Fourth Quarter 2024 Financial Results and Operational Highlights February 27, 2025 © 2025 NOVAVAX. All rights reserved. NovavaxTM (and all associated logos) is a trademark of Novavax, Inc. Matrix-MTM is a trademark of Novavax AB. 2 © 2025 NOVAVAX. All rights reserved. Non-GAAP Financial Measures The Company has used a non-GAAP financial measure in this presentation, which is Adjusted Licensing, Royalties and Other Revenue. Non-GAAP financial measures refer to financial information adjusted from financial me ...

COVID-19 Vaccine Developments - Novavax achieved approximately 70% market share in a regional retailer for its COVID-19 vaccine during the 2024-2025 season[26] - The company reported a $50 million milestone from Sanofi related to a COVID-19 pediatric trial[21] - Novavax's COVID-19 vaccine induces broad neutralizing responses across all tested variants, indicating acceptable coverage against currently circulating variants[26] - The partnership with Sanofi includes a co-exclusive license to co-commercialize Novavax's current stand-alone adjuvanted COVID-19 vaccine worldwide[24] - Novavax's COVID-19 vaccine was launched in multiple markets, with a focus on driving value through R&D and diversified partnerships[16] - Novavax's late-stage pipeline includes a Phase 3 trial for a combination influenza and COVID-19 vaccine initiated in December 2024, with an initial cohort of approximately 2,000 participants[32][36] - The U.S. COVID-19 BLA PDUF is expected to be a significant focus in the near future[75] Financial Performance and Projections - Novavax's preliminary financial data for the year ended December 31, 2024, is still being finalized and may differ materially from actual results[7] - Novavax anticipates combined R&D and SG&A expenses of $700 million to $750 million for FY 2024, with a portion expected to be reimbursed by Sanofi[66] - Full year 2024 product sales guidance includes approximately $100 million in APA dose deliveries in 1H 2024 and $125 million in commercial market sales in 2H 2024[70] - Full year 2024 licensing, royalties, and other revenue guidance includes $450 million from the Sanofi agreement upfront payment and $25 million in royalty and other revenue from partner-related activities[70] - Current liabilities have decreased by over $1.3 billion since the end of 2022, including a settlement with Gavi[71] - The sale of the CZ manufacturing facility to Novo Nordisk generated $200 million in non-dilutive capital and annual cost reductions of approximately $80 million[71] Partnerships and Collaborations - The Sanofi partnership is expected to create multiple revenue streams and enhance access to Novavax's technology[24] - Sanofi partnership includes a $500 million upfront payment received in Q2 2024, with additional milestone payments totaling $700 million expected through 2026[28] - The company expects to receive ~$450 million in reimbursements from Sanofi for FY 2025, net of expected expenses[68] - The company is pursuing partnerships for its differentiated combination influenza vaccine candidates targeting older adults[37] - The company reported a significant interest in partnering or out-licensing its Matrix-M adjuvant technology[30] Research and Development - The company is focused on a lean operating model to drive shareholder value and has a diversified vaccine pipeline including COVID-19 and influenza candidates[12] - Novavax's technology platform is based on a recombinant protein-based nanoparticle, which is clinically proven and adaptable for combination vaccines[14] - Novavax's Matrix-M™ adjuvant shows promise in enhancing immune responses and is being explored for use in new vaccine formulations[46][47] - Novavax's H5N1 avian pandemic influenza vaccine candidate is currently undergoing preclinical evaluation, with the ability to pivot to new strains as they emerge[42] - The company anticipates advancements in its early-stage pipeline and enhanced partnerships in the coming years[75] Milestones and Future Outlook - Key milestones for 2025 include additional Sanofi-related milestones and data from late-stage assets[75] - Data from the initial cohort in the influenza Phase 3 trial is anticipated in 2025[76]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 of incorporation) (I.R.S. ...

