Novavax (NVAX) Jefferies 2024 Global Healthcare Conference summary

Strategic progress and partnerships

• Executed a three-pillar strategy: proving technology, reducing liabilities, and expanding beyond COVID vaccines.

• Reduced current liabilities by up to $2 billion and cut OpEx by over $1 billion in 15 months.

• Established a major partnership with Sanofi, including $500 million upfront, $700 million in milestones, and ongoing royalties.

• Sanofi partnership enables access to Matrix-M platform, with up to $200 million in milestones per new vaccine and long-term royalties.

• Maintains independence and plans to expand its own pipeline and pursue further business development.

Product and regulatory updates

• Ready to supply ample JN.1 variant COVID vaccine in pre-filled syringes for the upcoming season, with distribution expected by August.

• Pursuing both EUA for rapid market entry and BLA for long-term regulatory alignment; PDUFA date set for April next year.

• Retail access and pre-filled syringe format are key commercialization levers for the U.S. market.

• No changes to 2024 guidance as recent regulatory developments were anticipated.

Pipeline and development plans

• Launching two phase III programs this fall: a flu/COVID combination and a standalone flu vaccine, with data expected by next year.

• Phase II data for both programs were positive, supporting confidence in accelerated approval pathways.

• Sanofi can develop combination and new vaccines using Matrix-M, with Novavax eligible for milestones and royalties.

• Company retains the option to out-license, co-develop, or partner late-stage assets, maximizing optionality.