Slides
Page 1
Novavax Corporate Presentation May 2025 © 2025 NOVAVAX. All rights reserved.
Page 2
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,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including Novavax’s corporate strategy and operating plans, objectives and prospects; its value drivers and near-term priorities; its partnerships, including expectations with respect to potential royalties, milestones, and cost reimbursement, and plans for additional potential partnering activities; its expectations regarding manufacturing capacity, timing, production and delivery for its COVID-19 vaccine; the transition of the lead responsibility for commercialization of Novavax’s COVID-19 vaccine to Sanofi beginning with the 2025-2026 vaccination season; the development of Novavax’s clinical and preclinical product candidates and innovation expansion opportunities, including with respect to new Matrix formulations; the conduct, timing and potential results from clinical trials and other preclinical studies; scope, timing and outcome of future and pending regulatory filings and actions, including the potential BLA approval for Novavax’s COVID-19 vaccine; full year 2025 financial guidance and revenue framework; expected combined annual R&D and SG&A expenses for 2025, 2026 and 2027; negotiations regarding Novavax’s existing advance purchase agreements; and Novavax’s future financial or business performance. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, challenges or delays in obtaining regulatory authorization for its COVID-19 vaccine, in particular with respect to its BLA submission to the FDA for approval of its COVID-19 vaccine, and alignment with the FDA on the postmarketing commitment or its product candidates, including for future COVID-19 variant strain changes, its CIC vaccine candidate, its stand-alone influenza vaccine candidate or other product candidates; Novavax’s ability to successfully and timely manufacture, market, distribute, or deliver its COVID-19 vaccine and the impact of its not having received a BLA from the FDA for the 2024-2025 vaccination season and the impact of any further delays in FDA approval; challenges related to Novavax’s partnership with Sanofi and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification, assay validation and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for its product candidates; manufacturing, distribution or export delays or challenges; Novavax’s substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co- formulation and filling Novavax’s COVID-19 vaccine and the impact of any delays or disruptions in their operations; difficulty obtaining scarce raw materials and supplies including for its proprietary adjuvant; resource constraints, including human capital and manufacturing capacity; constraints on Novavax’s ability to pursue planned regulatory pathways, alone or with partners; challenges in implementing its global restructuring and cost reduction plan; Novavax’s ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of its COVID-19 vaccine or any COVID-19 variant strain containing formulation, or for its CIC vaccine candidate and stand-alone influenza vaccine candidate or other product candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities, including requirements to deliver doses that may require Novavax to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements and challenges in amending or terminating such agreements; challenges related to the seasonality of vaccinations against COVID-19 or influenza; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities, including with respect to Novavax’s Matrix-M adjuvant; Novavax’s expectations as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than its assumptions; and the risks identified under the heading “Risk Factors” in Novavax’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as subsequent filings with the Securities and Exchange Commission. Novavax cautions investors not to place considerable reliance on the forward-looking statements contained in this presentation. Investors are encouraged to read Novavax’s filings with the Securities and Exchange Commission, available at www.sec.gov and on our website at www.novavax.com, for a discussion of these and other risks and uncertainties. The forward-looking statements in this presentation speak only as of the date of this presentation, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. NovavaxTM (and all associated logos) is a trademark of Novavax, Inc. Matrix-M® is a trademark of Novavax AB.
Page 3
3 Non-GAAP Financial Measures © 2025 NOVAVAX. All rights reserved. The Company presents the following non-GAAP financial measures in this press release: Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Company believes that the presentation of these adjusted financial measures is useful to investors as they provide additional information on comparisons between periods by including certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes and to consider underlying trends of its business. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. Our use of non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. The Company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable effort because the Company is reliant on Sanofi sales forecasts for certain revenue categories, which are not available.
Page 4
Table of Contents Corporate Overview and Growth Strategy • Corporate strategy • Novavax technology • Strategic priorities + impact • 2025 and beyond Strategic Priorities 1. Optimize our Sanofi partnership 2. Leverage our technology platform and pipeline to forge additional partnerships 3. Advance our technology platform and early-stage pipeline Establishing a Lean Operating Model to Drive Shareholder Value • Lean and agile organization • Financial guidance and revenue framework 4© 2025 NOVAVAX. All rights reserved.