Company Performance - Novavax (NVAX) closed at $7.92, reflecting a -1.25% change from the previous day's closing price, underperforming the S&P 500's daily loss of 0.43% [1] - The stock has decreased by 9.17% over the past month, contrasting with the Medical sector's gain of 4.6% and the S&P 500's gain of 2.6% [1] Earnings Expectations - The upcoming earnings report for Novavax is expected to show an EPS of -$0.67, which represents a 53.47% increase compared to the same quarter last year [2] - Revenue is projected to be $90.72 million, indicating a significant decline of 68.86% from the equivalent quarter last year [2] Analyst Estimates - Recent changes in analyst estimates for Novavax reflect shifting short-term business dynamics, with positive revisions indicating optimism about the company's profitability [3] - The Zacks Rank system, which incorporates these estimate changes, provides actionable ratings for investors [4] Zacks Rank and Performance - Novavax currently holds a Zacks Rank of 2 (Buy), with the consensus EPS estimate having increased by 2899.99% over the past month [5] - Historically, stocks rated 1 (Strong Buy) have delivered an average annual return of +25% since 1988 [5] Valuation Metrics - Novavax has a Forward P/E ratio of 100.25, which is significantly higher than the industry's average Forward P/E of 23.12 [6] - The company has a PEG ratio of 2.88, compared to the average PEG ratio of 1.67 for Medical - Biomedical and Genetics stocks [7] Industry Context - The Medical - Biomedical and Genetics industry is part of the Medical sector and currently holds a Zacks Industry Rank of 67, placing it in the top 27% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Points - Novavax, Inc. will report its fourth quarter and full year 2024 financial results and operational highlights on February 27, 2025, at 8:30 a.m. ET [1] - The company specializes in protein-based vaccines and utilizes its proprietary Matrix-M™ adjuvant to enhance immune response [3] Conference Call Details - The conference call is scheduled for February 27, 2025, at 8:30 a.m. U.S. ET, with a registration URL provided for participants [1] - A replay of the call will be available starting at 11:30 a.m. U.S. ET on the same day until March 6, 2025 [2] Company Overview - Novavax is based in Gaithersburg, Maryland, and focuses on developing innovative vaccines for serious infectious diseases [3] - The company's portfolio includes a COVID-19 vaccine and candidates for COVID-19-Influenza Combination and stand-alone influenza vaccines [3] - Novavax's adjuvant is also part of the malaria vaccine developed by the University of Oxford and Serum Institute of India [3]

Core Viewpoint - Novavax is set to report its fourth-quarter and full-year 2024 earnings, with expectations of a loss of 67 cents per share and sales estimated at $90.72 million, reflecting a challenging market environment for its COVID-19 vaccine due to competition from mRNA-based vaccines [1][2][3]. Group 1: Upcoming Earnings and Sales Estimates - The Zacks Consensus Estimate for Novavax's product sales is pegged at $82 million for the upcoming quarter, indicating minimal vaccine sales [3]. - In the last reported quarter, Novavax's earnings exceeded estimates by 12.64% [1]. Group 2: Competitive Landscape - Novavax's updated protein-based COVID-19 vaccine received FDA authorization later than mRNA vaccines from Pfizer and Moderna, which may have impacted its market performance [2]. - The mRNA vaccines are designed to target the more advanced KP.2 strain, while Novavax's vaccine targets the JN.1 strain, potentially limiting its competitive edge [2]. Group 3: Research and Development Updates - Novavax has initiated a phase III study for its experimental COVID-19-influenza combination vaccine and standalone influenza vaccine, which will compare their immunogenicity and safety [4]. - The company is also expected to provide updates on its technology transfer to Sanofi, which will take over commercial responsibilities for Novavax's COVID-19 vaccine starting January 1, 2025 [5]. Group 4: Pipeline and Future Opportunities - Novavax is advancing its preclinical pipeline, focusing on vaccines for RSV and H5N1 bird flu, and exploring new opportunities in diseases like varicella-zoster virus and Clostridium difficile colitis [6]. - The company plans to expand into oncology, indicating a broader strategic focus beyond COVID-19 [6]. Group 5: Earnings Surprise History - Novavax has missed earnings estimates in three of the last four quarters, with an average negative surprise of 56.95% [7]. - Year-to-date, Novavax's shares have increased by 3%, compared to a 5% growth in the industry [7]. Group 6: Earnings Prediction Model - Current models do not predict an earnings beat for Novavax, with an Earnings ESP of 0.00% and a Zacks Rank of 2 (Buy) [9].

