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1 © 2026 NOVAVAX. All rights reserved. Third Quarter 2026 Financial Results & Operational Highlights November 5, 2026
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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 strategic 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; potential future market sizes and demand for its product candidates; full year 2026 financial guidance and revenue framework 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 2029; 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; 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, 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; 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 on funding 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 restrictions, and export licensing requirements; 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, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; its partners' ability to timely deliver doses; challenges 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 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.
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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 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.
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© 2026 NOVAVAX. All rights reserved. 4 Q3 2026 Earnings Call Agenda 01 Welcome Naina Zaman Director, Investor Relations 02 Quarter Overview 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 advance select 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 Technology Company Q3 2026 & Recent Highlights Partnering our vaccine technology • In October, Novavax earned a $125M milestone following Sanofi’s Ph3 CIC trial initiation in the EUand Sanofi intends to initiate a U.S. Phase 3 CIC trial in 20271 to support U.S. approval • Sanofi and Takeda launched the ’26-’27 COVID-19 season with the XFG-adapted Nuvaxovid formulation in the EU, U.S., Japan and other select international markets • Multiple Novavax and partner-led experiments with Matrix-M currently underway in a wide array of infectious disease targets and oncology models Targeted and capital- efficient R&D innovation • Novavax-led studies exploring the potential of adding Matrix to commercial vaccines • Ongoing Novavax and partner-led preclinical studies in infectious disease and early exploration in oncology • C. difficile vaccine program anticipated to advance into the clinic as early as 2027 Lean and agile operating model • Raised full-year 2026 revenue framework and improved GAAP R&D and SG&A guidance • 3Q GAAP combined R&D and SG&A expenses reduced 41% YoY • We anticipate earning a $75 million Sanofi technology transfer milestone in mid-2027 that, when combined with the recently earned $125 million Sanofi CIC milestone, supports an expected cash runway into 20292 1. In November 2026, Sanofi confirmed to Novavax their public statements regarding their intent to initiate a U.S. Ph3 CIC trial in 2027 to support U.S. approval. 2. Expected 2029 cash runway based on 9/30/2026 cash and accounts receivables, $125 million Sanofi CIC milestone earned in October 2026, $75 million Sanofi tech transfer milestone expected in mid-2027, future partner cost reimbursements (adjuvant supply & R&D) and does not account for any additional cashflow to company.
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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.
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© 2026 NOVAVAX. All rights reserved. 9 Nuvaxovid 2026-2027 Season XFG-adapted Nuvaxovid approved in major markets United States European Union Japan The only non-mRNA option in the U.S. Promoting Nuvaxovid in Japan Commercial expertise Seasoned vaccine sales force Access at retailers like CVS, Walmart & Costco Direct-to-consumer outreach TV and online ads Creative partnerships New ex-U.S. markets Select ex-U.S. markets in 2026 and beyond World’s third-largest pharmaceutical market Building on last season’s momentum as second-most-utilized COVID-19 vaccine in Japan
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© 2026 NOVAVAX. All rights reserved. 10 Partnership Value Creation • $225M milestone upon CIC launch in the U.S.1 • Up to $200M in milestones per product plus royalties for each new commercialized asset(s) which includes Matrix-M • CIC/Nuvaxovid royalties • Achieved $125M milestone for CIC Phase 3 initiation • Nuvaxovid royalties • Manufacturing tech transfer milestone expected in mid- 2027 ($75M) MTA-based Matrix-M Collaborations • Potential conversion of MTA collaborations into licensing agreements, which could result in upfront payments and milestones • Generation of a broad set of data across infectious disease and oncology • Milestones and royalties from any potential new future license agreements 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 1. Following successful completion by Sanofi of all clinical and regulatory requirements in the U.S.