Page 5
Corporate Overview and Growth Strategy © 2025 NOVAVAX. All rights reserved. 5
Page 6
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 vaccine-preventable diseases and oncology, we plan to grow our own pipeline as well as collaborate to potentially improve or expand the portfolios of partners.” John C. Jacobs President and Chief Executive Officer Novavax is Focused on Harnessing the Promise of Vaccine Innovation to Help People Live Healthier Lives © 2025 NOVAVAX. All rights reserved. 6
Page 7
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 assets Sanofi relationship serves as an example of future strategic partnerships 7 Positioned for success Diversified & value-generating vaccine pipeline Differentiated & clinically proven technology Partner of choice Novavax is Driving Vaccine Innovation to Tackle Global Health Challenges and Create Value for Our Stakeholders Through R&D and Business Development Protein-based nanoparticles and Matrix- M® have potential to generate best-in-class vaccines with reduced cost of goods © 2025 NOVAVAX. All rights reserved.
Page 8
Technology Platform 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 recombinant protein-based nanoparticle is highly immunogenetic and efficacious.1 Excellent tolerability Favorable safety profile in clinical trials2,3 Allow use of a lower dose of antigen that is still effective2 Reduce the cost of production by using less antigen product when manufacturing2 Potentially enable new vaccines to be developed for certain poorly immunogenic pathogens Helps immune system recognize a virus from different angles, improving immune response Reassuring safety profile1 Refrigerator-stable Well-suited for development of combination vaccines Greater dose of antigen in a safe and targeted manner Disease-agnostic and adaptable CLINICALLY PROVEN 1.Dunkle LM, Kotloff KL, Gay CL et al. Efficacy and Safety of NVX-CoV2373 in Adults in the United States and Mexico. New England Journal of Medicine, 386(6), 531-543 (2022). 2.Heath PT, Galiza EP, Baxter DN et al. Safety and Efficacy of the NVX-CoV2373 COVID-19 Vaccine at Completion of the Placebo-Controlled Phase of a Randomized Controlled Trial. Clinical Infectious Diseases, (2022) 3.Áñez. Safety, Immunogenicity, and Efficacy of the NVX-CoV2373 COVID-19 Vaccine in Adolescents. JAMA Netw Open. Published April 26, 2023. doi:10.1001/jamanetworkopen.2023.9135 © 2025 NOVAVAX. All rights reserved.
Page 9
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 and for Matrix-M® Strategic Priorities One Operating Model 1 2 1 2 3 Optimize our Sanofi partnership Leverage our technology platform and pipeline to forge additional partnerships Lean and focused R&D and business development operating model 9© 2025 NOVAVAX. All rights reserved. Advance our technology platform and early-stage pipeline
Page 10
10 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 2023 Forward Evolution of Business Model to Focus on R&D and Diversified Partnerships COVID-19 vaccine launched in multiple markets New leadership in 2023 New CEO and executive team restructure 2nd product launch in 2023 Sanofi partnership announced May 2024 Collaboration and licensing agreement with multiple potential revenue streams Focus on driving value through R&D and partnerships/collaborations Strong Foundation with Future Focus on Innovating and Partnering Our Technology Platform 2020-2022 Vertically Integrated Commercial Company with Singular Focus on COVID-19 © 2025 NOVAVAX. All rights reserved. Evolution of Business Model to Focus on R&D and Diversified Partnerships
Page 11
11© 2025 NOVAVAX. All rights reserved. 2025 and Beyond Additional Sanofi-related milestones Additional partnerships Advancement of early-stage pipeline WHAT TO EXPECT KEY MILESTONES U.S. COVID-19 BLA Decision Sanofi CIC Phase 3 trial initiation Sanofi royalty opportunities from fall 2025 COVID-19 commercial performance Transition U.S. + EU markets to Sanofi
Page 12
STRATEGIC PRIORITY 1 Optimize our Sanofi Partnership © 2025 NOVAVAX. All rights reserved. 12
Page 13
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 build additional partnerships and collaborations, through which we can drive significant future value for all our stakeholders.” Elaine O’Hara Executive Vice President and Chief Strategy Officer Existing and Future Partnerships Promise to Increase Access to Our Technology and Fuel Value to Stakeholders © 2025 NOVAVAX. All rights reserved. 13
Page 14
Sanofi Partnership has the Potential to Drive Business Through Multiple Revenue Streams 14 License to co- commercialize Novavax’s current stand-alone adjuvanted COVID-19 vaccine worldwide* License to Novavax’s adjuvanted COVID-19 vaccine for use in combination with Sanofi’s flu and other vaccines Non-exclusive license to use the Matrix-M® adjuvant in vaccine products Sanofi took a minority (<5%) equity investment in Novavax * Except in countries with existing Advance Purchase Agreements and in India, Japan, and South Korea where Novavax has existing partnership agreements Future partnerships will further validate our technology platform and have the potential to provide significant opportunity to drive value creation, increase access to our technology and benefit global health © 2025 NOVAVAX. All rights reserved.
