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novavax novavax Second Quarter 2026 Financial Results & Operational Highlights August 6 , 2026 © 2026 NOVAVAX . All rights reserved .
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© 2026 NOVAVAX. All rights reserved. 2 Cautionary Note Regarding Forward-Looking Statements 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,” "target," “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 strate gic priorities; its partnerships, including expectations with respect to potential partner product sales and royalties, milestones, and cost reimbursement, and plans for additional potential partnering activities; the development of Novavax’s clinical and preclinical product candidates and pipeline advancement opportunities, including with respect to new Matrix formulations or potential applications; the conduct, timing and potential results from clinical trials and other preclinical and postmarketing studies; efficacy of Novavax's R&D technologies including AI and machine learning; potential future market sizes and demand for its product candidates; full year 2026 financial guidance and revenue frame work and Novavax's cash runway; targeted combined annual R&D and SG&A expenses for 2026, 2027 and 2028; targeting Non-GAAP P& L profitability as early as 2028; the amount and impact of Novavax’s cost reduction plans; and Novavax’s future financial or business performance, including long-term growth and profitability goals. 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, its partner Sanofi's ability to successfully maintain full U.S. FDA licensure or foreign regulatory approvals necessary to manufacture, market, distribute, or deliver Nuvaxovid; challenges in conducting the postmarketing commitment (“PMC”) study, our ability to obtain adequate additional funding to maintain our current level of operations and fund the further development of our vaccine candidates; challenges related to Novavax’s partnership with Sanofi, including collaboration on the Nuvaxovid PMC, and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requiremen ts, 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; its partners experiencing manufacturing, distribution or export delays or challenges; substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co-formulation and filling Nuvaxovid and the impact of any delays or disruptions in their operations; the impact of potential legislative, regulatory, or policy changes under the current presidential administration, including any adverse impact fun ding for vaccine research and development, reimbursement for vaccines and their administration, vaccine mandates and recommendations, and public perception of vaccine importance; uncertainty with respect to pricing, third-party reimbursement and healthcare reform; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import re strictions, and export licensing requirements; difficulty obtaining scarc e raw materials and supplies including for its proprietary adjuvant; resource constraints, including human capital and manuf acturing capacity; constraints on Novavax’s ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; its partners' ability to timely deliver doses; challenges in in our partner Sanofi achieving commercial adoption and market acceptance of Nuvaxovid or any COVID- 19 variant strain containing formulation, or other 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; challenges related to the demand for vaccinations against COVID- 19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities; 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 those other risk factors identified in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of Novavax's Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission (SEC) . 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 SEC, 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 consid eration to these risks and uncertainties. NovavaxTM (and all associated logos) is a trademark of Novavax, Inc. Matrix-M is a trademark of Novavax AB.
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© 2026 NOVAVAX. All rights reserved. 3 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 reimbursement, and Non-GAAP profitability. 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 forward-looking Adjusted Total Revenue and Adjusted Licensing, Royalties and Other Revenue 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.
