Novavax, Inc. (NASDAQ:NVAX) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET Company Participants Erika Schultz - Senior Director, IR John Jacob - President & CEO John Trizzino - Chief Commercial Officer & Chief Business Officer Filip Dubovsky - President of Research & Development James Kelly - CFO Conference Call Participants Roger Song - Jefferies Eric Joseph - JP Morgan Brendan Smith - TD Cowen Mayank Mamtani - B. Riley Alec Stranahan - Bank of America Vernon Bernardino - H.C. Wainwright Oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR (Address of principal executive offices) (Zip code) (240) 268-2000 (Registrant's telephone number, including area code) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 00 ...

Financial Data and Key Metrics - Total revenue for Q2 2023 was $424 million, a 128% increase compared to $186 million in Q2 2022 [152] - Combined R&D and SG&A expenses for Q2 2023 were $313 million, a 21% decrease compared to Q2 2022 [137] - The company ended Q2 2023 with $518 million in cash and $395 million in accounts receivable, totaling over $900 million [153] - Net income for Q2 2023 was $58 million, compared to a net loss of $510 million in Q2 2022 [155] - The company reduced current liabilities by $864 million in the first half of 2023, including $323 million in Q2 2023 [141][182] Business Line Data and Key Metrics - The company's COVID vaccine is authorized in over 40 countries, with many still purchasing under Advanced Purchase Agreements (APAs) [21] - In the US, the company is preparing for commercialization, with product availability expected as early as September, pending FDA authorization [22][24] - Outside the US, the company expects approximately $700 million in revenue from APA orders for 2023, subject to regulatory approvals [31] - The company has amended its APA with Canada, securing up to $350 million in cash payments for 2023 and extending commitments into 2024 and 2025 [13][32] Market Data and Key Metrics - The US market demand for COVID vaccines in the fall is estimated to range between 80 million to 100 million doses [55] - In Europe, the company expects to deliver 17 million committed doses by the end of 2023, with strong relationships in key markets like Germany, Spain, France, Italy, and Switzerland [74] - In the Asia-Pacific region, the company continues to supply vaccines under existing APAs to Australia, New Zealand, Singapore, Taiwan, and Israel [75] Company Strategy and Industry Competition - The company's three priorities for 2023 are: delivering an updated vaccine for the fall season, reducing spending and managing cash flow, and driving value from its technology platform [9][12][15] - The company is focusing on developing a combination COVID-influenza vaccine, recognizing the emerging need for combination vaccines as COVID becomes a seasonal challenge [45] - The company's Matrix-M adjuvant is being used in collaborations, including a new partnership with the Bill & Melinda Gates Medical Research Institute for preclinical vaccine research [47][249] Management Commentary on Operating Environment and Future Outlook - The company is confident in its readiness to deliver an updated, differentiated, and competitive vaccine for the fall season, with ample supply to meet anticipated demand [39][40] - Management acknowledges significant execution risks, particularly in securing regulatory authorizations and competing in the US market as it transitions to a commercial model [48] - The company expects to achieve full-year 2023 revenue of between $1.3 billion and $1.5 billion, with product sales of $960 million to $1.140 billion and grant revenue of $340 million to $360 million [193] Other Important Information - The company has secured up to $600 million in cash to improve its cash runway, including $450 million from the amended Canada APA [160] - The company has reduced its outstanding liabilities by over $1 billion in 2023, including a $195 million reduction through agreements with SK Bioscience [157][182] - The company is on track to reduce combined R&D and SG&A expenses to between $1.3 billion and $1.4 billion for 2023, reflecting a 20% to 25% reduction compared to 2022 [158] Q&A Session Summary Question: What is the status of the BLA approval for the XBB vaccine? - The company has initiated the rolling submission of its BLA filing and expects to complete the submission in the coming weeks, with full approval anticipated in early 2024 [64][227] Question: What is the pricing strategy for the US market? - The company's pricing strategy is aligned with publicly stated WACC (Weighted Average Cost of Capital) of $130 per dose, with reimbursement calculations incorporated into the overall access strategy [220][238] Question: What are the key drivers for gaining market share in the US? - Key drivers include ensuring broad access to the vaccine across all market segments, competitive pricing, and the availability of a non-mRNA protein-based vaccine option [204][206] Question: What is the status of the Wuhan strain deliveries in the EU? - The company has completed shipments of the Wuhan strain in the EU and will be delivering the updated XBB variant strain for the fall season [226] Question: What is the timeline for removing the going concern disclosure? - The company is optimistic about its operating plan and expects to remove the going concern disclosure if it successfully executes its plans, particularly in the fall vaccine season [207]

Second quarter 2023 financial results & operational highlights Nasdaq: NVAX | August 8th, 2023 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 information relating to the future of Novavax, its near term ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 000-26770 NOVAVAX, INC. (Exact name of registrant as specified in its charter) Delaware 22-2816046 (State or other jurisdiction ...

Novavax, Inc. (NASDAQ:NVAX) Jefferies Global Healthcare Conference Call June 8, 2023 9:00 AM ET Company Participants Jim Kelly - Chief Financial Officer Filip Dubovsky - Chief Medical Officer Conference Call Participants Roger Song - Jefferies Roger Song Alright. Welcome, everyone. Day 2 2023 Jefferies Healthcare Conference. My name is Roger Song, one of the senior biotech analysts in the U.S. Next presenting company is Novavax. Welcome Filip and Jim. Jim Kelly Alright. Roger Song Alright. So this is a fire ...

Novavax, Inc. (NASDAQ:NVAX) BofA Securities 2023 Health Care Conference May 11, 2023 1:00 PM ET Company Participants John Jacobs - President & Chief Executive Officer Filip Dubovsky - President-Research and Development Conference Call Participants Alec Stranahan - Vice President & Senior Biotech Analyst Alec Stranahan Hey, everyone. Good afternoon and welcome to -- or I guess good morning. Welcome to day three of the 2023 BofA Healthcare Conference. Thanks for joining the session with Novavax. My name is Al ...

Novavax, Inc. (NASDAQ:NVAX) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Erika Schultz - Senior Director of IR John Jacob - President & Chief Executive Officer Filip Dubovsky - Chief Medical Officer John Trizzino - Chief Commercial Officer & Chief Business Officer James Kelly - Chief Financial Officer & Treasurer Conference Call Participants Roger Song - Jefferies Eric Joseph - JPMorgan Mayank Mamtani - B. Riley Operator Good morning, and welcome to Novavax First Quarter 202 ...

Table of Contents NOVAVAX, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 21 Firstfield Road Gaithersburg MD 20878 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the t ...

Investor Presentation NASDAQ: NVAX | MARCH 2023 © 2023 NOVAVAX. All rights reserved. 1 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," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including information rel ...