Page 15
15 Sanofi Partnership Has the Potential to Provide Durable Cash Flows Over Time Upfront Payment and Equity Investment (~$570 Million) Q2 2024 License, Royalties & Other $500 $500M upfront payment received in Q2 2024 o $424M recognized in 2024 o $76M amortized over the performance period through 2026 Q2 2024 Balance Sheet ~$70 Equity investment Milestones ($700 Million) Q4 2024 License, Royalties & Other $50 Pediatric database lock – revenue recognition amortized over performance period through 2026 2025 $175 BLA Approval 2025 $25 Transfer of U.S. market authorization 2025 $25 Transfer of EU market authorization Late 2026 $75 Technology transfer completed Per Sanofi development plan $125 Initiation of Phase 3 trial of Sanofi influenza-COVID-19 program $225 First commercial sale of Sanofi combination product Royalties 2025 & forward License, Royalties & Other High Teens to low Twenties % Nuvaxovid tiered net product sales royalty Per Sanofi development plan License, Royalties & Other Mid-single digits to sub teens % Sanofi influenza-COVID-19 & other combination products tiered net product sales royalty Cost Reimbursement 2025 - 2026 License, Royalties & Other Variable Product supply, select R&D activities and technology transfer during the performance period through 2026 Payment Type Expected Event Timing* Line Item Amount ($M) Related To In addition, Novavax is eligible to receive economics under the Matrix-M® license agreement New vaccines using Matrix-M: Launch and sales milestones of up to $200M plus mid-single digits royalties *Company estimate of when event may occur rather than when payment becomes due 1. Sanofi may select the first four of such products without having to pay these milestones © 2025 NOVAVAX. All rights reserved.
Page 16
COVID Continues to Cause Severe Illness 16 Cumulative COVID hospitalizations rates are ~4x higher than flu1 © 2025 NOVAVAX. All rights reserved. 1. Respiratory Virus Hospitalization Surveillance Network (RESP-NET) 2. CDC FluVax View, 2023-24 3. CDC CovidVax View, 2023-24 Yet COVID vaccine coverage rates are less than half of those of flu vaccines 45% 22% Flu COVID-19 Cumulative hospitalization rate in adults aged 65+ years in the US, 2023-24 season COVID-19 and Flu vaccination rates among US adults 18+ 2023-24 season 2,3
Page 17
REAL WORLD EVIDENCE 17 Nuvaxovid Tolerability: A Consistent, Clear Differentiator versus mRNA Vaccines © 2025 NOVAVAX. All rights reserved. % of Participants with events within 2 days (IPTW adjusted) 0% 20% 40% 60% 80% 100% Fever Fatigue Malaise Muscle pain Joint pain Nausea/vomiting Headache 0% 20% 40% 60% 80% 100% Pain Tenderness Erythema Swelling mRNANovavaxLocal Systemic (Lower is better) 1.Based on average symptom experienced by patients in the SHIELD-Utah study. Novavax recipients experienced 1.7 symptoms versus 2.8 systemic symptoms in Pfizer-BioNTech recipients. Rousculp et al., 2025. ESCMID presentation. 2. Rousculp et al., 2024. doi: 10.3390/vaccines12070802 3. Rousculp et al., 2025. ESCMID presentation. 4. Ryan et al., 2019. doi: 10.1016/j.heliyon.2019.e02604 o 2019nCoV-406: mRNA platforms are more reactogenic.2 o Avoiding unwanted side effects can have positive impacts on people’s lives.3 o Historically, reactogenicity concerns have driven vaccine refusal.4 o The Novavax protein-based platform, with Matrix-M adjuvant, addresses those concerns: fewer side effects with reduced severity. Nuvaxovid recipients experienced approximately 39% fewer symptoms1
