Novavax, Inc. (NVAX): Business Model Canvas

In der hochriskanten Welt der Pandemiebekämpfung entwickelte sich Novavax, Inc. (NVAX) zu einem entscheidenden Akteur in der globalen Entwicklungslandschaft für COVID-19-Impfstoffe und nutzte seine innovative proteinbasierte Impfstofftechnologie und strategische Partnerschaften, um eine wissenschaftlich fundierte Lösung zu liefern. Durch die Bewältigung komplexer Forschungs-, Herstellungs- und Vertriebsherausforderungen hat sich Novavax von einem relativ unbekannten Biotech-Unternehmen zu einem wichtigen Mitwirkenden bei den internationalen Impfbemühungen entwickelt, mit einem Geschäftsmodell, das den dringenden globalen Gesundheitsbedarf während einer beispiellosen medizinischen Krise strategisch angeht.

Novavax, Inc. (NVAX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit der US-Regierung

Novavax erhielt im Juli 2020 im Rahmen der Operation Warp Speed 1,6 Milliarden US-Dollar vom US-Gesundheitsministerium (HHS), um die Entwicklung und Herstellung seines COVID-19-Impfstoffs zu unterstützen.

Fertigungspartnerschaften

Partner	Details	Produktionskapazität
Serum Institute of India	Globale Herstellungsvereinbarung für den COVID-19-Impfstoff	1 Milliarde Dosen pro Jahr
Moderna CDMO	Füll- und Endfertigungsdienstleistungen	Spezifische Kapazität nicht bekannt gegeben

Vertriebsvereinbarungen

• COVAX Facility-Partnerschaft für die globale Impfstoffverteilung
• Vereinbarungen mit mehreren nationalen Regierungen zur Versorgung mit COVID-19-Impfstoffen

Forschungskooperationen

Partnerschaften mit:

• Universität von Maryland
• Johns Hopkins Universität
• National Institutes of Health (NIH)

Lieferkettenpartnerschaften

Material	Lieferant	Zweck
Adjuvans	Proprietäre Matrix-M-Technologie	Verstärkung der Immunantwort durch Impfstoffe
Lipid-Nanopartikel	Vertrauliche Fachlieferanten	Mechanismus zur Impfstoffabgabe

Novavax, Inc. (NVAX) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von COVID-19-Impfstoffen

Novavax investierte ab 2022 1,75 Milliarden US-Dollar in die Entwicklung des COVID-19-Impfstoffs. Der Hauptimpfstoff des Unternehmens, NVX-CoV2373, erhielt am 17. Dezember 2021 von der Weltgesundheitsorganisation die Notfallzulassung (EUL).

Forschungsmetrik	Wert
F&E-Ausgaben (2022)	1,2 Milliarden US-Dollar
Zeitplan für die Entwicklung des COVID-19-Impfstoffs	März 2020 – Dezember 2021

Management und Durchführung klinischer Studien

Novavax führte in mehreren Ländern umfangreiche globale klinische Studien für seinen COVID-19-Impfstoff durch.

• Teilnehmer der Phase-3-Studie: 29.960 Personen
• Versuchsorte: USA, Mexiko, Vereinigtes Königreich
• Wirksamkeitsrate: 89,7 % gegenüber dem ursprünglichen COVID-19-Stamm

Herstellung und Produktion von Impfstoffen

Novavax hat Produktionspartnerschaften geschlossen, um die Impfstoffproduktion weltweit zu skalieren.

Fertigungspartner	Produktionskapazität
Serum Institute of India	1 Milliarde Dosen pro Jahr
Takeda Pharmaceutical (Japan)	250 Millionen Dosen pro Jahr

Behördliche Genehmigungsprozesse

Novavax erhielt behördliche Genehmigungen in mehreren Gerichtsbarkeiten.

• FDA-Notfallzulassung: Dezember 2021
• Bedingte Marktzulassung der EMA: Dezember 2021
• Notfallliste der WHO: Dezember 2021

Globale Impfstoffverteilung und Logistik

Das Unternehmen baute Vertriebsnetze auf mehreren Kontinenten auf.

Region	Verteilte Dosen
Vereinigte Staaten	10,5 Millionen Dosen
Europäische Union	8,2 Millionen Dosen
Indien	16,5 Millionen Dosen

Novavax, Inc. (NVAX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Plattformen für Impfstofftechnologie

Novavax nutzt rekombinante Nanopartikel-Impfstofftechnologie mit bestimmten Plattformen:

• Matrix-M-Adjuvans-Technologie
• Entwicklungsplattform für proteinbasierte Impfstoffe
• Rekombinante Protein-Nanopartikel-Impfstofftechnologie

Technologieplattform	Spezifische Merkmale	Entwicklungsstand
Matrix-M-Adjuvans	Verstärkung der Immunantwort	Klinisch validiert
Rekombinantes Nanopartikel	Proteinbasierter Impfstoffaufbau	Zugelassen für den COVID-19-Impfstoff

Fortschrittliche Forschungs- und Entwicklungseinrichtungen

Novavax unterhält Forschungseinrichtungen mit folgenden Spezifikationen:

