2026 Potential Nuvaxovid U.S. BLA >12% market share1 for Potential for more partnership announcements approved + commercial Nuvaxovid® in Japan in 2025 transition to Sanofi via Takeda partnership Continued progress across our R&D efforts $22
Slide 9: Business Development Update
Business Development Update © 2026 NOVAVAX. All rights reserved. 9 9
Slide 10: Progress Advancing Partnering Our Technology
Progress Advancing Partnering Our Technology Pfizer Agreement Matrix-M • Non-exclusive license for Matrix-M use in two • Material Transfer Agreements (MTAs) provide infectious disease areas potential partners the opportunity to explore the utility of Matrix-M in their vaccine portfolios Financial Te
Slide 11: Novavax Deal Architecture Designed to Layer Value Over Time
Novavax Deal Architecture Designed to Layer Value Over Time and Bridge to Significant Long-term Royalty Potential Past Current Near- to Mid- to 2024-2025 2026 Mid-Term Long-Term • Nuvaxovid royalties • New Matrix-M pipeline asset(s) $570M in upfront/investment milestones $200M per product & Nuvaxovi
Slide 12: R&D Innovation Fueling Partnerships
R&D Innovation Fueling Partnerships Data fuels new partnerships or expansion of an existing partnerships with potential for initial upfront payments, development milestones and royalties Generating data for Expanding utility of Advancing our R&D partnering discussions Matrix for portfolio assets for
Slide 13: Growth Strategy Focused on Global Market Opportunity Projected >$100B by the 2030s
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 14: Research & Development Update
Research & Development Update © 2026 NOVAVAX. All rights reserved. 14 14
Slide 15: Novavax Pipeline
Novavax Pipeline P Preclinical 1 Phase 1 2 Phase 2 3 Phase 3 A Authorized Use Therapeutic Area Candidate Phase Partner Preclinical Phase 1 Phase 2 Phase 3 Authorized Use Commercial Products Early-Stage Clostridiodes difficile (C. diff) colitis – initial preclinical work funded C. diff P 1 2 3 A Vari
Slide 16: 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 17: C. Diff Vaccine Candidate
C. Diff Vaccine Candidate Design Attributes Prior Approach Why it may have Failed Novavax Approach MOA Toxin based and designed to Remaining bacteria might not Antigen approach neutralize toxins vs. kill bacteria reduce C. diff in gut Protection is thought to Assessing mucosal Insufficient mucosal M
Slide 18: Novavax Pipeline
Novavax Pipeline P Preclinical 1 Phase 1 2 Phase 2 3 Phase 3 A Authorized Use Therapeutic Area Candidate Phase Partner Preclinical Phase 1 Phase 2 Phase 3 Authorized Use Commercial Products Early-Stage Clostridiodes difficile (C. diff) colitis – initial preclinical work funded C. diff P 1 2 3 A Vari
Slide 19: Partnered Commercial Products and Partner Pipeline
Partnered Commercial Products and Partner Pipeline Significant expansion of vaccine pipeline assets that include Novavax technology via partnering approach P Preclinical 1 Phase 1 2 Phase 2 3 Phase 3 A Authorized Use Commercial Products Therapeutic Area Candidate Phase Partner Preclinical Phase 1 Ph
Slide 20: Financial Results
Financial Results © 2026 NOVAVAX. All rights reserved. 20 20
Slide 21: Fourth Quarter & Full Year 2025 Financial Results Highlights