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© 2026 NOVAVAX. All rights reserved. 4 Q2 2026 Earnings Call Agenda 01 Welcome Naina Zaman Director, Investor Relations 02 Growth Strategy John C. Jacobs President and Chief Executive Officer 03 Business Development Elaine O’Hara Executive Vice President, Chief Strategy Officer 04 Research and Development Bob Walker, MD Executive Vice President, Head of Research and Development 05 Financial Results Jim Kelly Executive Vice President, Chief Financial Officer and Treasurer
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© 2026 NOVAVAX. All rights reserved. 5 Three Strategic Pillars Driving Long-Term Value • Partnering our vaccine technology Maximize value from existing collaborations while building the next generation of licensing opportunities • Targeted and capital-efficient R&D innovation Generate data to support partnering discussions, expand utility of Matrix technology platform, and create new vaccine candidates with partnering potential • Lean and agile operating model Prioritize investments with the greatest value potential and maintain a focused and disciplined cost structure
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© 2026 NOVAVAX. All rights reserved. 6 Novavax Today: A Differentiated Vaccine Platform Company • Licensed partnerships & MTAs with 4 of the top-10 pharma companies and several innovative biotechs • Collectively, they have the rights to over 30 areas of exploration across both infectious disease and oncology 2Q 2026 HIGHLIGHTS Partnering our vaccine technology • Sanofi has confirmed intent to be among first movers in combination vaccine segment and are in advanced discussions with regulators on Phase 3 COVID-19-Influenza Combination trial timing • Scientific evaluations of Novavax’s technology advance under Pfizer + Sanofi partnerships • Progress across infectious disease + oncology MTAs Targeted + capital efficient R&D innovation • C. difficile vaccine program on track for potential clinical entry as early as 2027 • Ongoing preclinical studies exploring potential of Matrix in therapeutic cancer vaccines Lean + agile operating model • Reiterating financial objectives to drive value creation • Raised full-year 2026 revenue framework and improved GAAP R&D and SG&A guidance • 2Q Non-GAAP R&D and SG&A expenses reduced 36% YoY • Expect to earn the $75 million Sanofi tech transfer milestone in mid-2027 that would extend cash runway from 2028 into 2029
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© 2026 NOVAVAX. All rights reserved. 7 Business Development Update
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© 2026 NOVAVAX. All rights reserved. 8 Partnership Strategy Focused on Near- and Long-Term Value Creation Maximize value from existing collaborations Build the next generation of licensing opportunities © 2026 NOVAVAX. All rights reserved. Confidential and proprietary.
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© 2026 NOVAVAX. All rights reserved. 9 • $225M milestone upon CIC launch in the U.S. • New Matrix-M pipeline asset(s) milestones $200M per product and royalties • CIC/Nuvaxovid royalties • Nuvaxovid royalties • Manufacturing tech transfer milestone expected in mid- 2027 ($75M) • Anticipated CIC Phase 3 initiation ($125M milestone) MTA-based Matrix-M Collaborations • Potential conversion of MTA collaborations into licensing agreements, which could result in upfront payments and/or early milestones • Generation of a broad set of data across infectious disease and oncology • Milestones/royalties of MTA collaborations that convert into licensed agreements 9 Partnership Value Creation Near- to Mid-Term Mid- to Long-TermPartnerships & Collaborations • Annual milestones and royalties • Annual milestones and royalties • Royalties • Royalties • Up to $70 million in development milestones for each of the 2 fields • Up to $180 million in sales milestones for each of the 2 fields Potential value creation via execution of partners under license agreements
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© 2026 NOVAVAX. All rights reserved. 10 Our Partnering Model Framework From early collaboration to long-term value MTA / EVALUATIONS (PRECLINICAL) Materials Provided We share materials and know-how Partner Experiments Partners run preclinical studies We assess results together Evaluation varies by program LICENSE AGREEMENTS (CLINICAL / COMMERCIAL) Partner Clinical Development Partner-funded advancement Milestones Achieved Clinical and regulatory milestones Product Commercialized Launch and real- world use Contracting Discussions Terms negotiated before licensing PAYMENTS FROM OUR PARTNERS Upfront Payments On execution of licensing agreement Milestone Payments Clinical, regulatory and commercial Royalty Payments Long-term royalties on net sales General framework that may vary based on partner and/or Novavax preference Data Review
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© 2026 NOVAVAX. All rights reserved. 11 Research & Development Update
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© 2026 NOVAVAX. All rights reserved. 12 R&D Innovation Fueling Partnerships Expand utility of our Matrix technology platform Data fuels new partnerships or expansion of existing partnerships with potential for initial upfront payments, development milestones and royalties © 2026 NOVAVAX. All rights reserved. Confidential and proprietary. Generate data for partnering discussions Create new innovative vaccine candidates with our Matrix-M and nanoparticle technology platform to facilitate partnership discussions
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© 2026 NOVAVAX. All rights reserved. 13 Engages innate immune system Why Oncology, Why Now: Matrix-M Opportunity Matrix-M helps the immune system better recognize and respond to disease-related targets 1. Stertman L, et al. Hum Vaccin Immunother. 2023 Dec 31;19(1):2189885. 2. Zarnegar B, et al. npj Vaccines. 2025;10:184. doi:10.1038/s41541- 025-01243-5. 3. Ou BS, et al. Science Advances. 2024;10:eadn7187. doi:10.1126/sciadv.adn7187. • Recently signed MTA with a top 10 pharma globally ranked in oncology • Multiple preclinical experiments via Novavax, partners, and MTA collaborations across a wide array of oncology targets Therapeutic cancer vaccines are entering a new era Momentum from new innovations & breakthroughs Neoantigen discovery, tumor profiling + novel antigen design accelerating the field; opportunities for platforms capable of enhancing anti-tumor immune responses Key Matrix-M attributes 1-5 Data generation underway Activates immune cells in draining lymph node Enhances antigen presentation CD8⁺ T cell activation Durable, broad and Th1- biased Differentiated tolerability 4. Moderbacher CR, et al. J Clin Invest. 2022;132(19):e160898. https://doi.org/10.1172/JCI160898. 5. Fix J, et al. Exp Rev Vaccines. 2026; 25:1, 2638828.doi:10.1080/14760584.2026.2638828.