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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. Generate data for partnering discussions Advance select innovative vaccine candidates
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© 2026 NOVAVAX. All rights reserved. 13 Focused R&D: Where We’re Building Evidence Building evidence for our technology and advancing select vaccine candidates . INFECTIOUS DISEASE Matrix-M + Licensed Commercial Vaccines • 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 ONCOLOGY Exploratory Preclinical Studies • Evaluating Matrix-M alone or with immunomodulators (e.g., TLR agonists) in multiple preclinical tumor models • Published data suggest Matrix-M may help the immune system better recognize and respond to disease-related targets 1-5 PLATFORM INNOVATION Exploring Further Applications with Novavax Technology • Advancing select candidates, such as C. diff, with the primary intent of out-licensing • Exploring further applications of Matrix and novel adjuvant approaches 1. Stertman L, et al. Hum Vaccin Immunother. 2023;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. Sci Adv. 2024;10. doi:10.1126/sciadv.adn7187. 4. Moderbacher CR, et al. J Clin Invest. 2022;132(19). doi:10.1172/JCI160898. 5. Fix J, et al. Expert Rev Vaccines. 2026;25(1):2638828. doi:10.1080/14760584.2026.2638828. Activates innate immune system Potential to drive anti-tumor cellular immunity Primes immune cells to present antigens more effectively
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© 2026 NOVAVAX. All rights reserved. 14 Advancing our Differentiated C. diff Candidate Novavax Vaccine Candidate4 Why it Matters Matrix-M® adjuvanted Proven adjuvant to potentially drive broader, more potent and durable responses Multivalent by design Potential for broader C. diff strain coverage vs. other options designed to be bivalent Beyond toxins Incorporates both toxin and non-toxin antigens designed to provide multiple targets for anti-C. diff immunity Mucosal immunity Designed to potentially induce mucosal IgA antibodies to C. diff at the site of infection C. diff: A life-threatening bacterial infection for at-risk populations* with no approved vaccine today 500k cases of C. diff in the U.S.1 20k+ in-hospital deaths occur with C. diff annually in the U.S.2 30% of patients with C. diff in the U.S. will experience a recurrence3 $5 billion annual estimated cost for healthcare-related C. diff hospitalizations2 * e.g., immunocompromised, people who have elective surgery and receive antibiotics 1. Guh AY, et al. N Engl J Med. 2020; 382:1320–1330. doi:10.1056/NEJMoa1910215 2. Zhang S, et al. BMC Infect Dis. 2016; 16(1):447. doi: 10.1186/s12879-016-1786-6 3. Feuerstadt P, et al. J Am Med Dir Assoc. 2022 Oct; 23(10):1721-1728.e19. doi:10.1016/j.jamda.2022.01.075 4. Kalkeri R, et al. Novel Toxin- and Non-toxin-Based Adjuvanted Protein Vaccines for C. difficile Protect against Toxin B and Spore Challenge in Mice and Hamsters, poster presentation, ICDS 2026, September 8–10, 2026, Bled, Slovenia
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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 Q3 2026 Financial Results Revenue Framework & Expense Guidance • Quarterly results demonstrate continued strong execution • Raising 2026 revenue framework by $145M at mid-point to $400M and improving 2026 GAAP expense guidance by $5M at mid-point • Clear financial objectives to drive long-term shareholder value creation • 9/30/2026 ending Cash plus A/R of $676M 41% lower YoY GAAP Combined R&D and SG&A for Q3 2026 Q3 2026 Financial Update Progress on Growth Strategy • $75M milestone upon completion of manufacturing tech transfer expected in mid-2027 Sanofi Milestone Updates • $125M CIC Phase 3 study milestone earned in October 2026 Partner commercial execution (Sanofi + Takeda + Serum Institute) 1. Expected 2029 cash runway based on 9/30/2026 cash and accounts receivables, $125 million Sanofi CIC milestone earned in October 2026, $75 million Sanofi tech transfer milestone expected in mid-2027, future partner cost reimbursements (adjuvant supply & R&D) and does not account for any additional cashflow to company. $200M in Sanofi near-term milestones supports expected cash runway into 20291