Page 18
STRATEGIC PRIORITY 2 Leverage our Technology Platform and Pipeline to Forge Additional Partnerships © 2025 NOVAVAX. All rights reserved. 18
Page 19
Therapeutic Area Candidate Preclinical Phase 1 Phase 2 Phase 3 Authorized Use Partner Developed by partners leveraging Novavax technology Parasitic diseases Malaria R21/Matrix-M® adjuvant1 Respiratory diseases COVID-19 + seasonal influenza RIV3 (FLUBLOK) - NCT066951302 Respiratory diseases COVID-19 + seasonal influenza TIV-HD (FLUZONE High- Dose) NCT066951172 Respiratory diseases Additional Vaccines Licensed rights to develop additional combination vaccines using our COVID-19 vaccine Vaccines using our Matrix-M adjuvant Licensed rights to develop vaccines using our Matrix-M adjuvant Matrix-M 1. Commercialized by Serum Institute of India; Granted prequalification by the WHO and distributed by UNICEF to endemic countrie s in Africa. 2. Granted Fast Track designation in the U.S. Phase 1/2 Matrix-M Phase 1/2 Matrix-M Value Generation Through Existing Partnerships 19© 2025 NOVAVAX. All rights reserved.
Page 20
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 malaria in children aged 5 months to 3 years, with 15+ countries to offer the vaccine by 2025 • One of only two malaria vaccines recommended for use in malaria endemic areas • Expected to save 10,000s of young lives every year • R21-Matrix-M well tolerated with high efficacy against malaria in children1 20 © 2025 NOVAVAX. All rights reserved. Potential to Save Millions of Lives • Gavi expects to vaccinate 52 million children against malaria by 20302 • R21/Matrix-M an important cost-effective option with ample supply2 1. Datoo MS, et al. Lancet. 2024 Feb 10;403(10426):533–544. doi: 10.1016/S0140-6736(23)02511-4 2. Center for Global Development Blog: Malaria Vaccines: Turning a Scientific Triumph into Millions of Lives Saved - December 2024
Page 21
Significant and Growing Interest in Matrix-M® and our Technology Platform Partnership potential in exploration phase • Multiple material transfer agreements with leading pharma companies • Pre-clinical collaboration to explore Matrix-M in a partner cancer vaccine • Partnership preparedness for H5N1 avian pandemic influenza assets • Significant interest in partnering / out-licensing Matrix-M adjuvant CURRENT PARTNERSHIPS © 2025 NOVAVAX. All rights reserved. 21
Page 22
Value Proposition and Proof Points Matrix-M® Can be Added to Vaccines to Induce Stronger and Longer-lasting Immune Response 22© 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: Inactivated egg-based influenza • Improve immune response, antigen-sparing, reduce COGs Example: Pneumococcal polysaccharide • Explore opportunities and potential partnerships in oncology • Enable new vaccine development for poorly immunogenic pathogens • Explore development of new Matrix-M formulations for new applications • Increased magnitude and breadth of antibody response • Induces polyfunctional T-cells • Supports FcR-mediated responses • Antigen-sparing across many platforms • Favorable safety and reactogenicity profile Actively partnering Matrix-M with vaccine companies to improve existing portfolios and bring new vaccines to market Matrix-M® Adjuvant Attributes1,2,3