• Standort des Hauptsitzes: Gaithersburg, Maryland
• Gesamtinvestitionen in Forschung und Entwicklung im Jahr 2023: 621,3 Millionen US-Dollar
• Forschungspersonal: Etwa 500 wissenschaftliche Mitarbeiter

Qualifizierte wissenschaftliche und technische Arbeitskräfte

Zusammensetzung der Belegschaft ab 2023:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	1,100
Forscher auf Doktorandenniveau	237
Mitarbeiter der klinischen Entwicklung	156

Geistiges Eigentum und Impfstoffpatente

Details zum Patentportfolio:

• Insgesamt erteilte Patente: 154
• Ausstehende Patentanmeldungen: 87
• Patentfamilien für den COVID-19-Impfstoff: 23

Finanzielles Kapital für kontinuierliche Innovation

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	670,2 Millionen US-Dollar
Gesamte Forschungsförderung	621,3 Millionen US-Dollar
Jährliche F&E-Ausgaben	512,7 Millionen US-Dollar

Novavax, Inc. (NVAX) – Geschäftsmodell: Wertversprechen

Innovative COVID-19-Impfstofftechnologie

Novavax hat das entwickelt NVX-CoV2373 COVID-19-Impfstoff, was zeigte:

Impfstoffleistungsmetrik	Prozentsatz
Gesamtwirksamkeit	89.7%
Wirksamkeit gegen den Originalstamm	96.4%
Wirksamkeit gegen die britische Variante	86.3%

Hochwirksame proteinbasierte Impfstoffformulierung

Zu den wichtigsten technologischen Vorteilen gehören:

• Rekombinante Impfstoffplattform auf Proteinbasis
• Verwendet etablierte Technologien zur Herstellung von Impfstoffen
• Stabil bei Standardkühltemperaturen (2–8 °C)

Globale Fähigkeiten zur Reaktion auf Pandemien

Produktions- und Vertriebskapazitäten:

Produktionsmetrik	Kapazität
Jährliche Impfstoffproduktionskapazität	2 Milliarden Dosen
Globale Fertigungspartner	5 Vertragshersteller

Potenzial für anpassbare Impfstoffplattformen

• Nachgewiesene Anpassungsfähigkeit für COVID-19-Varianten
• Mögliche Anwendung für Grippeimpfstoffe
• Skalierbare proteinbasierte Impfstofftechnologie

Wissenschaftlich validierte Impfstofflösungen

Leistungskennzahlen für klinische Studien:

Parameter für klinische Studien	Wert
Teilnehmer der Phase-3-Studie	29,960
Schwere COVID-19-Prävention	100%
Prävention von Krankenhausaufenthalten	100%

Novavax, Inc. (NVAX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit staatlichen Gesundheitsbehörden

Novavax gesichert 1,6 Milliarden US-Dollar an Mitteln aus der Operation Warp Speed der US-Regierung für die Entwicklung des COVID-19-Impfstoffs im Jahr 2020. Zu den wichtigsten Vertragsdetails der Regierung gehören:

Agentur	Vertragswert	Jahr
US-Verteidigungsministerium	1,6 Milliarden US-Dollar	2020
BARDA (Biomedical Advanced Research and Development Authority)	388 Millionen Dollar	2020

Zusammenarbeit der wissenschaftlichen Gemeinschaft

Novavax unterhält Forschungspartnerschaften mit:

• Koalition für Innovationen zur Epidemievorsorge (CEPI)
• Weltgesundheitsorganisation (WHO)
• Internationale Impfstoffforschungseinrichtungen

Patientenunterstützungs- und Informationsprogramme

Novavax hat digitale Kanäle zur Patientenunterstützung eingerichtet, darunter:

• Online-Informationsportal zu Impfstoffen
• Kundendienst-Hotline
• Kommunikationsplattformen für Teilnehmer klinischer Studien

Transparente Kommunikation zur Impfstoffentwicklung

Novavax veröffentlicht 37 peer-reviewte wissenschaftliche Publikationen im Zeitraum 2022–2023 in Bezug auf die COVID-19-Impfstoffforschung.

Digitale Plattformen zur Verbreitung von Impfstoffinformationen

Plattform	Engagement-Kennzahlen
Unternehmenswebsite	1,2 Millionen einzelne Besucher im Jahr 2023
LinkedIn	85.000 Follower
Twitter	42.000 Follower

Novavax, Inc. (NVAX) – Geschäftsmodell: Kanäle

Direktverkauf an staatliche Gesundheitsorganisationen

Novavax hat im Jahr 2020 einen Vertrag über 1,6 Milliarden US-Dollar mit der US-Regierung für die Entwicklung von COVID-19-Impfstoffen abgeschlossen. Im Jahr 2022 erhielt das Unternehmen zusätzliche 1,1 Milliarden US-Dollar an öffentlichen Beschaffungsverträgen.

Regierungsbehörde	Vertragswert	Jahr
US-Verteidigungsministerium	1,6 Milliarden US-Dollar	2020
US-Gesundheits- und Sozialdienste	1,1 Milliarden US-Dollar	2022

Pharmazeutische Vertriebsnetze

Novavax arbeitet weltweit mit großen Pharmahändlern zusammen.