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© 2026 NOVAVAX. All rights reserved. 17 57 43 13 26 - 25 50 75 Q3 2025 Q3 2026 Q3 2026 Total Revenue Q3 2026 Sanofi licensing, royalties and other revenue of $19 million consisted of: o $9 million upfront and R&D milestone amortization o $6 million royalty revenue o $4 million R&D cost reimbursements $ in millions $70M $68M o +$12 million higher Product sales (+91% YoY) o +$11 million deferred royalty revenue o ($42) million lower R&D reimbursement o +$16 million all other YoY changes Licensing, Royalties and Other Product Sales Product Sales Licensing, Royalties and Other Q3 2026 Highlights ($2M) YoY Change Numbers may not foot due to rounding
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© 2026 NOVAVAX. All rights reserved. 18 Q3 2026 Financial Results Impairment & debt extinguishment (2025) Lower R&D reimbursement revenue (2026) All other YoY changes (2026) Key drivers of YoY change to Net loss +$126M ($42M) +$87M YoY Change+$171M Numbers may not foot due to rounding ($ in millions, except per share amounts) Q3 2026 Q3 2025 Product sales $ 26 $ 13 Licensing, royalties, and other 43 57 Total revenue 68 70 Cost of sales 23 21 Research and development 52 98 Selling, general, and administrative 24 32 Impairment of assets held for sale — 97 Total expenses 100 248 Income (loss) from operations (31) (178) Interest expense (5) (5) Loss on debt extinguishment — (29) Other income, net 7 9 Income (loss) before income tax expense (30) (203) Income tax expense 2 (1) Net income (loss) $ (31) $ (202) Net loss per share Basic & Diluted $ (0.19) $ (1.25) (unaudited)
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© 2026 NOVAVAX. All rights reserved. 19 Q3 2026 Combined R&D and SG&A Expense Significant progress on cost reduction Q3 2025 Q3 2026 130 84 76 72 (41%) Q3 YoY trends highlight continued improvements $ in millions GAAP Non-GAAP Non-GAAPGAAP R&D SG&A Total (47%) (25%) (41%) (7%) (25%) (14%) Q3 2025 Q3 2026 (14%) 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 Nov 5, 2026) Full Year 2026 (as of Aug 6, 2026) Nuvaxovid Product Sales1 $40 - $50 $35 - $45 Adjusted Supply Sales2 $50 - $60 $45 - $55 Sanofi CIC Milestone3 $125 No guidance Adjusted Licensing, Royalties and Other Revenue4 $170 - $180 $155 - $175 Adjusted Total Revenue5 $385 - $415 $235 - $275 Sanofi Supply Sales, Sanofi Royalties and Future Sanofi Milestones No guidance No guidance Full Year 2026 Combined R&D and SG&A Expense Guidance $ in millions Full Year 2026 (as of Nov 5, 2026) Full Year 2026 (as of Aug 6, 2026) Combined R&D and SG&A Expenses $375 - $395 $370 - $410 Less: R&D Reimbursements ($60) ($60 - $70) Non-GAAP Combined R&D and SG&A sExpenses $315 - $335 $310 - $340 See footnotes on slide 21 Improving and narrowing range for FY 2026 Expense Guidance Raising range for FY 2026 Framework
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© 2026 NOVAVAX. All rights reserved. 21 Full Year 2026 Revenue Framework Footnotes (See Slide 20) Revenue Categories Revenue Framework Footnotes Nuvaxovid Product Sales1 $40 million to $50 million in Nuvaxovid Product Sales by Novavax under existing APA and commercial agreements. Expect to exclude from the 2027 Revenue Framework. Adjusted Supply Sales2 $50 million to $60 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. Sanofi CIC Milestone3 $125 million milestone earned in October 2026 with the initiation of Sanofi’s Phase 3 influenza-COVID- 19 combination vaccine trial in Europe. Adjusted Licensing, Royalties and Other Revenue4 o $60 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. $5 million expected in 2027. o $70 million to $80 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 $40 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. Less than $5 million expected in 2027 to complete amortization. Adjusted Total Revenue5 Adjusted Total Revenue is a non-GAAP financial measure. Adjusted Total Revenue is total revenue excluding Sanofi Supply Sales, Sanofi Royalties and future Sanofi Milestones. See “Non-GAAP Financial Measures” on slide 3.