Page 23
Wide Range of Exposures • 1 to 3 dose primary regimens at 3- to 4-week intervals • Boosting at 2 to 12 months • 25 µg to 100 µg doses Wide Range of Antigens (Novavax or Collaborators) Administered to over 50,000 participants in clinical studies 23 © 2025 NOVAVAX. All rights reserved. CONFIDENTIAL AND PROPRIETARY. 1. Stertman et al. Hum Vaccin Immunother. 2023 Dec 31;19(1):2189885. doi: 10.1080/21645515.2023.2189885 2. Van Wagoner N, et al. J Infect Dis. 2018 Nov 5;218(12):1890–1899. doi:10.1093/infdis/jiy415 3. Natama HM, et al. Lancet Infect Dis. 2024 Dec 10:S1473–3099(24)00752-7. doi:10.1016/S1473-3099(24)00752-7 4. Silk SE, et al. Lancet Infect Dis. 2024 Oct;24(10):1105–1117. doi:10.1016/S1473-3099(24)00312-8 5. Koraka P, et al. Vaccine. 2014 Jun;32(36):4644-4650 doi:10.1016/j.vaccine.2014.06.058 6. Venkatraman N, et al. Vaccine. 2017 Oct 27;35(45):6208–6217. doi:10.1016/j.vaccine.2017.09.028 Ample Body of Evidence and Extensive Matrix-M Experience Future Opportunities (Novavax or Collaborators) • Combination Vaccines • mRNA Vaccines • Oncology • Other applications Purified recombinant proteins1-5 • COVID-19 – Ph3 • Malaria – Ph2b • HSV Type 2 – Ph2 • West Nile – pre-clinical • Rabies – pre-clinical Whole or detergent-split inactivated viruses1 • Influenza – Ph1 Nanoparticles1,7-10 • Influenza – Ph3 • COVID-19 – Ph1/2 • Ebola – Ph1 • Epstein-Barr – Ph1 Virus-like particles1,12 • Malaria – Ph3 • H7N9 – Ph1/2 Adenoviral- vectored vaccines1,6 • Malaria – Ph2b • Influenza – pre-clinical Virosomes1, 11 • H5N1 – Ph1 7. Fries L, et al. J Infect Dis. 2023 Sep 15;228(6):734–741. doi:10.1093/infdis/jiad163 8. Keech C, et al. N Engl J Med. 2020 Dec 10;383(24):2320–2332. doi:10.1056/NEJMoa2026920 9. ClinicalTrials.gov identifier: NCT04645147. Active, not recruiting. Updated 2025 Mar 14. Accessed 2025 Apr 8. https://www.clinicaltrials.gov/study/NCT04645147 10. Shinde V, et al. Lancet Infect Dis. 2022 Jan;22(1):73–84. doi:10.1016/S1473-3099(21)00192-4 11. Cox RJ, et al. Vaccine. 2011 Oct 19;29(45):8049–8059. doi:10.1016/j.vaccine.2011.08.042 12. Datoo MS, et al. Lancet. 2024 Feb 10;403(10426):533–544. doi:10.1016/S0140-6736(23)02511-4
Page 24
CASE STUDY Vaccine Vaccine + Matrix-M 101 102 103 104 105 Pneumococcal Vaccine (~3μg) IgG Titer (EC50) LOD 8.3 Fold- Rise Anti- Pneumococal Vaccine IgG Matrix-M Increases Antibody Detection Anti-Pneumococcal IgG Vaccine Vaccine + Matrix-M 100 101 102 103 104 105 Serotype 6B Pneumococcal Vaccine (~1μg) Opsonic Index LOD 3.7 Fold-Rise Vaccine Vaccine + Matrix-M 100 101 102 103 104 105 Serotype 14 Pneumococcal Vaccine (~1μg) Opsonic Index LOD 3.7 Fold-Rise Vaccine Vaccine + Matrix-M 100 101 102 103 104 105 Serotype 3 Pneumococcal Vaccine (~1μg) Opsonic Index LOD 2.6 Fold- Rise Vaccine Vaccine + Matrix-M 100 101 102 103 104 105 Serotype 23F Pneumococcal Vaccine (~1μg) Opsonic Index LOD 7.5 Fold- Rise Matrix-M Increases Antibody Activity Opsonophagocytic Killing (OPK) Mice vaccinated on days 0, 14, and 28. Antibody testing at day 42. Early Novavax research demonstrated that Matrix-M could produce a more potent bacterial vaccine, reducing the amount of antigen needed per dose and reducing manufacturing costs 24 Early Research Shows Existing Pneumococcal Vaccines Could Benefit from Matrix-M® © 2025 NOVAVAX. All rights reserved.