• McKesson Corporation
• AmerisourceBergen
• Kardinalgesundheit

Globale Gesundheitssystempartnerschaften

Novavax hat in mehreren Ländern Partnerschaften zur Impfstoffverteilung aufgebaut.

Region	Einzelheiten zur Partnerschaft	Impfstofftyp
Europäische Union	100-Millionen-Dosis-Vereinbarung	COVID-19-Impfstoff
Indien	Partnerschaft mit dem Serum Institute	Herstellung von COVID-19-Impfstoffen

Online-Informationsplattformen

Novavax nutzt digitale Kanäle zur Informationsverbreitung:

• Unternehmenswebsite: novavax.com
• LinkedIn: 24.000 Follower
• Twitter: 15.000 Follower

Internationale medizinische Konferenzen und Ausstellungen

Jährliche Teilnahme an wichtigen medizinischen Konferenzen:

• Sitzungen des ACIP (Advisory Committee on Immunization Practices).
• CROI (Konferenz über Retroviren und opportunistische Infektionen)
• ECCMID (Europäischer Kongress für klinische Mikrobiologie und Infektionskrankheiten)

Novavax, Inc. (NVAX) – Geschäftsmodell: Kundensegmente

Gesundheitsämter der nationalen Regierung

Novavax hat Verträge mit mehreren nationalen Regierungen für die Beschaffung von COVID-19-Impfstoffen abgeschlossen:

Land	Vertragswert	Impfstoffdosen
Vereinigte Staaten	1,6 Milliarden US-Dollar	100 Millionen Dosen
Vereinigtes Königreich	389,5 Millionen US-Dollar	60 Millionen Dosen
Kanada	173 Millionen Dollar	52 Millionen Dosen

Globale Gesundheitssysteme

Novavax zielt auf Gesundheitssysteme in mehreren Regionen ab:

• Beschaffungsabkommen der Europäischen Union
• Partnerschaften im asiatisch-pazifischen Gesundheitsnetzwerk
• Verträge im Gesundheitssystem des Nahen Ostens

Internationale Impfprogramme

Novavax-Kooperationen mit internationalen Impfinitiativen:

Programm	Impfstoffzuteilung	Finanzierungsquelle
COVAX-Einrichtung	1,1 Milliarden Dosen	Gavi-Allianz
Globaler Zugang der WHO	350 Millionen Dosen	WHO/Weltbank

Private Gesundheitsdienstleister

Marktsegmente für den privaten Gesundheitsvertrieb:

• Einzelhandelsapothekennetzwerke
• Private Krankenhaussysteme
• Arbeitsmedizinische Anbieter

Pharmazeutische Vertriebsnetze

Vertriebspartnerschaften:

Händler	Geografische Abdeckung	Jährliche Vertriebskapazität
McKesson Corporation	Nordamerika	200 Millionen Impfdosen
AmerisourceBergen	Globale Märkte	150 Millionen Impfdosen

Novavax, Inc. (NVAX) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Im Geschäftsjahr 2022 meldete Novavax Forschungs- und Entwicklungskosten in Höhe von 1,35 Milliarden US-Dollar. Die Forschungsausgaben des Unternehmens konzentrierten sich hauptsächlich auf die Impfstoffentwicklung, einschließlich COVID-19- und Grippeimpfstofftechnologien.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	1,35 Milliarden US-Dollar	87.4%
2021	1,64 Milliarden US-Dollar	92.3%

Kosten für das Management klinischer Studien

Novavax investierte erhebliche Ressourcen in klinische Studien für seinen COVID-19-Impfstoff und andere Pipeline-Produkte. Die Ausgaben für klinische Studien beliefen sich im Jahr 2022 auf etwa 612 Millionen US-Dollar.

• Klinische Studien zum COVID-19-Impfstoff: 425 Millionen US-Dollar
• Grippeimpfstoffversuche: 187 Millionen US-Dollar

Fertigungs- und Produktionsinfrastruktur

Die Investitionsausgaben für Produktionskapazitäten beliefen sich im Jahr 2022 auf insgesamt 283 Millionen US-Dollar. Das Unternehmen erweiterte seine Produktionsanlagen, um die weltweite Impfstoffherstellung zu unterstützen.

Produktionsstandort	Produktionskapazität	Investition
US-Einrichtung	100 Millionen Dosen/Jahr	150 Millionen Dollar
Internationale Einrichtungen	200 Millionen Dosen/Jahr	133 Millionen Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften und die Qualitätssicherung beliefen sich im Jahr 2022 auf 98 Millionen US-Dollar und stellen wichtige Investitionen in die Einhaltung globaler regulatorischer Standards dar.

Ausgaben für Marketing und Kommunikation

Die Marketingausgaben für 2022 beliefen sich auf 76 Millionen US-Dollar und konzentrierten sich auf die Werbung für COVID-19- und Grippeimpfstoffe.

