Novavax (NVAX) TD Cowen 46th Annual Health Care Conference summary

Strategic transformation and partnerships

• Shifted from a COVID-19-only focus to a platform-based strategy emphasizing out-licensing and partnerships, aiming to expand the impact and value of its technology.

• Key partnerships include Sanofi and Pfizer, with Sanofi integrating the COVID vaccine into combination products and Pfizer exploring Matrix-M in up to two assets.

• Multiple material transfer agreements (MTAs) signed with large pharma and oncology companies, enabling partners to test Matrix-M in their own labs.

• Growing interest from industry partners, with more engagement now than in the past three years.

• New partnership announcements and pipeline data are anticipated as ongoing milestones.

Product and pipeline development

• Expanding Matrix-M adjuvant platform with new formulations, including dry powder for improved delivery and thermostability.

• Developing a portfolio of new Matrix-based adjuvants to target hard-to-treat diseases, including oncology.

• Early-stage pipeline assets are advancing toward phase one and potentially phase two, with plans to partner these out.

• Oncology collaborations focus on leveraging Matrix-M to enhance immune responses for personalized and hard-to-treat tumors.

• C. difficile vaccine candidate addresses a major unmet need, with promising preclinical data and a design informed by past industry learnings.

Commercial execution and market positioning

• Sanofi leads commercialization of the COVID vaccine in the U.S., leveraging its contracting, messaging, and distribution strengths.

• Nuvaxovid's tolerability profile is a key differentiator, with Sanofi expected to build market share methodically.

• Royalty rates on Nuvaxovid sales are in the high teens to low twenties percentage range.

• Sanofi's first full cycle launch under a BLA is expected to drive royalties and milestones starting in the upcoming fall season.