Novavax, Inc. (NVAX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de Pandemic Response, Novavax, Inc. (NVAX) surgió como un jugador crítico en el panorama mundial de desarrollo de vacunas Covid-19, aprovechando su innovadora tecnología de vacunas basadas en proteínas y asociaciones estratégicas para ofrecer una solución científicamente robusta. Al navegar por la investigación compleja, la fabricación y los desafíos de distribución, Novavax se transformó de una empresa de biotecnología relativamente desconocida a un contribuyente clave en el esfuerzo de vacunación internacional, con un modelo comercial que aborda estratégicamente las necesidades de salud globales urgentes durante una crisis médica sin precedentes.

Novavax, Inc. (NVAX) - Modelo de negocio: asociaciones clave

Colaboración estratégica con el gobierno de los Estados Unidos

Novavax recibió $ 1.6 mil millones del Departamento de Salud y Servicios Humanos de los Estados Unidos (HHS) bajo la velocidad de la Operación Warp en julio de 2020 para apoyar el desarrollo y la fabricación de su vacuna Covid-19.

Asociaciones de fabricación

Pareja	Detalles	Capacidad de producción
Instituto de suero de la India	Acuerdo de fabricación global para la vacuna COVID-19	1 mil millones de dosis anuales
Moderna cdmo	Servicios de fabricación de llenado y acabado	Capacidad específica no revelada

Acuerdos de distribución

• Asociación de instalaciones de Covax para distribución de vacunas globales
• Acuerdos con múltiples gobiernos nacionales para el suministro de vacunas Covid-19

Colaboraciones de investigación

Asociaciones con:

• Universidad de Maryland
• Universidad de Johns Hopkins
• Institutos Nacionales de Salud (NIH)

Asociaciones de la cadena de suministro

Material	Proveedor	Objetivo
Auxiliar	Tecnología patentada de Matrix-M	Mejora de la respuesta inmune de la vacuna
Nanopartículas lipídicas	Proveedores especializados confidenciales	Mecanismo de entrega de vacunas

Novavax, Inc. (NVAX) - Modelo de negocio: actividades clave

Investigación y desarrollo de vacunas Covid-19

Novavax invirtió $ 1.75 mil millones en el desarrollo de la vacuna Covid-19 a partir de 2022. La vacuna primaria de la compañía, NVX-COV2373, recibió la lista de uso de emergencias (EUL) de la Organización Mundial de la Salud el 17 de diciembre de 2021.

Métrico de investigación	Valor
Gasto de I + D (2022)	$ 1.2 mil millones
COVID-19 LINE DE DESARROLLO DE VACONES	Marzo de 2020 - diciembre de 2021

Gestión y ejecución del ensayo clínico

Novavax realizó extensos ensayos clínicos globales para su vacuna Covid-19 en varios países.

• Fase 3 Participantes del ensayo: 29,960 individuos
• Lugares de juicio: Estados Unidos, México, Reino Unido
• Tasa de eficacia: 89.7% contra la cepa original de Covid-19

Fabricación y producción de vacunas

Novavax estableció asociaciones de fabricación para escalar la producción de vacunas a nivel mundial.

Socio de fabricación	Capacidad de producción
Instituto de suero de la India	1 mil millones de dosis anuales
Takeda Pharmaceutical (Japón)	250 millones de dosis anuales

Procesos de aprobación regulatoria

Novavax obtuvo aprobaciones regulatorias en múltiples jurisdicciones.

• Autorización de uso de emergencia de la FDA: diciembre de 2021
• Autorización de marketing condicional de EMA: diciembre de 2021
• Listado de uso de emergencias de la OMS: diciembre de 2021

Distribución de vacunas globales y logística

La Compañía estableció redes de distribución en múltiples continentes.