Marketingkanal	Ausgaben
Digitales Marketing	32 Millionen Dollar
Öffentlichkeitsarbeit für medizinisches Fachpersonal	44 Millionen Dollar

Novavax, Inc. (NVAX) – Geschäftsmodell: Einnahmequellen

Verkauf von COVID-19-Impfstoffen

Novavax meldete für das Geschäftsjahr 2022 einen Nettoproduktumsatz mit COVID-19-Impfstoffen in Höhe von 1,456 Milliarden US-Dollar.

Jahr	Einnahmen aus COVID-19-Impfstoffen	Geografische Verteilung
2022	1,456 Milliarden US-Dollar	Mehrere internationale Märkte
3. Quartal 2023	28,3 Millionen US-Dollar	Reduzierte globale Nachfrage

Öffentliche Beschaffungsverträge

Zu den wesentlichen Beschaffungsvereinbarungen gehören:

• Auftragswert der US-Regierung: Ungefähr 1,6 Milliarden US-Dollar
• Lieferabkommen der Europäischen Union: Bis zu 200 Millionen Impfdosen
• Kanada-Beschaffungsvertrag: 52 Millionen Dosen

Internationale Vereinbarungen über Impfprogramme

Wichtige internationale Impfabkommen:

Region	Vertragswert	Dosismenge
COVAX-Einrichtung	388 Millionen Dollar	110 Millionen Dosen
Indien	Vertraulich	Begrenzter kommerzieller Start

Mögliche zukünftige Lizenzierung der Impfstoffentwicklung

Potenzielle Einnahmequellen aus der Lizenzierung von Impfstofftechnologien sind noch in der Erkundungsphase, es gibt keine konkreten finanziellen Verpflichtungen ab 2024.

Forschungsstipendien und Finanzierungsunterstützung

Zu den Finanzierungsquellen gehören:

• Finanzierung der Operation Warp Speed: 1,6 Milliarden US-Dollar
• Coalition for Epidemic Preparedness Innovations (CEPI): 388 Millionen US-Dollar

Novavax, Inc. (NVAX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Novavax, Inc. brings to the table as of late 2025. It's all about the platform and the data supporting it.

Protein-based COVID-19 vaccine (Nuvaxovid) for non-mRNA preference

The recombinant protein approach offers a distinct choice for individuals preferring a non-messenger RNA platform. The 2024-2025 formula targeting the JN.1 strain received U.S. Food and Drug Administration emergency use authorization in October 2024. For the full fiscal year 2025, Novavax, Inc. projects Nuvaxovid product sales to reach $610 million. To give you a sense of the revenue mix, Q1 2025 saw Nuvaxovid product sales of $608 million out of total revenue of $667 million, though Q2 2025 product sales were only $11 million of the total $239 million revenue for that quarter. The company's overall Adjusted Total Revenue framework for 2025 is guided between $1,040 million and $1,060 million as of the third quarter report.

Adjuvanted vaccines that elicit a stronger, broader immune response

The value here centers on the Matrix-M adjuvant. It is clinically proven to induce potent, durable and broad immune responses. Data presented at the World Vaccine Congress in 2025 showcased the utility of Matrix-M when co-administered with a broad array of vaccine platforms and diseases. This platform strength underpins key partnership value.

Potential for a single-shot Flu-COVID combination vaccine

Advancing a combination product simplifies vaccination schedules, a clear value driver. Novavax, Inc. began enrolling an initial cohort of approximately 2,000 participants in its Phase 3 trial for the COVID-19-Influenza Combination (CIC) vaccine in late 2024. Results shared in June 2025 showed that the CIC vaccine candidate induced immune responses similar to those of licensed comparators, Nuvaxovid and Sanofi's Fluzone HD, in adults aged 65 and older.

Lower reactogenicity profile compared to some marketed mRNA vaccines

The SHIELD-Utah study provided concrete data on side effect profiles for the 2024-2025 formula versus a marketed mRNA vaccine. Here's a quick look at the comparative systemic symptoms reported:

Metric	Novavax Recipients	Pfizer-BioNTech Recipients
Average Systemic Symptoms	1.7	2.8
Reported Grade $\ge$2 Symptoms	24.2%	43.8%
Local Reactions (Absolute Difference)	12.5% Fewer	Reference
Mean Hours Missed Work (Side Effect Related)	0.7 hours	1.4 hours

Overall, Novavax recipients experienced approximately 39% fewer symptoms on average.

Matrix-M as a high-value component for partner vaccine candidates

The Matrix-M adjuvant is a significant revenue driver through licensing. Sanofi amended its collaboration agreement to include Matrix-M in its pandemic influenza vaccine candidate program. Novavax, Inc. is eligible to receive up to $200 million for the first four products created by Sanofi utilizing the adjuvant, plus up to $210 million in milestone payments for each product thereafter, along with ongoing royalties. Milestones related to Nuvaxovid BLA approval and marketing authorization transfers have already materialized:

• U.S. BLA Approval Milestone (May 2025): $175 million earned from Sanofi.
• U.S. Marketing Authorization Transfer Milestone (Q4 2025): $25 million earned.
• EU Marketing Authorization Transfer Milestone (Expected Q4 2025): Eligible for $25 million.
• Adjusted Supply Sales for 2025 (e.g., R21/Matrix-M collaboration): Expected between $35 million and $45 million.