Page 25
The Need and Desire for a COVID-Influenza Combination Vaccine is Strong 25© 2025 NOVAVAX. All rights reserved. 1. Source: Sanofi Market Research 40% Co-administered 82% 54-69% COVID-19 and Flu Either • US Retail Market Claims data suggests 40% of people immunized against Influenza got COVID vaccination at the same time across the 18+ population • Market research suggests 82% of those who receive both influenza and COVID vaccines, and 54-69% of those who receive one, would adopt combo barring no material impact to reactogenicity and or efficacy • Health authorities are keen to improve both Influenza & COVID vaccination rates Flu & COVID-19 Co-administered1 Preference for a CIC Vaccine1
Page 26
Novavax Combination and Stand-alone Flu Vaccines 26 • Initiated Phase 3 trial in December 2024 • Initial cohort of ~2,000 participants • Immunogenicity comparisons to standalone COVID-19 and commercial trivalent influenza vaccine • Adults age 65+ • While not a pivotal trial, these data will inform the design of a subsequent pivotal trial in older adults • Continued market need: >60% consumer preference for all-in-one option1 Commercial Flu Vaccine CIC Novavax's COVID-19 Vaccine Novavax's Flu Vaccine Participants to be randomized to one of four arms: Immunogenicity comparisons Immunogenicity comparisons Intend to partner to advance to filing and commercialization © 2025 NOVAVAX. All rights reserved. 1. Source: Poulos, C., Buck, P. O., Ghaswalla, P., Rudin, D., Kent, C., & Mehta, D. (2025). US consumer and healthcare professional preferences for combination COVID-19 and influenza vaccines. Journal of Medical Economics, 28(1), 279–290. https://doi.org/10.1080/13696998.2025.2462412 Initial Cohort of a Phase 3 Immunogenicity & Safety Clinical Trial Initiated in Dec 2024
Page 27
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 influenza vaccine candidate with positive Phase 2 results generated Favorable side effect profile compared to mRNA offerings Broader protection against forward drifted strains Expected to be first available non-mRNA option Attractive TPP with prefilled syringe and refrigeration- stable storage 27 Influenza (65+) Influenza + COVID-19 (65+) Anticipated Profile Advantages Anticipated Profile Advantages Robust immune responses that likely improve upon existing vaccines Broader protection against forward drifted strains Attractive target product profile (TPP) with potential for superiority versus current enhanced vaccines, with prefilled syringe and refrigeration-stable storage © 2025 NOVAVAX. All rights reserved.
Page 28
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 • Non-human primate studies have shown our candidate vaccine can produce protective levels of immunity after a single dose • Evaluating multiple highly pathogenic avian influenza strains • Ability to quickly pivot to evaluate new strains as they emerge 28 Exploring Partnerships • Ready to join preparedness efforts and pursue funding opportunities • Currently available vaccines produce relatively low neutralization responses and seroconversion rates, and the need for multiple vaccine doses to achieve protection, so improved options are needed © 2025 NOVAVAX. All rights reserved.
Page 29
STRATEGIC PRIORITY 3 Advance our Technology Platform and Early-stage Pipeline 29© 2025 NOVAVAX. All rights reserved.
Page 30
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 NOVAVAX. All rights reserved. 30
Page 31
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 Disease Therapeutic Area Expansion RSV Comb./ Avian Pandemic Flu Potential Expansion Beyond Infectious Diseases Oncology New Opportunities in Infectious Disease Varicella-Zoster (shingles), Clostridioides difficile (C. diff) colitis Experience in Infectious Disease RSV combinations and H5N1 avian pandemic influenza vaccine candidates 31© 2025 NOVAVAX. All rights reserved.