Región	Dosis distribuidas
Estados Unidos	10.5 millones de dosis
unión Europea	8,2 millones de dosis
India	16.5 millones de dosis

Novavax, Inc. (NVAX) - Modelo de negocio: recursos clave

Plataformas de tecnología de vacunas patentadas

Novavax utiliza Tecnología de vacuna de nanopartículas recombinantes con plataformas específicas:

• Tecnología adyuvante de Matrix-M
• Plataforma de desarrollo de vacunas basada en proteínas
• Tecnología de vacunas de nanopartículas de proteínas recombinantes

Plataforma tecnológica	Características específicas	Estado de desarrollo
Matrix-M adyuvante	Mejora de la respuesta inmune	Validado clínicamente
Nanopartícula recombinante	Construcción de vacunas a base de proteínas	Aprobado para la vacuna Covid-19

Investigaciones avanzadas y instalaciones de desarrollo

Novavax mantiene instalaciones de investigación con las siguientes especificaciones:

• Ubicación de la sede: Gaithersburg, Maryland
• Inversión total de I + D en 2023: $ 621.3 millones
• Personal de investigación: aproximadamente 500 personal científico

Fuerza laboral científica y técnica calificada

Composición de la fuerza laboral a partir de 2023:

Categoría de empleado	Número de empleados
Total de empleados	1,100
Investigadores a nivel de doctorado	237
Personal de desarrollo clínico	156

Propiedad intelectual y patentes de vacuna

Detalles de la cartera de patentes:

• Patentes totales otorgadas: 154
• Aplicaciones de patentes pendientes: 87
• Familias de patentes que cubren la vacuna Covid-19: 23

Capital financiero para innovación continua

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 670.2 millones
Financiación total de la investigación	$ 621.3 millones
Gastos anuales de I + D	$ 512.7 millones

Novavax, Inc. (NVAX) - Modelo de negocio: propuestas de valor

Tecnología innovadora de vacuna Covid-19

Novavax desarrolló el Vacuna NVX-COV2373 Covid-19, que demostró:

Métrica de rendimiento de la vacuna	Porcentaje
Eficacia general	89.7%
Eficacia contra la tensión original	96.4%
Eficacia contra la variante del Reino Unido	86.3%

Formulación de vacuna basada en proteínas de alta eficacia

Las ventajas tecnológicas clave incluyen:

• Plataforma de vacuna recombinante basada en proteínas
• Utiliza tecnologías de fabricación de vacunas establecidas
• Estable a temperaturas de refrigeración estándar (2-8 ° C)

Capacidades de respuesta a la pandemia global

Capacidades de fabricación y distribución:

Métrica de producción	Capacidad
Capacidad anual de producción de vacunas	2 mil millones de dosis
Socios de fabricación global	5 Fabricantes de contrato

Potencial para plataformas de vacuna adaptables

• Adaptabilidad demostrada para variantes Covid-19
• Aplicación potencial para vacunas contra la influenza
• Tecnología de vacuna basada en proteínas escalables

Soluciones de vacuna validadas científicamente

Métricas de rendimiento del ensayo clínico:

Parámetro de ensayo clínico	Valor
Participantes del ensayo de fase 3	29,960
Prevención severa de Covid-19	100%
Prevención de hospitalización	100%

Novavax, Inc. (NVAX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con las agencias de salud gubernamentales

Novavax asegurado $ 1.6 mil millones en fondos de la Operación de la Operación de la Warp de los EE. UU. Para el desarrollo de la vacuna Covid-19 en 2020. Los detalles clave del contrato gubernamental incluyen:

Agencia	Valor de contrato	Año
Departamento de Defensa de los Estados Unidos	$ 1.6 mil millones	2020
Barda (Autoridad Biomédica de Investigación y Desarrollo Avanzado)	$ 388 millones	2020

Colaboración de la comunidad científica

Novavax mantiene asociaciones de investigación con:

• Coalición para innovaciones de preparación epidémica (CEPI)
• Organización Mundial de la Salud (OMS)
• Instituciones internacionales de investigación de vacunas

Programas de apoyo e información del paciente

Novavax estableció canales de soporte de pacientes digitales que incluyen:

• Portal de información de vacunas en línea
• Línea directa de servicio al cliente
• Plataformas de comunicación de participantes de ensayos clínicos

Comunicación transparente sobre el desarrollo de la vacuna

Novavax publicado 37 publicaciones científicas revisadas por pares en 2022-2023 con respecto a la investigación de vacunas Covid-19.