The company's Q3 2025 results confirmed that $225 million in milestones from the Sanofi partnership had been achieved year-to-date.

Novavax, Inc. (NVAX) - Canvas Business Model: Customer Relationships

You're looking at a company that has decidedly pivoted its customer relationship strategy, moving away from direct-to-market sales for its flagship product toward a deep, symbiotic B2B model. This shift is key to understanding Novavax, Inc.'s (NVAX) financial structure as of late 2025.

Strategic, long-term B2B relationship management with major pharma partners (Sanofi)

The relationship with Sanofi is the cornerstone of Novavax, Inc.'s current customer engagement. This co-exclusive licensing agreement, effective for sales starting in 2025, dictates that Sanofi books sales of the adjuvanted COVID-19 vaccine worldwide, excluding specific territories. Novavax, Inc. is positioned to receive tiered double-digit percentage royalty payments on these sales, plus milestones. The initial agreement provided an upfront payment of $500 million and up to $700 million in development, regulatory, and launch milestones, totaling up to $1.2 billion. Furthermore, Sanofi took a minority equity investment of <5% in Novavax, Inc.. The partnership deepened with an amendment to include Sanofi's use of the Matrix-M adjuvant in its pandemic influenza vaccine candidate program.

The execution of this partnership drove significant near-term revenue recognition:

• Year-to-date (YTD) through Q3 2025, $225 million in milestones were achieved from the Sanofi partnership.
• This YTD figure includes $50 million earned upon marketing authorization transfers for the U.S. and E.U. markets.
• The E.U. marketing authorization transfer alone triggered a $25 million milestone payment.
• Novavax, Inc. is eligible for an additional $25 million milestone for the U.S. marketing authorization transfer and a $75 million milestone upon completion of the manufacturing technology transfer to Sanofi.
• For Q3 2025, Sanofi-related revenue included $4.2 million in royalties.

High-touch regulatory and clinical support for licensed products

The relationship requires Novavax, Inc. to provide substantial support for the regulatory and clinical advancement of products leveraging its technology, particularly combination vaccines. Sanofi is solely responsible for the development and commercialization of novel flu-COVID-19 combination vaccines using Novavax, Inc.'s COVID-19 vaccine.

Product/Activity	Key Milestone/Data Point (as of late 2025)	Potential Future Value to Novavax, Inc.
Nuvaxovid U.S. BLA Approval	Triggered a $175 million milestone payment in May 2025.	Ongoing tiered royalties on stand-alone COVID-19 sales.
Nuvaxovid + Sanofi Flu Combos	Sanofi reported positive Phase 1/2 data for combinations with Fluzone High-Dose and Flublok in October 2025.	Both programs received Fast Track designation from the FDA.
Matrix-M Adjuvant Use (Non-COVID/Flu Combo)	Novavax, Inc. is eligible for up to $200 million for the first four products developed by Sanofi using Matrix-M.	Up to $210 million in milestone payments for each product thereafter, plus ongoing royalties.
New Technology Access Agreements	Announced two new MTA arrangements in Q1 2025 with top 10 pharma companies exploring Matrix-M.	One oncology agreement included a $20 million upfront payment and up to $10 million more in annual milestones.

Transactional relationship with governments for residual Advance Purchase Agreements (APAs)

The relationship with governmental or global health bodies, primarily stemming from the pandemic era, is now largely transactional, focused on settling past obligations. The 2021 Advance Purchase Agreement (APA) with Gavi, the Vaccine Alliance, was settled in February 2024.

• Novavax, Inc. made an initial settlement payment to Gavi of $75 million.
• The company agreed to deferred payments of $80 million annually through December 31, 2028, totaling up to $400 million.
• This annual obligation is offset by an $80 million annual vaccine credit for qualifying sales in low- and middle-income countries.
• An additional vaccine credit of up to $225 million is available should there be further demand.
• The recognition of deferred revenue from the Canada APA termination aided YTD 2025 revenue, which reached $976.3 million.
• The Australia APA carries potential refundable amounts up to $92.5 million contingent on meeting specific regulatory and delivery dates.

Partner-centric model, shifting commercial risk and customer interaction to licensees

The core of the current operating model involves shifting commercial execution and associated risk to partners like Sanofi. This is clearly reflected in the revenue mix and operational expense structure as of Q3 2025.

For the third quarter of 2025, total revenue was $70.4 million, but product sales-direct revenue-accounted for only $13.4 million, while partner-related revenue was $57.0 million. Licensing, royalties, and other revenue totaled $57 million in Q3 2025. This reliance on partners is central to the Full Year 2025 Adjusted Total Revenue framework, projected between $1.040 billion and $1.060 billion. The transition of lead commercial responsibility for Nuvaxovid to Sanofi for the 2025-2026 season in the U.S. and select ex-U.S. markets exemplifies this risk transfer. This operational shift directly impacted overhead costs; Selling, General and Administrative (SG&A) expenses fell 55% year-over-year in Q3 2025 to $32 million, partly due to the elimination of commercial infrastructure. Sanofi also reimburses a significant portion of R&D costs; in Q3 2025, $46 million in R&D transition services were reimbursed by Sanofi, covering approximately 47% of total R&D expenses for the period.