Fourth Quarter & Full Year 2025 Financial Results Highlights Financial Results Operating Expenses Cash1 1 Combined R&D and SG&A expenses 1 Combined Cash & A/R of $857 1 Total Revenue: million (12/31/2025) FY 2025 $500 million • Cash: $751 million FY 2025 $1,123 million • 31% decrease YoY • A/R: $106
Slide 22: Full Year 2025 Results versus Guidance/Revenue Framework
Full Year 2025 Results versus Guidance/Revenue Framework FY 2025 FY 2025 Total Revenue Combined R&D and SG&A Expenses $ in millions GAAP Non-GAAP1 600 GAAP Non-GAAP2 1,200 Excludes Sanofi supply 520 Net of R&D sales & royalties 500 reimbursements 1,123 500 450 1,102 1,100 408 1,050 400 Midpoint Midp
Slide 23: Q4 2025 Total Revenue
Q4 2025 Total Revenue Total Revenue $ in millions Q4 2025 Q4 2024 Change % Nuvaxovid Sales 1 $20 $50 ($30) NM $ in millions Supply Sales 2 19 9 10 NM 200 67% YoY Increase Product Sales 39 59 (20) (34%) 147 150 Sanofi 3 98 30 68 NM Product 39 Takeda 8 (4) 12 NM Sales 100 88 Other Partners 4 2 3 (1) N
Slide 24: Q4 2025 Combined R&D and SG&A Expense Results
Q4 2025 Combined R&D and SG&A Expense Results Significant progress on cost reduction GAAP Non-GAAP $ in Q4 YoY trends highlight millions (40%) continued improvements (53%) 200 183 GAAP Non-GAAP 174 R&D (27%) (50%) 150 R&D 104 95 SG&A (56%) (56%) 110 100 Total (40%) (53%) 82 76 48 50 Annualized run r
Slide 25: Q4 2025 & Full Year 2025 Financial Results
Q4 2025 & Full Year 2025 Financial Results ($ in millions, except per share amounts) Q4 2025 Q4 2024 FY 2025 FY 2024 Product sales $ 39 $ 59 $ 685 $ 213 Licensing, royalties, and other 108 29 438 469 Total revenue 147 88 1,123 682 Cost of sales 22 37 73 203 Research and development 76 104 342 391 Se
Slide 26: 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 P&L profitability as early as 20282,3 Reduced operating expenses o Decreased GAAP R&D and SG&A expenses by $1.2B and over 70% since year end 2022 Re
Slide 27: 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% ~$200M Core Spend $ in decrease as partner and APA Targeted R&D Investments millions support activities are 408 completed 400 • Advancement of the early-stage 325 pipeline with potential to bring at least one program into th
Slide 28: Full Year 2026 Revenue Framework & Expense Guidance
Full Year 2026 Revenue Framework & Expense Guidance Full Year 2026 Revenue Framework Full Year 2026 $ in millions (as of February 26, 2026) See footnotes Nuvaxovid Product Sales1 $35 - $45 on slide 29 Adjusted Supply Sales2 $40 - $50 Adjusted Licensing, Royalties and Other $155 - $175 Revenue3 Adjus
Slide 29: 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 30: Closing Remarks
Closing Remarks © 2026 NOVAVAX. All rights reserved. 30 30
Slide 31: Q&A
Q&A © 2026 NOVAVAX. All rights reserved. 31 31
Slide 32: Appendix
Appendix © 2026 NOVAVAX. All rights reserved. 32 32
Slide 33: Q4 2025 and Full Year 2025 Total Revenue
Q4 2025 and Full Year 2025 Total Revenue $ in millions Q4 2025 Q4 2024 Change % FY 2025 FY 2024 Change % Nuvaxovid Sales 1 $20 $50 ($30) NM $625 $190 $435 NM Supply Sales 2 19 9 10 NM 60 23 37 NM Product Sales 39 59 (20) (34%) 685 213 472 NM Sanofi 3 98 30 68 NM 386 459 (73) (16%) Takeda 8 (4) 12 NM
Slide 34: Reconciliation of GAAP to Non-GAAP Financial Results
Reconciliation of GAAP to Non-GAAP Financial Results 34 © 2026 NOVAVAX. All rights reserved.
Slide 35: © 2026 NOVAVAX. All rights reserved.
35 © 2026 NOVAVAX. All rights reserved.