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© 2026 NOVAVAX. All rights reserved. 14 Additional R&D Areas of Focus Internal pipeline focused on addressing significant unmet medical needs while further strengthening our data set supporting our technology . Multivalent C. difficile Vaccine Candidate Data generation initiative: Assessment of Matrix-M in a wide array of available commercial vaccines • Differentiated multivalent design • Pre-IND interactions held with the FDA • GMP manufacturing process initiated • On track for potential entry into clinic as early as 2027 • Comprehensive program evaluating potential of Matrix-M in a broad array of commercial vaccines • Builds upon internal Novavax research showing encouraging performance of Matrix-M with licensed flu, RSV and pneumococcal vaccines • Next tranche of data by early 2027 • Used to stimulate additional partner discussions
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© 2026 NOVAVAX. All rights reserved. 15 Financial Results
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© 2026 NOVAVAX. All rights reserved. 16 Financial performance objectives • $75M milestone upon completion of manufacturing tech transfer Sanofi milestone updates Q2 2026 Financial Results Revenue Framework & Expense Guidance • Quarterly results demonstrate continued strong execution • Raising 2026 revenue framework and improving 2026 GAAP expense guidance ( $10M lower at mid-point) • Clear financial objectives to drive long term shareholder value creation • $125M milestone upon initiation CIC Phase 3 study (US/EU) 1. 2028 cash runway based on 6/30/2026 cash and accounts receivables plus fu ture partner cost reimbursement and prior to additional cashflow to company. 2. Non-GAAP combined R&D and SG&A is net of partner reimbursements Expect to earn in mid 2027 - extends cash runway from 2028 into 2029 1 Sanofi in advanced discussions with regulators on CIC Phase 3 timing 36% lower YoY Non-GAAP Combined R&D and SG&A for Q2 20262 Q2 2026 Financial Update Progress on Growth Strategy
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© 2026 NOVAVAX. All rights reserved. 17 Q2 2026 Total Revenue 1. Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of our COVID-19 vaccine. 2. Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to our license partners. 3. Sanofi includes revenue recognized under our license agreement includ ing upfront payments, milestones, royalties and transition services reimbursement. Q2 2026 Sanofi licensing, royalties and other revenue of $36 million consisted of o $23 million R&D cost reimbursements o $12 million upfront and R&D milestone amortization o $1 million royalty revenue Nuvaxovid Sales1 are to Novavax’s direct commercial customers - 100 200 300$ in millions Q2 2025 $239M Q2 2026 $57M $175M milestone + $27M Takeda amendment $37M Q2 2026 highlights • $8 million higher Product Sales, 76% growth YoY • $16 million higher Sanofi R&D cost reimbursement YoY Nuvaxovid Sales 1 — (2) 2 (100%) Supply Sales 2 19 13 6 47% Product Sales 19 11 8 76% Sanofi 3 36 199 (164) (82%) Takeda 27 (27) (99%) Serum 2 2 () 0 Licensing, Royalties and Other Revenue 38 229 (191) (83%) Total Revenue 57 239 (183) (76%) $ in millions Q2 2026 Q2 2025 % Change $ $ $ $ $ $
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© 2026 NOVAVAX. All rights reserved. 18 Q2 2026 Financial Results 1. Cash, cash equivalents, marketable securities and restricted cash. BLA Milestone (Sanofi) (2025) Takeda new agreement (2025) 2026 growth in all other product sales & other partner revenue categories 2026 cost reductions & interest / other income, net Key drivers of YoY change to Net income / (loss) ($175M) ($27M) +$20M +$24M YoY Change($159M) 2026 Progress $743 million – Q2 2026 ending Cash1 plus accounts receivables($ in millions, except per share amounts) Q2 2026 Q2 2025 Product sales 19$ 11$ Licensing, royalties, and other 38 229 Total revenue 57 239 Cost of sales 14 15 Research and development 71 79 Selling, general, and administrative 27 44 Total expenses 112 138 Income (loss) from operations (55) 101 Interest expense (6) (6) Other income, net 9 12 Income (loss) before income tax expense (52) 107 Income tax expense 2 1 Net income (loss) (53)$ 107$ Net income (loss) per share Basic (0.32)$ 0.66 $ Diluted (0.32)$ 0.62 $ 1. Cash, cash equivalents, marketable securities and restricted cash as of 6/30/2026. 2. Numbers may not foot due to rounding