Company Performance - Novavax (NVAX) closed at $8.19, reflecting a +0.74% change from the previous day, outperforming the S&P 500's gain of 0.67% [1] - Over the past month, Novavax shares have decreased by 12.72%, underperforming the Medical sector's gain of 4.09% and the S&P 500's gain of 2.07% [1] Earnings Forecast - The upcoming earnings disclosure for Novavax is anticipated, with projected earnings per share (EPS) at -$0.67, indicating a 53.47% increase from the same quarter last year [2] - Revenue is forecasted to be $90.72 million, representing a 68.86% decline compared to the same quarter of the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Novavax indicate a dynamic business outlook, with positive revisions suggesting optimism about the company's future performance [3] - The Zacks Rank system, which incorporates estimate changes, currently ranks Novavax at 2 (Buy) [5] Valuation Metrics - Novavax has a Forward P/E ratio of 1897.01, significantly higher than the industry's average Forward P/E of 22.99, indicating a premium valuation [6] - The company also has a PEG ratio of 61.99, compared to the Medical - Biomedical and Genetics industry's average PEG ratio of 1.51 [7] Industry Context - The Medical - Biomedical and Genetics industry, part of the Medical sector, holds a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Viewpoint - Novavax (NVAX) shares have increased by 3.5% recently, closing at $8.81, with a potential upside indicated by Wall Street analysts' mean price target of $16, suggesting an 81.6% increase from the current price [1] Price Targets and Estimates - The mean estimate consists of six short-term price targets with a standard deviation of $6.93, where the lowest estimate is $9 (2.2% increase) and the highest is $25 (183.8% increase) [2] - A low standard deviation among price targets indicates strong agreement among analysts regarding the stock's price movement [7] Analyst Sentiment - Analysts show increasing optimism about Novavax's earnings prospects, as evidenced by a positive trend in earnings estimate revisions, which correlates with potential stock price increases [9] - Over the past 30 days, one earnings estimate has increased, leading to a Zacks Consensus Estimate rise of 87.5% [10] Zacks Rank - Novavax holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [11] Caution on Price Targets - While price targets are a common metric, they should not be the sole basis for investment decisions due to historical inaccuracies in predicting actual stock movements [5][8]

Company Performance - Novavax (NVAX) closed at $8.55, showing a +0.53% change from the previous day's closing price, underperforming compared to the S&P 500's daily gain of 1.83% [1] - Over the past month, Novavax shares have decreased by 5.5%, while the Medical sector and S&P 500 have lost 3.48% and 3.31%, respectively [1] Earnings Expectations - The upcoming earnings report for Novavax is expected to show an EPS of -$0.67, which represents a 53.47% increase compared to the same quarter last year [2] - Revenue is forecasted to be $90.72 million, indicating a significant decline of 68.86% compared to the corresponding quarter of the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Novavax are important as they reflect short-term business trends, with positive revisions indicating a favorable business outlook [3] - The Zacks Rank system, which incorporates these estimate changes, provides actionable ratings for investors [4] Zacks Rank and Industry Performance - The Zacks Rank system ranges from 1 (Strong Buy) to 5 (Strong Sell), with 1 stocks historically yielding an average annual return of +25% since 1988 [5] - Novavax currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate having increased by 87.5% over the last 30 days [5] - The Medical - Biomedical and Genetics industry, part of the Medical sector, ranks in the top 24% of all industries, indicating strong performance potential [6]

Core Viewpoint - Novavax (NVAX) shares experienced a significant increase of 10.9% in the last trading session, closing at $10.82, driven by heightened investor interest in vaccines targeting the H5N1 virus following the first human death from bird flu reported in the U.S. [1][2] Company Summary - Novavax is currently developing a vaccine for the H5N1 virus, which has garnered attention after a recent human fatality linked to bird flu in the U.S. [2] - The company is expected to report a quarterly loss of $0.67 per share, reflecting a year-over-year increase of 53.5%, while revenues are projected to be $90.72 million, down 68.9% from the same quarter last year [3]. - The consensus EPS estimate for Novavax has remained unchanged over the past 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4]. Industry Context - Novavax operates within the Zacks Medical - Biomedical and Genetics industry, which includes other companies like Tarsus Pharmaceuticals, Inc. (TARS) [4]. - Tarsus Pharmaceuticals has a consensus EPS estimate of -$0.71 for its upcoming report, representing a year-over-year change of 45.8%, and it also holds a Zacks Rank of 3 (Hold) [5].