On this page of StockholderLetter.com we present the latest annual shareholder letter from NOVAVAX INC — ticker symbol NVAX. Reading current and past NVAX letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT
Novavax 01 A Message from Our CEO 02 2023 in Review 03 Progressing Our Sustainability Impact 05 2023 Form 10-K 158 Leadership & Corporate Information Cover: Kristina Iosue, Senior Research Associate and Rhonda Flores, Senior Scientist, Novavax employees, United States and Jennifer Blainey, Director, Policy & Government Affairs, UK, Ireland & Nordics, Novavax employee, United Kingdom
2023 Annual Report APRIL 22, 2024 A Message from Our CEO To Our Shareholders, Following my first full year at Novavax, I look back at the tremendous progress made in 2023 and am even more excited about the future of our company. We navigated a dynamic COVID-19 landscape while successfully delivering our protein-based non-mRNA COVID-19 vaccine, Nuvaxovid , to people around the world. We continued to achieve significant progress against our strategic priorities, meaningfully improved our financial profile and directed resources to support the expansion of our pipeline. We have made difficult but important changes that help to position Novavax for long-term, sustainable growth. Reflecting on this past year, I m proud of the strides we have taken to strengthen our business and better position us to achieve our goals in 2024 and beyond. Our Opportunity and Focus on the Future As we look to the remainder of the year, we will maintain focus on three priorities which we believe are the most critical for our business as we work to expand our impact on global public health and deliver results for our stakeholders: 01 Deliver an updated COVID-19 vaccine for the 2024-2025 vaccination season Our top near-term priority is delivering an updated vaccine aligned with public health recommendations and with a more compelling presentation for the fall, which marks the start of the 2024-2025 vaccination season in the Northern Hemisphere. In the U.S., we are setting the stage for expanded availability and a stronger commercial performance, with plans for regulatory action and market availability for the start of the season, vaccine presentation in pre-filled syringes, and the ability to leverage established relationships with top retailers, who drove 90% of the business last season. We are continuing to closely partner with the U.S. Food and Drug Administration (FDA) and other regulatory agencies around the world as we prepare for strain selection. Outside of the U.S., we are prepared to transition to the commercial market, and we have prioritized and focused our efforts on select key countries. Finally, we will continue to focus on delivery against our advance purchase agreement commitments throughout the APAC region. 02 Independently launch a Phase 3 trial of our COVID-19-Influenza-Combination (CIC) vaccine candidate in the second half of 2024 As we work to expand beyond a one-product company and maximize the value of our scientific platform, we are most immediately focused on bringing our CIC vaccine candidate to market. We are on track to initiate our Phase 3 trial in the second half of 2024. We continue to have productive interactions with the FDA, including agreement on the design of our Phase 3 program as well as a regulatory pathway for accelerated approval. Additionally, we are planning a lot-to-lot consistency trial in the fourth quarter of 2024, which should put us on track for regulatory filing in 2025 and potential launch as early as the 2026-2027 vaccination season. 03 Continue the evolution of Novavax, further reducing operating expenses In line with last year, we are continuing to scale our organization appropriately and reduce our spend to better align with the evolving market opportunity. Our disciplined approach has enabled us to exceed prior cost-cutting guidance and maintain efficient operations to ensure smart deployment of our resources. This approach is a key lever to improving the financial health and performance of Novavax to enable long-term value creation. In summary, our focus in 2024 on these objectives should enable us to further strengthen Novavax s opportunity to drive enhanced value creation, as we strive to evolve into a leading global vaccine innovator. As we continue to become a more lean and agile organization, we are focused on improving long-term commercial performance in the COVID-19 market and advancing our CIC vaccine candidate towards a potential launch in the 2026-2027 vaccination season. The successful execution of these priorities is not possible without our employees, who I want to thank for their contributions that continue to advance our science and business while supporting our mission. Finally, to our shareholders, thank you for your continued support. We remain committed to our work and delivering returns on your investment. John C. Jacobs President and Chief Executive Officer 1
Novavax 2023 in Review In 2023, we delivered our protein-based non-mRNA COVID-19 vaccine, Nuvaxovid1, in the U.S., Europe and key Asia-Pacific markets. We also remained focused on our additional priorities, outlining a path forward to bring our COVID-19-Influenza (CIC) vaccine candidate to market and creating a more lean and focused organization, significantly reducing our liabilities and operating expenses. Expanding Potential of our Technology Platform Advanced CIC vaccine candidate in Phase 2 trial and plan to initiate Phase 3 trial in the second half of 2024, with potential accelerated approval and launch in the 2026-2027 vaccination season Granted prequalification by World Health Organization for R21/Matrix-MTM malaria vaccine in December 2023 COVID-19 Clinical and Strain Change Demonstrated our variant strain change capabilities, updating our vaccine to the XBB.1.5 variant for the 2023-2024 vaccination season Demonstrated XBB.1.5 vaccine capable of inducing potent neutralizing responses to itself and to more recently circulating JN.1 strains Financial Achieved $1 billion in total revenue for the full year 2023 Reduced short-term liabilities by $825 million, improving our balance sheet profile Reduced total operating expenses by $1.1 billion or 41%, as compared to 2022 Evaluated our vaccine in younger age groups in our Phase 3 trial COVID-19 Commercial Generated full year 2023 product sales of $531 million, with over 90% from advance purchase agreement sales from Europe, Australia, and New Zealand nd e U.S. Focused on executing in retail channels in the ed and efficient Facilitated the transition to a more streamlined operating model across CMC, regulatory and commercial teams As we shift focus to 2024 and beyond, we are setting the stage for a stronger commercial presence, with the intent for the upcoming vaccination season to have a more competitive product presentation, earlier product availability in line with competitors and secure broader coverage and access to Novavax s vaccine in pharmacies through the retail market in the U.S. and commercial market opportunities in select EU countries. These objectives will position Novavax on a path toward long-term success. 1. The trade name Nuvaxovid has not yet been approved by the U.S. FDA and is authorized as the Novavax COVID-19 Vaccine, Adjuvanted for emergency use by the FDA. 2 Sunnie Zou, Research Associate and Dhruvesh Amin, Senior Research Associate, Novavax employees, United States
2023 Annual Report PROGRESSING OUR SUSTAINABILITY SUSTAINABILITY IMPACT IMPACT We continue to develop our long-term Environmental, Social, and Governance (ESG) strategy to expand Novavax s impact as a global corporate citizen1. We focus our sustainability impact on the four strategic pillars: ACCESS Maximizing vaccine access and improving global health We innovate through R&D, business and community partnerships to increase global access to vaccines that target serious infectious diseases GOVERNANCE Meeting the highest standards of governance We are committed to operating with integrity, transparency, and accountability in all that we do as we pursue our important mission of protecting global public health ENVIRONMENT Mitigating our environmental impact We aim to operate in an environmentally sustainable manner that reduces our environmental impact DIVERSITY Championing diversity, equity, and inclusion in our workforce We have built an empowering and diverse work culture, investing in our people to attract and retain the best talent and help our employees, referred to as SuperNovas, achieve their full potential In 2024 and beyond, we will continue to advance our ESG initiatives, which will be instrumental in our ability to create long-term value for our shareholders, employees and consumers. 1. For additional information on our ESG initiatives, please refer to page 25 of this Annual Report. 3
 • shareholder letter icon 4/29/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/28/2023 NVAX Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon NVAX Benford's Law Stock Score = 91


