Novavax demonstrated significant progress in Q3 2025, strengthening its partnership strategies and advancing its diversified R&D pipeline while achieving substantial cash flow, underscoring a shift towards long-term profitability and growth.

• Achieved approximately $1.1 billion in nondilutive cash flow over 8 quarters, bolstered by $800 million from partnerships.
• Successfully secured $225 million from Sanofi-related milestones, including key regulatory approvals for Nuvaxovid.
• Launched new early-stage R&D initiatives targeting infectious diseases and oncology, emphasizing a diversified pipeline beyond COVID-19.
• Initiated cost-saving measures, including consolidating facilities to enhance financial strength, projected to save approximately $230 million.
• Positioned to potentially reach non-GAAP profitability by 2028 through a revamped revenue mix driven by partnerships and royalties.