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© 2026 NOVAVAX. All rights reserved. 19 Q2 2026 Combined R&D and SG&A Expense Results Significant progress on cost reduction 44 27 44 27 79 71 73 48 - 50 100 Q2 2025 Q2 2026 123 116 97 75 (21%) Q2 YoY trends highlight continued improvements $ in millions GAAP Non-GAAP Non-GAAPGAAP R&D SG&A Total (11%) (39%) (21%) (34%) (39%) (36%) Q2 2025 Q2 2026 (36%) Non-GAAP combined R&D and SG&A is net of partner reimbursements R&D SG&A R&D SG&A
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© 2026 NOVAVAX. All rights reserved. 20 Full Year 2026 Revenue Framework & Expense Guidance Full Year 2026 Revenue Framework $ in millions Full Year 2026 (as of Aug 6, 2026) Full Year 2026 (as of May 6, 2026) Nuvaxovid Product Sales1 $35 - $45 $35 - $45 Adjusted Supply Sales2 $45 - $55 $40 - $50 Adjusted Licensing, Royalties and Other Revenue3 $155 - $175 $155 - $175 Adjusted Total Revenue4 $235 - $275 $230 - $270 Sanofi Supply Sales, Sanofi Royalties and Sanofi Milestones No guidance No guidance Full Year 2026 Combined R&D and SG&A Expense Guidance $ in millions Full Year 2026 (as of Aug 6, 2026) Full Year 2026 (as of May 6, 2026) Combined R&D and SG&A Expenses $370 - $410 $380 - $420 Less: R&D Reimbursements ($60 - $70) ($70 - $80) Non-GAAP Combined R&D and SG&A Expenses $310 - $340 $310 - $340 See footnotes on slide 27 Reiterating Prior FY 2026 Framework and Expense Guidance
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© 2026 NOVAVAX. All rights reserved. 21 Non-GAAP Combined R&D and SG&A Expense Guidance1,2,3,4 409 325 225 175 - 200 400 FY 2025 Actual FY 2026 E FY 2027 E FY 2028 E 1. Non-GAAP combined R&D and SG&A is net of partner reimbursements 2. 2027 Non-GAAP combined R&D and SG&A excludes the potential non-cash write-off of fixed assets of up to $35 million. These amounts may be booked to Impairment of assets held for sale and/or R&D and SG&A 3. 2026, 2027 & 2028 estimates at midpoint of range 4. 2026 and 2027 Partner & APA support obligations: o Sanofi R&D support (non-reimbursed) o COVID strain change and commercial manufacturing support ~$200M~$200M ~$125M ~$25M Range of $150M to $200M Core Spend Partner and APA Support $ in millions Targeting a >$200M and >50% decrease as partner and APA support activities are completed Core Spend Novavax path to achieve a lean and agile operating model o Complete partner and APA support activities o Reduce headcount by over 50% as compared to Q1 2026 o Targeting further consolidation of facilities (>50% reduction) o Potential for up to $35 million non-cash fixed asset write-off in 2027
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© 2026 NOVAVAX. All rights reserved. 22 Financial Objectives and Value Creation 1. Non-GAAP combined R&D and SG&A is net of partner reimbursements 2. Non-GAAP P&L profitability defined as GAAP operating profit less SBC and depreciation. Timing of the Sanofi U.S. CIC launch is a primary contributor to the timing of future Novavax Non-GAAP profitability. 3. Based on June 30, 2026 Cash and accounts receivables plus future partner cost reimbursement and prior to new cashflow to the company . Drive revenue from a diversified set of license partners and products to deliver long term cash flow growth Targeted and capital efficient R&D investment to drive long term value creation • Generate data to enable Matrix-M partnering • Expand utility of Matrix-M (i.e. oncology) • Advance highly differentiated vaccine candidates Key financial metrics to support growth strategy • Achieve 20281 combined Non-GAAP R&D and SG&A expenses of $150 - $200 million • Reach Non-GAAP P&L profitability as early as 20282 • Pay off pandemic era APA liabilities by Q1 2029 • Maintain at least 2 years cash runway3