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© 2026 NOVAVAX. All rights reserved. 22 408 325 225 175 - 200 400 FY 2025 Actual FY 2026 E FY 2027 E FY 2028 E Non-GAAP Combined R&D and SG&A Expense Guidance1,2,3,4 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 estimates at midpoint of range. 4. 2026 and 2027 Partner & APA support obligations: Sanofi R&D support (non-reimbursed) and COVID strain change and commercial manufacturing support. 5. 2027 GAAP Combined R&D and SG&A expense guidance at mid-point of up to $265 million based upon $225 million Non-GAAP R&D and SG&A mid-point plus $5 million expected reimbursed R&D expenses plus up to $35 million in potential non-cash fixed assets write-offs in 2027. ~$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 Targeting further consolidation of facilities (>50% reduction) o Potential for up to $35 million non-cash fixed asset write-off in 2027 Up to $265M on a GAAP basis for FY 20275
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© 2026 NOVAVAX. All rights reserved. 23 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. In November 2026, Sanofi confirmed to Novavax their public statements regarding their intent to initiate a U.S. Phase 3 CIC trial to support U.S. approval. 3. Expected 2029 cash runway based on 9/30/2026 cash and accounts receivables, $125 million Sanofi CIC milestone earned in October 2026, $75 million Sanofi tech transfer milestone expected in mid-2027, future partner cost reimbursements (adjuvant supply & R&D) and does not account for any additional cashflow to 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 a library of data to enable Matrix-M partnering • Expand utility of Matrix-M • Advance highly differentiated vaccine candidates Key financial metrics to support growth strategy • Achieve 20281 of combined Non-GAAP R&D and SG&A expenses of $150 - $200 million • Reach Non-GAAP P&L profitability as early as 20292 • 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. 24 Closing Remarks
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© 2026 NOVAVAX. All rights reserved. 25 Novavax 2026 & Beyond POTENTIAL FUTURE MILESTONES & CATALYSTSYEAR-TO-DATE HIGHLIGHTS Novavax earned $125M milestone as Sanofi launches Phase 3 CIC vaccine trial in Europe Sanofi & Takeda have received approvals for the Nuvaxovid formulation for the 2026-2027 vaccination season Pfizer Matrix-M agreement ($30M upfront) Continued to reduce costs to support lean and agile operating model New MTA collaborations formed in both infectious disease and oncology • Sanofi's initiation of a U.S. Phase 3 CIC vaccine trial in 2027 to support U.S. approval • Nuvaxovid manufacturing technology transfer ($75M milestone) anticipated mid-2027 • Continued royalties from Sanofi Nuvaxovid commercial performance • Advance C. diff candidate to the clinic as early as 2027 • New license agreements (Matrix-M and development programs) • Advancement of multiple programs from licensed partners • Continued data generation from preclinical studies exploring the potential of Matrix-M ✓ ✓ ✓ ✓ ✓
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© 2026 NOVAVAX. All rights reserved. 26 Q&A
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© 2026 NOVAVAX. All rights reserved. 27 Appendix
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© 2026 NOVAVAX. All rights reserved. 28 Q3 2026 and Year to Date 2026 Total Revenue 1. Product Sales includes both Novavax’s Nuvaxovid sales and Supply sales. Nuvaxovid Sales reflects product sales where Novavax is the commercial market lead and records revenue related to the sales and distribution of its COVID-19 vaccine. Supply Sales includes sales of finished product, adjuvant and other supplies from Novavax to its license partners. 2. Sanofi includes revenue recognized under the license agreement including upfront payments, milestones, royalties and transition services reimbursement. 3. Other Partners includes revenue recognized from all other partners beyond those listed by name. Third Quarter Year to Date $ in millions Q3 2026 Q3 2025 Change % FY 2026 FY 2025 Change % Product Sales1 $ 26 $ 13 $ 12 91% $ 87 $ 646 $ (559) (87%) Sanofi 2 19 48 (30) (61%) 103 288 (185) (64%) Pfizer 0 0 0 NM 30 0 30 100% Takeda 7 6 1 14% 8 34 (25) (75%) Serum 5 2 3 136% 15 9 6 65% Other Partners 3 11 0 11 100% 21 0 21 100% Licensing, Royalties and Other Revenue 43 57 (14) (25%) 178 330 (153) (46%) Total Revenue $ 68 $ 70 $ (2) (3%) $ 265 $ 976 $ (712) (73%)
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© 2026 NOVAVAX. All rights reserved. 29 Reconciliation of GAAP to Non-GAAP Financial Results Twelve Months (unaudited) Three Months Ended Nine Months Ended Ended ($ in millions) September 30, September 30, December 31, 2026 2025 2026 2025 2025 R&D Expenses $52.4 $98.3 $218.6 $266.4 $342.3 Adjustments: R&D Reimbursement 3.8 45.8 54.1 63.6 91.6 Non-GAAP R&D Expenses $48.7 $52.4 $164.5 $202.9 $250.7 Combined R&D and SG&A Expenses $76.1 $129.9 $297.7 $389.8 $499.8 Adjustments: R&D Reimbursement 3.8 45.8 54.1 63.6 91.6 Non-GAAP Combined R&D and SG&A Expenses $72.3 $84.1 $243.6 $326.2 $408.2
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© 2026 NOVAVAX. All rights reserved. 30 © 2026 NOVAVAX. All rights reserved. 30