Page 32
Therapeutic Area Candidate Preclinical Phase 1 Phase 2 Phase 3 Authorized Use Partner Novavax Respiratory diseases COVID-19 Novavax COVID-19 Vaccine1 Respiratory diseases COVID-19 + seasonal influenza COVID-influenza combination (CIC) vaccine Respiratory diseases Seasonal influenza Influenza vaccine (older adults) Respiratory diseases Respiratory syncytial virus (RSV) RSV combinations (RSV, hMPV, other respiratory) Respiratory diseases H5N1 avian pandemic influenza Highly pathogenic H5N1 avian pandemic influenza vaccine Viral infection Varicella-zoster virus (shingles) Shingles vaccine Bacterial disease Clostridioides difficile (C. diff) colitis C. diff vaccine Matrix-M Matrix-M Matrix-M Matrix-M Matrix-M Matrix-M Matrix-M 1. Authorized in select geographies under trade names Novavax COVID-19 Vaccine, Adjuvanted; Covovax ; and Nuvaxovid®. In-House R&D Pipeline Diversification 32© 2025 NOVAVAX. All rights reserved.
Page 33
© 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 levels of immunity after a single dose • We stand ready to join pandemic preparedness efforts and are currently pursuing funding and partnership opportunities. • No RSV combinations available; opportunity to develop differentiated combination with broader coverage • Building on our expertise and extensive history in this area • Our technology has the potential to improve on the current standard of care by enabling a more tolerable, less reactogenic, equally efficacious vaccine • Significant market opportunity • Significant unmet need, with no approved vaccine • Our technology has the potential to facilitate the development of a multivalent adjuvanted vaccine with enhanced activity ~$1B in H5N1 government contracts awarded since 20241 $1.5B+ U.S. market with ~400K hospitalizations annually for respiratory illness (excluding flu + COVID)2 More tolerable entrant could substantially grow current ~$2B U.S. market and ~$4.5B global market3 $5B-$6B U.S. healthcare costs and ~500K hospitalizations annually; multi-billion market opportunity4 Market Opportunity 1. Source: USASpending.gov; CDC; Company Websites and Press Releases. 2. Source: Bhasin. J Hosp Med. 2024; Falsey. Open Forum ID. 2021; Philippot. Heliyon. 2024; Company Financial Reports. 3. Source: Company Financial Reports; GlobalData; Evaluate Pharma. 4. Source: Feurerstadt. JAMDA. 2022; Guh. N Engl J Med. 2020; Song; GlobalData; Evaluate Pharma. 33
Page 34
Establishing a Lean Operating Model to Drive Shareholder Value © 2025 NOVAVAX. All rights reserved. 34
Page 35
35 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 Financial Officer and Treasurer Driving Shareholder Value While Remaining Agile © 2025 NOVAVAX. All rights reserved.
Page 36
New Growth Strategy for Novavax Has Potential for Multiple Revenue Streams Areas of Potential Revenue Generation in 2025 and Beyond 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 Efficient Model Reduces Cost Structure 2025 R&D + SG&A Guidance Full Value Potential Revenue Cost Structure © 2025 NOVAVAX. All rights reserved. Long-term core spend profile of $250 million when adjusted to remove o CIC investment o Sanofi support Business plan1 drives towards profitability2 supported by a potential Sanofi CIC launch as early as 2027 A Revenues from existing Sanofi agreement (COVID, CIC & Matrix) plus new business development deals & partnerships to drive cash flow B Results in long term value creation by monetizing our innovative technology platform 1. Timing of the Sanofi CIC launch is a primary contributor to the timing of future Novavax profitability 2. Profitability defined as GAAP operating profit less SBC and depreciation C D 36
Page 37
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 Increase emphasis on licensing and royalty revenue from partners and pursue grant revenue opportunities and Decrease emphasis on product sales Operating expenses are expected to decrease significantly in 2025 & 2026 as we o Sanofi commercialization, U.S. BLA action & CIC development o $225 million in anticipated Sanofi milestones o Novavax CIC/Flu initial study cohort results by mid year o Potential additional BD announcements o Investor day in 2H 2025 37© 2025 NOVAVAX. All rights reserved.