Novavax, Inc. (NVAX) - Canvas Business Model: Channels

You're looking at how Novavax, Inc. gets its products and technology to the market as of late 2025. The strategy has clearly shifted to heavily rely on established partners for distribution and manufacturing, which helps manage the company's own commercial footprint.

Partner Commercial Networks: Sanofi's established global distribution channels.

The relationship with Sanofi is central to Novavax, Inc.'s channel strategy for Nuvaxovid. Sanofi took over lead commercial responsibility for the 2025-2026 vaccination season in select markets, including the U.S., starting in 2025. This transition is key to leveraging Sanofi's established global reach for the stand-alone COVID-19 vaccine. For the stand-alone COVID-19 vaccine sales managed by Sanofi, Novavax, Inc. is eligible to receive tiered royalty payments in the high teens to low twenties percent. The U.S. Biologics License Application (BLA) approval in May 2025 triggered a $175 million milestone payment from Sanofi. Furthermore, Novavax, Inc. is eligible for two separate $25 million milestone payments upon the transfer of Marketing Authorizations for the U.S. and EU markets, expected in Q4 2025. The original licensing agreement provided for an upfront payment of $500 million and up to $700 million in development, regulatory, and launch milestones, totaling up to $1.2 billion.

Licensee Manufacturing: SII, SK bioscience, and Takeda for regional supply.

Regional supply and commercialization are handled through exclusive licensing agreements, which also involve Novavax, Inc. supplying components like the Matrix-M adjuvant. For the Serum Institute of India (SII), this includes supplying the adjuvant for their R21/Matrix-M malaria vaccine. Novavax, Inc. projects $35-$45 million in Adjusted Supply Sales for the full year 2025, which covers supplies to SII, SK bioscience, and Takeda. This revenue stream was projected between $20 million to $35 million based on Q1 2025 data. Takeda Pharmaceuticals, which has an exclusive license for Nuvaxovid in Japan, received Japanese regulatory approval for the updated vaccine, triggering a milestone payment to Novavax, Inc.. SK bioscience holds an exclusive license to supply and commercialize the COVID-19 vaccine in Korea, and SII has an exclusive license for India.

Here's a look at the projected revenue components from these key regional partners for the full year 2025:

Partner/Revenue Type	Projected Full Year 2025 Amount (USD)	Notes
Adjusted Supply Sales (SII, SK bioscience, Takeda)	$35 million to $45 million	Includes sales of finished product, adjuvant, and other supplies.
Other Partner Revenue (Royalties/Milestones from SII, SK bioscience, Takeda)	$35 million to $45 million	Royalties and milestones from partners other than Sanofi.

Direct Sales: Limited, residual Nuvaxovid sales in select markets.

The company's direct commercial sales are now quite limited as Sanofi took the lead in major markets. Nuvaxovid Product Sales reported for the first quarter of 2025 totaled $610 million, but this figure was largely comprised of $603 million recognized from the termination of the Canada and New Zealand Advance Purchase Agreements (APAs). For the third quarter of 2025, product sales dropped significantly to $13 million, down from $41 million the prior year. Novavax, Inc. still projects $610 million in Nuvaxovid product sales for the full year 2025, suggesting the bulk of the recognized revenue is from prior commitments rather than current season sales.

Technology Transfer: Licensing of Matrix-M to other pharmaceutical companies.

The Matrix-M adjuvant platform is a significant channel for future revenue through technology licensing. Novavax, Inc. is eligible to receive up to $200 million in sales milestones for the first four products Sanofi develops using Matrix-M. For each subsequent product, Novavax, Inc. can earn up to $210 million in milestone payments, plus mid-single digit sales royalties for 20 years. In March 2025, Novavax, Inc. signed an additional Material Transfer Agreement (MTA) for Matrix-M with a top-tier pharmaceutical company. Overall, Novavax, Inc. announced material transfer agreements with three pharmaceutical companies in the first quarter of 2025 to explore the adjuvant's utility.

The Sanofi agreement also grants them a non-exclusive license to use the Matrix-M adjuvant in vaccine products.

Novavax, Inc. (NVAX) - Canvas Business Model: Customer Segments

You're looking at the core groups Novavax, Inc. relies on to generate revenue and validate its technology platform as of late 2025. The customer base has clearly shifted from direct-to-consumer sales to a heavy reliance on strategic partnerships, making those partners the primary revenue drivers.

Global Pharmaceutical Companies (e.g., Sanofi) for licensing and co-development represent the most significant segment by current financial impact. The collaboration and license agreement (CLA) with Sanofi is central, focusing on co-commercializing the protein-based, non-mRNA COVID-19 vaccine and developing combination products. Novavax recognized about $48 million from Sanofi in 3Q25, contributing to a year-to-date milestone achievement of $225 million in 2025 from that partnership alone. This included a $175 million milestone triggered by the U.S. Biologics License Application (BLA) approval in May 2025, and two separate $25 million payments upon the transfer of Marketing Authorizations for the U.S. and EU markets, completed in October and November 2025, respectively. The original May 2024 agreement also provided an upfront payment of $500 million to Novavax, Inc.

