Novavax Reports First Quarter 2024 Financial Results and Operational Highlights By Investing.com

• Announces co-exclusive licensing agreement with Sanofi (NASDAQ:) to co-commercialize COVID-19 vaccine, develop novel COVID-19-Influenza combination vaccines and develop multiple new vaccines utilizing Novavax (NASDAQ:)’s Matrix-M^™ adjuvant
• This agreement represents a potential multi-billion dollar revenue opportunity for Novavax including:
  • $500 million upfront payment
  • Approximately $70 million equity investment in Novavax
  • Up to $700 million in COVID-19 and combination product near-term milestones, plus ongoing tiered royalties on product sales
  • Up to $200 million in milestones plus royalties for each new vaccine developed utilizing Novavax’s Matrix-M^™ adjuvant
• Announces addition of standalone influenza vaccine to Phase 3 COVID-19-Influenza Combination vaccine trial, which is on-track to initiate second half of 2024, with potential 2026 launch for both candidates
• Reduced current liabilities by an additional $831 million during Q1 2024
• Achieved total revenue in Q1 2024 of $94 million
• Novavax removes going concern notice
• Company to host conference call today at 8:30 a.m. ET

GAITHERSBURG, Md., May 10, 2024 /PRNewswire/ — Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its Matrix-M™ adjuvant, today announced its financial results and operational highlights for the first quarter ended March 31, 2024.

Earlier today, Novavax and Sanofi (NASDAQ: SNY) announced that they have entered into a co-exclusive licensing agreement. The terms of the agreement include: a co-exclusive license to co-commercialize Novavax’s current stand-alone adjuvanted COVID-19 vaccine worldwide (except in countries with existing Advance Purchase Agreements [APAs] and in India, Japan and South Korea where Novavax has existing partnership agreements); a sole license to Novavax’s adjuvanted COVID-19 vaccine for use in combination with Sanofi’s flu vaccines while Novavax retains the right to and is developing its own COVID-19-Influenza Combination (CIC) vaccine candidate; a non-exclusive license to use Novavax’s adjuvanted COVID-19 vaccine for use in combination with non-flu vaccines; and a non-exclusive license to use the Matrix-M adjuvant in vaccine products. In addition, Sanofi will take a minority (Novavax.

“Today we announce the beginning of an exciting new chapter for Novavax with the launch of a strategically important partnership with one of the world’s leading vaccine companies. We believe the combined strength of Novavax and Sanofi will enable us to…