Page 38
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 Reiterating FY 2025 Financial Guidance 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 completion of our CIC/Flu program and support of Sanofi related activities $1.7B Combined Annual R&D and SG&A Expense $1.2B Expected ~$1.5B & 85% reduction compared to FY 2022 $728M $475 - $525M ~$350M Expect a portion of 2025 & 2026 costs to be reimbursed by Sanofi under the agreement 38© 2025 NOVAVAX. All rights reserved. ~$250M Full Year 2025 Guidance for Combined R&D and SG&A expenses as of May 8, 2025. We undertake no obligation to update or revise this guidance in the future.
Page 39
$ in millions Full Year 2025 (as of May 8, 2025) Sanofi Supply Sales No guidance Sanofi Royalties No guidance Sanofi Influenza-COVID-19 Combination and Matrix-M Milestones No guidance Nuvaxovid Product Sales2 $610 Adjusted Supply Sales3 $20 - $35 Adjusted Licensing, Royalties and Other Revenue4,5,6,7 $345 - $380 Adjusted Total Revenue1 $975 - $1,025 Full Year 2025 Revenue Framework 39© 2025 NOVAVAX. All rights reserved. 1. Adjusted Total Revenue is a non-GAAP financial measure. Adjusted Total Revenue is total revenue excluding Sanofi Supply Sales, Sanofi Royalties and Sanofi Influenza-COVID-19 Combination and Matrix-M related Milestones. For prior guidance on February 27, 2025, Adjusted Total Revenue also excluded Nuvaxovid product sales. See “Non-GAAP Financial Measures” on slide 2. 2. Nuvaxovid Product Sales of $610 million include $603 million in revenue recognized in the first quarter of 2025 from the termination of the Canada and New Zealand APA agreements and related to cash received in prior years, plus sales by Novavax in the U.S. and select markets outside the U.S. 3. $20 million to $35 million in Adjusted Supply Sales associated with collaborations with the Serum Institute on R21/Matrix-M and collaboration partners for COVID-19 vaccine, including Serum, SK bioscience and Takeda. Beginning in 2025, Supply Sales are included in Product Sales, previously included in Licensing, Royalties and Other Revenue in our February 27, 2025 Revenue Framework. 4. Adjusted Licensing, Royalties and Other Revenue is a non-GAAP measure, Adjusted Licensing, Royalties and Other Revenue is Licensing, Royalties and Other Revenue excluding Sanofi Royalties and Sanofi Influenza-COVID-19 Combination and Matrix-M related milestones. See “Non-GAAP Financial Measures” below. Adjusted Licensing, Royalties and Other Revenue for 2025 includes $225 million in U.S. BLA & Marketing Authorizations Milestones. Novavax is eligible to receive from Sanofi a $175 million milestone payment upon the approval of the COVID-19 U.S. BLA, and two separate $25 million milestone payments upon the transfer to Sanofi of the Marketing Authorizations for the U.S. and EU markets, respectively. 5. $25 million to $50 million in R&D Reimbursement. Under the Sanofi co-exclusive licensing agreement (CLA), Novavax is eligible to receive reimbursement for costs incurred related to select R&D and technology transfer activities during the transition performance period that is expected to run through the end of 2026. 6. $25 million to $35 million in Other Partner related revenue including royalties and milestones from the Serum Institute on R21/Matrix-M and collaboration partners for COVID-19 vaccine, including Serum, SK bioscience and Takeda. 7. $70 million amortization related to the $500 million Upfront Payment and the $50 million Database Lock Milestone. Revenue recognition will occur over the performance period through 2026. During 2024, a combined amortization of $440 million was recorded, and $70 million and $40 million are expected for 2025 and 2026, respectively. All remaining milestone payments under the Sanofi CLA will be recorded to revenue in the periods when earned. Full Year 2025 Revenue Framework as of May 8, 2025. We undertake no obligation to update or revise this guidance in the future.
Page 40
Thank you 40© 2025 NOVAVAX. All rights reserved.