Novavax (NVAX) Bank of America Global Healthcare Conference 2026 summary

Strategic transformation and business model

• Executed a pivot from a vertically integrated COVID vaccine company to a technology platform focused on partnering Matrix-M, with significant interest from major pharma and biotech partners, including Pfizer and Sanofi.

• Over 30 unique fields in infectious disease and oncology are under assessment with Matrix-M, representing more than 50% of the projected global opportunity in these areas by the early 2030s.

• The new strategy enables earlier revenue and cash flow through upfront payments, milestones, and royalties, reducing the need for large internal infrastructure and costs.

• Non-exclusive licensing allows multiple partners to use Matrix-M in the same disease area, increasing the probability of success and revenue streams.

• Competitive moat is maintained through IP, trade secrets, and a large safety database, with patents extending into the 2040s.

Partnership highlights and financial structure

• The Sanofi partnership has generated over $800 million to date, with significant cost reductions and additional milestones and royalties expected from COVID and combination vaccine products.

• Sanofi has broad access to Matrix-M for new vaccine development, with potential for $200 million in milestones and decades of royalties per new vaccine.

• The Pfizer deal includes high mid-single digit royalties for 20 years, with similar structures in place for other partners.

• Combination vaccine markets (flu/COVID) are seen as major growth opportunities, with Sanofi holding a strong position in premium flu vaccines.

• Recent amendments allow Matrix-M to be used in pandemic flu vaccines, further expanding partnership scope.

R&D and pipeline strategy

• R&D investment is focused on generating differentiated data to support partnerships, with internal development advancing only highly differentiated assets.

• C. difficile vaccine candidate selected for advancement to human trials, with potential clinical entry as early as 2027.

• Ongoing preclinical work in shingles and RSV supports partnering rather than internal commercialization due to market dynamics.

• Data generated through internal and partner experiments creates a feedback loop, enhancing business development and technology value.

• R&D and SG&A expenses are targeted to be reduced by over 50% by 2028, supporting a leaner, more profitable model.