Novavax (NVAX) 44th Annual J.P. Morgan Healthcare Conference summary

Vision and Transformation

• Transitioned from a single-asset COVID vaccine focus to a diversified, partnership-driven platform strategy since 2023, with leadership changes and a global commercial model.

• Achieved major cost and liability reductions, cutting over $2 billion in liabilities and reducing headcount by 65-70% between 2023-2025.

• Maintains a lean operating model, prioritizing non-dilutive funding, fiscal discipline, and targeting $250 million in SG&A and R&D by 2027.

• Aims for non-GAAP profitability as early as 2028, leveraging partner revenues, new business development, and the Sanofi CIC launch.

• Envisions long-term growth through multiple pharma partners, diversified royalty streams, and milestone opportunities beyond 2028.

Partnership Strategy and Milestones

• Key partners include Sanofi, Takeda, and Serum Institute of India, with Sanofi providing over $800 million in non-dilutive capital in 18 months.

• Eligible for significant milestones and royalties from Sanofi, including $125 million for phase III initiation and $225 million at commercial launch for combination vaccines.

• Multiple Material Transfer Agreements (MTAs) signed with top pharma and oncology companies, aiming to convert these into future partnerships and licensing agreements.

• Achieved all anticipated 2025 milestones, including $225 million from Sanofi, and expects further partnership announcements in 2026-2028.

• Actively seeking new partnerships and licensing agreements to drive future value.

R&D and Technology Platform

• R&D focuses on generating proof points, expanding technology utility (including oncology), and developing early-stage assets for partnership.

• Matrix-M adjuvant enables broad, potent, and durable immune responses, compatible with multiple vaccine platforms.

• Pipeline includes marketed COVID-19 and malaria vaccines, with preclinical and clinical candidates in RSV, shingles, C. diff, and pandemic influenza.

• Early-stage programs in C. diff, shingles, and RSV triple are advancing with minimal investment, aiming for clinical entry by 2027.

• Over 5.5 million COVID-19 vaccine doses and ~25 million R21/Matrix-M malaria vaccine doses administered globally.