Novavax, Inc. Q4 2025 Earnings Call Summary

Transitioned from a vertically integrated COVID-19 vaccine manufacturer to a lean, R&D-focused licensing organization centered on the Matrix-M adjuvant technology. Secured over $800 million in non-dilutive capital over 18 months through strategic milestones and upfront payments from Sanofi and Pfizer. Leveraged the Pfizer agreement to validate Matrix-M's utility across diverse disease areas, with potential for billions in long-term revenue through milestones and royalties. Optimized the operational ...