NVAX Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT

Novavax
01
A Message from Our CEO
02
2023 in Review
03
Progressing Our Sustainability Impact
05
2023 Form 10-K
158
Leadership & Corporate Information
Cover:
Kristina Iosue, Senior Research Associate and
Rhonda Flores, Senior Scientist,
Novavax employees, United States
and
Jennifer Blainey, Director, Policy & Government Affairs,
UK, Ireland & Nordics,
Novavax employee, United Kingdom

2023 Annual Report
APRIL 22, 2024
A Message from Our CEO
To Our Shareholders,
Following my first full year at Novavax, I look back at the tremendous progress made in 2023 and
am even more excited about the future of our company. We navigated a dynamic COVID-19
landscape while successfully delivering our protein-based non-mRNA COVID-19 vaccine, Nuvaxovid   ,
to people around the world. We continued to achieve significant progress against our strategic
priorities, meaningfully improved our financial profile and directed resources to support the
expansion of our pipeline. We have made difficult but important changes that help to position
Novavax for long-term, sustainable growth. Reflecting on this past year, I   m proud of the strides we
have taken to strengthen our business and better position us to achieve our goals in 2024 and beyond.
Our Opportunity and Focus on the Future
As we look to the remainder of the year, we will maintain focus on three priorities which we believe are the most critical for our business
as we work to expand our impact on global public health and deliver results for our stakeholders:
01
Deliver an updated COVID-19 vaccine for the 2024-2025 vaccination season
Our top near-term priority is delivering an updated vaccine aligned with public health recommendations and with a more
compelling presentation for the fall, which marks the start of the 2024-2025 vaccination season in the Northern Hemisphere. In the
U.S., we are setting the stage for expanded availability and a stronger commercial performance, with plans for regulatory action
and market availability for the start of the season, vaccine presentation in pre-filled syringes, and the ability to leverage established
relationships with top retailers, who drove 90% of the business last season. We are continuing to closely partner with the U.S. Food and
Drug Administration (FDA) and other regulatory agencies around the world as we prepare for strain selection. Outside of the U.S., we
are prepared to transition to the commercial market, and we have prioritized and focused our efforts on select key countries. Finally,
we will continue to focus on delivery against our advance purchase agreement commitments throughout the APAC region.
02
Independently launch a Phase 3 trial of our COVID-19-Influenza-Combination (CIC)
vaccine candidate in the second half of 2024
As we work to expand beyond a one-product company and maximize the value of our scientific platform, we are most immediately
focused on bringing our CIC vaccine candidate to market. We are on track to initiate our Phase 3 trial in the second half of 2024.
We continue to have productive interactions with the FDA, including agreement on the design of our Phase 3 program as well as a
regulatory pathway for accelerated approval. Additionally, we are planning a lot-to-lot consistency trial in the fourth quarter of
2024, which should put us on track for regulatory filing in 2025 and potential launch as early as the 2026-2027 vaccination season.
03
Continue the evolution of Novavax, further reducing operating expenses
In line with last year, we are continuing to scale our organization appropriately and reduce our spend to better align with the
evolving market opportunity. Our disciplined approach has enabled us to exceed prior cost-cutting guidance and maintain
efficient operations to ensure smart deployment of our resources. This approach is a key lever to improving the financial health
and performance of Novavax to enable long-term value creation.
In summary, our focus in 2024 on these objectives should enable us to further strengthen Novavax   s opportunity to drive enhanced
value creation, as we strive to evolve into a leading global vaccine innovator. As we continue to become a more lean and agile
organization, we are focused on improving long-term commercial performance in the COVID-19 market and advancing our CIC
vaccine candidate towards a potential launch in the 2026-2027 vaccination season.
The successful execution of these priorities is not possible without our employees, who I want to thank for their contributions that
continue to advance our science and business while supporting our mission.
Finally, to our shareholders, thank you for your continued support.
We remain committed to our work and delivering returns on your investment.
John C. Jacobs
President and Chief Executive Officer
1