This segment also includes developers interested in the adjuvant technology. The partnership with Takeda Pharmaceutical Company Limited in Japan brought a $20 million upfront payment and future royalties. Furthermore, Novavax, Inc. is eligible to receive up to $200 million for the first four products developed by Sanofi utilizing the Matrix-M adjuvant, plus up to $210 million in milestone payments for each product thereafter, alongside ongoing royalties.

The reliance on partners for revenue is clear in the updated 2025 guidance. Novavax, Inc. projects Adjusted Total Revenue of between $1,040 million and $1,060 million, but this figure explicitly excludes Sanofi-related royalties and milestones, showing the core business is being driven by licensing events. The company is also advancing its Matrix-M adjuvant with other developers, as seen by an expanded Material Transfer Agreement with a top-tier pharma company covering viral pathogens.

Patients seeking a protein-based, non-mRNA COVID-19 vaccine are the end-users whose demand validates the technology. For the 2025-2026 vaccination season, Novavax, Inc.'s Nuvaxovid™ 2025-2026 Formula received U.S. Food and Drug Administration (FDA) approval on August 27, 2025, making it the only protein-based, non-mRNA option available in the U.S. The approved indication targets individuals 65 years and older, or those 12 through 64 years of age with at least one high-risk underlying condition. Clinical differentiation is a key selling point; preliminary data from the SHIELD-Utah study showed Nuvaxovid recipients experienced approximately 39% fewer reactogenicity symptoms on average compared to a marketed mRNA vaccine.

Governments and Public Health Organizations engage indirectly, primarily through funding their chosen partners who utilize Novavax, Inc.'s technology. Sanofi recently secured funding from the U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority (BARDA) under Contract 75A50122D00003 to support early-stage work on its pandemic influenza vaccine candidate, which incorporates the Matrix-M adjuvant. This shows government support flowing to the development of next-generation vaccines based on Novavax, Inc.'s platform. Historically, the U.S. government awarded Novavax, Inc. a $1.6 billion contract in 2020 for development and 100 million doses.

Vaccine Developers interested in Matrix-M adjuvant technology form a distinct and growing customer segment, viewing the adjuvant as a standalone asset. The success of the R21/Matrix-M malaria vaccine, partnered with the Serum Institute of India, has seen 25 million doses sold since launch. Novavax, Inc. expects $35 million to $45 million in Adjusted Supply Sales for 2025 from collaborations including the Serum Institute on R21/Matrix-M, SK bioscience, and Takeda. The company is also actively expanding this segment, as evidenced by the September 2025 expansion of the Sanofi CLA to include the adjuvant for a pandemic influenza candidate through Phase 2.

Here's a quick look at the financial validation points tied to these customer relationships as of late 2025:

Customer/Partner Type	Key Financial/Statistical Metric	Value/Amount
Sanofi (COVID-19 Milestones YTD 2025)	Total Milestones Achieved Year-to-Date 3Q25	$225 million
Sanofi (U.S. BLA Approval Milestone)	Milestone Payment Triggered in 2Q25/3Q25	$175 million
Sanofi (Marketing Authorization Transfers)	Milestone Payments Earned in 4Q25	$50 million
Sanofi (Potential Adjuvant Milestones Per Product)	Maximum Milestone Payments Per Product	Up to $210 million
Takeda (Japan Partnership)	Upfront Payment Received	$20 million
Serum Institute (R21/Matrix-M Malaria Vaccine)	Doses Sold Since Launch	25 million doses
Patients (Nuvaxovid Reactogenicity)	Fewer Symptoms vs. mRNA Vaccine Average	Approximately 39%

What this estimate hides is that the full-year 2025 revenue framework of $1,040 million to $1,060 million is heavily weighted by these upfront and milestone payments, not recurring product sales, which is a key risk to monitor for 2026 projections.

Finance: draft 13-week cash view by Friday.

Novavax, Inc. (NVAX) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Novavax, Inc. as the company pivots hard into an R&D and partnership model. The cost structure reflects this shift, moving away from commercial infrastructure and toward innovation and transition expenses.

The combined operating expenses guidance for the full fiscal year 2025 shows a disciplined approach to spending, even as they invest in the pipeline. Novavax reaffirmed its full year 2025 financial guidance for combined Research and Development (R&D) and Selling, General, and Administrative (SG&A) expenses to be in the range of $505 million to $535 million; the midpoint of this range is $520 million.

Here's a breakdown of the key cost components based on the third quarter of 2025 results and forward guidance.

• High R&D expenses: Q3 2025 R&D was reported at $98 million.
• SG&A expenses saw a significant reduction, dropping 55% year-over-year to $32 million in Q3 2025.
• Total combined R&D and SG&A expenses for Q3 2025 were $130 million.