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© 2026 NOVAVAX. All rights reserved. 23 Closing Remarks
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© 2025 NOVAVAX. All rights reserved. 24 Novavax 2026 & Beyond Corporate Milestones POTENTIAL FUTURE MILESTONESACHIEVED MILESTONES Pfizer Matrix-M agreement ($30M upfront) YTD 4 new Matrix-M MTAs reflecting new and expanded relationships to explore utility of Matrix-M Continued to reduce costs in line with projections Advanced Novavax's differentiated C. difficile vaccine candidate into pre-IND interactions with the FDA and initiated GMP manufacturing • New license agreements (Matrix-M and development programs) • Sanofi CIC Phase 3 – regulatory feedback and trial initiation in the US/EU ($125M milestone) • Royalties via 2026/27 Sanofi Nuvaxovid commercial performance • Nuvaxovid manufacturing technology transfer ($75M milestone) • Pfizer advancement of vaccine program(s) and up to $250M in development and sales-based milestones per program • Data from preclinical studies exploring the potential of Matrix-M in therapeutic cancer vaccines • Advance C. diff candidate to the clinic as early as 2027 ✓ ✓ ✓ ✓
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© 2026 NOVAVAX. All rights reserved. 25 Q&A
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© 2026 NOVAVAX. All rights reserved. 26 Appendix
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© 2026 NOVAVAX. All rights reserved. 27 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 $45 million to $55 million in Adjusted Supply Sales associated with collaborations with the Serum Institute on R21/Matrix-M, collaboration partners for COVID-19 vaccine, including Serum and Takeda, and other partner related clinical and commercial supply sales. Adjusted Licensing, Royalties and Other Revenue3 o $60 million to $70 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. o $60 million to $70 million in Other Partner related revenue including royalties and milestones from Pfizer, Serum on R21/Matrix-M and collaboration partners for COVID-19 vaccine, including Serum and Takeda. Includes a $30 million upfront payment under the Pfizer agreement received in the first quarter of 2026. o $35 million amortization related to the $500 million Upfront Payment and the $50 million Database Lock Milestone. Revenue recognition will occur over the transition performance period. Adjusted Total Revenue4 Adjusted Total Revenue is a non-GAAP financial measure. Adjusted Total Revenue is total revenue excluding Sanofi Supply Sales, Sanofi Royalties and Sanofi Milestones. See “Non-GAAP Financial Measures” on slide 2. For internal discussion purposes only. Not endorsed or approved by Management.
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© 2026 NOVAVAX. All rights reserved. 28 Reconciliation of GAAP to Non-GAAP Financial Results For internal discussion purposes only. Not endorsed or approved by Management. ($ in millions) 2026 2025 2026 2025 R&D Expenses 70.7$ 79.2 $ 166.2 $ 168.2 $ Adjustments: R&D Reimbursement 22.6 6.5 50.3 17.7 Non-GAAP R&D Expenses 48.1 $ 72.8 $ 115.9 $ 150.4 $ Combined R&D and SG&A Expenses 97.4$ 122.8 $ 221.6 $ 259.9 $ Adjustments: R&D Reimbursement 22.6 6.5 50.3 17.7 Non-GAAP Combined R&D and SG&A Expenses 74.8$ 116.4 $ 171.3 $ 242.1 $ Three Months Ended June 30, Six Months Ended June 30, (unaudited)
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© 2026 NOVAVAX. All rights reserved. 29 © 2026 NOVAVAX. All rights reserved. 29