Novavax
2023 in Review
In 2023, we delivered our protein-based non-mRNA COVID-19 vaccine, Nuvaxovid1, in the U.S., Europe and key Asia-Pacific
markets. We also remained focused on our additional priorities, outlining a path forward to bring our COVID-19-Influenza
(CIC) vaccine candidate to market and creating a more lean and focused organization, significantly reducing our
liabilities and operating expenses.
Expanding Potential of our Technology Platform
    Advanced CIC vaccine candidate in Phase 2 trial and plan to initiate
Phase 3 trial in the second half of 2024, with potential accelerated
approval and launch in the 2026-2027 vaccination season
    Granted prequalification by World Health Organization for
R21/Matrix-MTM malaria vaccine in December 2023
COVID-19 Clinical and Strain Change
    Demonstrated our variant strain change capabilities, updating our
vaccine to the XBB.1.5 variant for the 2023-2024 vaccination season
    Demonstrated XBB.1.5 vaccine capable of inducing potent neutralizing
responses to itself and to more recently circulating JN.1 strains
Financial
    Achieved $1 billion in
total revenue for the
full year 2023
    Reduced short-term
liabilities by $825
million, improving our
balance sheet profile
    Reduced total
operating expenses by
$1.1 billion or 41%, as
compared to 2022
    Evaluated our vaccine in younger age groups in our Phase 3 trial
COVID-19 Commercial
    Generated full year 2023 product sales of $531 million, with over 90% from advance purchase agreement
sales from Europe, Australia, and New Zealand
nd
e U.S.
    Focused on executing in retail channels in the
ed and efficient
    Facilitated the transition to a more streamlined
operating model across CMC, regulatory and commercial teams
As we shift focus to 2024 and beyond, we are setting the stage
for a stronger commercial presence, with the intent for the
upcoming vaccination season to have a more competitive
product presentation, earlier product availability in line
with competitors and secure broader coverage and
access to Novavax   s vaccine in pharmacies through
the retail market in the U.S. and commercial market
opportunities in select EU countries. These
objectives will position Novavax on a path toward
long-term success.
1. The trade name Nuvaxovid has not yet been approved by the
U.S. FDA and is authorized as the Novavax COVID-19 Vaccine,
Adjuvanted for emergency use by the FDA.
2
Sunnie Zou, Research Associate and
Dhruvesh Amin, Senior Research Associate,
Novavax employees, United States

2023 Annual Report
PROGRESSING OUR
SUSTAINABILITY
SUSTAINABILITY IMPACT
IMPACT
We continue to develop our long-term Environmental, Social, and Governance (ESG) strategy to expand
Novavax   s impact as a global corporate citizen1. We focus our sustainability impact on the four strategic pillars:
ACCESS
Maximizing vaccine access and improving global health
We innovate through R&D, business and community partnerships to increase
global access to vaccines that target serious infectious diseases
GOVERNANCE
Meeting the highest standards of governance
We are committed to operating with integrity, transparency, and
accountability in all that we do as we pursue our important mission of
protecting global public health
ENVIRONMENT
Mitigating our environmental impact
We aim to operate in an environmentally sustainable manner that reduces
our environmental impact
DIVERSITY
Championing diversity, equity, and inclusion in our workforce
We have built an empowering and diverse work culture, investing in our
people to attract and retain the best talent and help our employees,
referred to as SuperNovas, achieve their full potential
In 2024 and beyond, we will continue to advance our ESG initiatives, which will be instrumental
in our ability to create long-term value for our shareholders, employees and consumers.
1. For additional information on our ESG initiatives, please refer to page 25 of this Annual Report.
3



shareholder letter icon 4/29/2024 Letter Continued (Full PDF)
 

NVAX Stockholder/Shareholder Letter (NOVAVAX INC) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.