The shift in manufacturing and commercial lead to Sanofi is clearly visible in the Cost of Sales line item, which has dropped dramatically.

Cost Component	Q3 2025 Amount (Millions USD)	Comparison/Context
Cost of Sales	$21 million	Reduced significantly from $61 million in Q3 2024 due to outsourced manufacturing.
R&D Expenses (Total)	$98 million	Includes $46 million reimbursed by Sanofi for transition services.
SG&A Expenses	$32 million	Down 55% from Q3 2024 due to elimination of commercial infrastructure.
Asset Impairment (Non-Cash)	$97 million	Related to Maryland site consolidation transactions announced in October 2025.

You also need to account for one-time charges related to restructuring the physical footprint. The October 2025 site consolidation is a major cost event, though it brings future savings. The non-cash charges for Q3 2025 totaled $126 million, which included the $97 million asset impairment for the Maryland site consolidation. This consolidation is expected to generate future cost savings of approximately $230 million over 11 years.

Partner reimbursement costs are a key element that offsets the gross R&D spend. This is essentially a cost recovery mechanism built into the partnership agreements.

• Sanofi R&D reimbursement recognized in Q3 2025 was $46 million.
• The company is conducting a Post-Marketing Commitment (PMC) study for Sanofi, with an expected reimbursement of approximately $55 million (at midpoint) or 70% of total costs across 2025 and 2026.
• Non-GAAP combined R&D and SG&A guidance for FY 2025, which nets out partner reimbursements, is targeted around the $450 million midpoint.

Novavax, Inc. (NVAX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Novavax, Inc. brings in cash as of late 2025. It's a model heavily reliant on partnerships now, moving away from direct, large-volume product sales to more structured, high-margin income like milestones and royalties. This shift is key to understanding their current financial health.

• - Licensing and Milestone Payments: Expected to drive revenue, including $225 million in Sanofi milestones year-to-date.
• - Product Sales: Nuvaxovid sales, including $610 million from APA terminations in Q1 2025.
• - Royalties: Tiered royalties on Sanofi's global sales of Nuvaxovid and combination vaccines.
• - Adjuvant Supply Sales: Sales of Matrix-M to partners like Serum Institute and Takeda.
• - Full Year 2025 Adjusted Total Revenue framework is $1,040 million to $1,060 million.

The revenue streams are clearly segmented, reflecting the transition of commercial leadership for Nuvaxovid to Sanofi in select markets, beginning with the 2025-2026 vaccination season. This means Novavax is leaning on upfront payments, milestone achievements, and supply agreements rather than the bulk of the end-user sales.

Milestone payments have been a significant driver, especially following the U.S. Food and Drug Administration (FDA) approval of the Nuvaxovid Biologics License Application (BLA) in May 2025, which triggered a $175 million milestone payment from Sanofi. Year-to-date, Novavax has recognized about $48 million from Sanofi in the third quarter of 2025 alone, contributing to the $225 million in Sanofi-related milestones achieved year-to-date. The total expected U.S. BLA and Marketing Authorizations Milestones are $225 million.

Product Sales, while still important, saw a massive, one-time boost in Q1 2025. Total product sales for that quarter were $622 million, which included $603 million recognized from the termination of the Canada and New Zealand Advance Purchase Agreements (APAs). The Full Year 2025 framework anticipates Nuvaxovid Product Sales totaling $610 million, which incorporates that Q1 APA termination revenue.

Royalties are structured as tiered, double-digit percentages on Sanofi's global sales of Nuvaxovid and future combination products. These are excluded from the Adjusted Total Revenue framework because Novavax relies on Sanofi's sales forecasts for these components. Furthermore, Novavax is eligible for up to $200 million in launch and sales milestones for each new vaccine utilizing the Matrix-M adjuvant, plus mid-single-digit sales royalties for 20 years.

Adjuvant Supply Sales represent the sale of the proprietary Matrix-M adjuvant to partners. For the full year 2025, Adjusted Supply Sales are projected to be between $20 million and $40 million, coming from collaborations with partners including the Serum Institute of India for the R21/Matrix-M malaria vaccine, and others like SK bioscience and Takeda.

Here's a quick look at how the components fit into the overall financial expectation for the year:

Revenue Component Category	Full Year 2025 Adjusted Expectation (Non-GAAP)
Nuvaxovid Product Sales (Includes Q1 APA Termination)	$610 million
Adjusted Supply Sales (Matrix-M to Partners)	$20 million to $40 million
Adjusted Licensing, Royalties and Other Revenue (Excludes Sanofi Royalties/Milestones)	$345 million to $380 million (Based on Q1 breakdown)
Total Adjusted Total Revenue Framework	$1,040 million to $1,060 million

The company's overall financial outlook for the year is anchored by this framework. For instance, the Q1 2025 total revenue was $667 million, which significantly exceeded the prior-year period's $94 million. This strong start helped raise the full-year Adjusted Total Revenue guidance to the $1.04 billion to $1.06 billion range. The reliance on these partnership-driven elements means future visibility is tied directly to partner execution, such as Sanofi's commercialization efforts and the progression of combination vaccine candidates.