Plataformas digitales para la difusión de información de vacunas

Plataforma	Métricas de compromiso
Sitio web corporativo	1.2 millones de visitantes únicos en 2023
LinkedIn	85,000 seguidores
Gorjeo	42,000 seguidores

Novavax, Inc. (NVAX) - Modelo de negocio: canales

Ventas directas a organizaciones de salud del gobierno

Novavax obtuvo un contrato de $ 1.6 mil millones con el gobierno de los EE. UU. En 2020 para el desarrollo de la vacuna Covid-19. En 2022, la Compañía recibió $ 1.1 mil millones adicionales en acuerdos de adquisición del gobierno.

Entidad gubernamental	Valor de contrato	Año
Departamento de Defensa de los Estados Unidos	$ 1.6 mil millones	2020
Salud y Servicios Humanos de EE. UU.	$ 1.1 mil millones	2022

Redes de distribución farmacéutica

Novavax colabora con principales distribuidores farmacéuticos a nivel mundial.

• McKesson Corporation
• AmerisourceBergen
• Salud cardinal

Asociaciones del sistema de salud global

Novavax estableció asociaciones en múltiples países para la distribución de vacunas.

Región	Detalles de la asociación	Tipo de vacuna
unión Europea	Acuerdo de dosis de 100 millones	Vacuna para el COVID-19
India	Asociación del Instituto de Sero	COVID-19 Fabricación de vacunas

Plataformas de información en línea

Novavax utiliza canales digitales para la difusión de información:

• Sitio web de la compañía: novavax.com
• LinkedIn: 24,000 seguidores
• Twitter: 15,000 seguidores

Conferencias y exposiciones médicas internacionales

Participación anual en conferencias médicas clave:

• ACIP (Comité Asesor de Prácticas de Inmunización) Reuniones
• CROI (Conferencia sobre retrovirus e infecciones oportunistas)
• Eccmid (Congreso Europeo de Microbiología Clínica y Enfermedades Infecciosas)

Novavax, Inc. (NVAX) - Modelo de negocio: segmentos de clientes

Departamentos de salud del gobierno nacional

Novavax ha asegurado contratos con múltiples gobiernos nacionales para la adquisición de vacunas Covid-19:

País	Valor de contrato	Dosis de vacuna
Estados Unidos	$ 1.6 mil millones	100 millones de dosis
Reino Unido	$ 389.5 millones	60 millones de dosis
Canadá	$ 173 millones	52 millones de dosis

Sistemas de atención médica global

Novavax se dirige a los sistemas de salud en múltiples regiones:

• Acuerdos de adquisición de la Unión Europea
• Asia-Pacific Healthcare Network Asociaciones
• Contratos del sistema de salud de Medio Oriente

Programas de vacunación internacional

Colaboraciones de Novavax con iniciativas internacionales de vacunación:

Programa	Asignación de vacunas	Fuente de financiación
Instalación de Covax	1.100 millones de dosis	Alianza Gavi
Acceso global de la OMS	350 millones de dosis	Quién/Banco Mundial

Proveedores de atención médica privados

Segmentos de mercado para distribución de atención médica privada:

• Redes de farmacia minorista
• Sistemas hospitalarios privados
• Proveedores de salud ocupacional

Redes de distribución farmacéutica

Asociaciones de canal de distribución:

Distribuidor	Cobertura geográfica	Capacidad de distribución anual
McKesson Corporation	América del norte	200 millones de dosis de vacuna
AmerisourceBergen	Mercados globales	150 millones de dosis de vacuna

Novavax, Inc. (NVAX) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

En el año fiscal 2022, Novavax reportó gastos de I + D de $ 1.35 mil millones. Los gastos de investigación de la Compañía se centraron principalmente en el desarrollo de vacunas, incluidas las tecnologías de vacunas de Covid-19 y influenza.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 1.35 mil millones	87.4%
2021	$ 1.64 mil millones	92.3%

Costos de gestión de ensayos clínicos

Novavax invirtió recursos significativos en ensayos clínicos para su vacuna Covid-19 y otros productos de tuberías. Los gastos de ensayo clínico para 2022 fueron de aproximadamente $ 612 millones.

• Ensayos clínicos de vacuna Covid-19: $ 425 millones
• Ensayos de vacuna contra la influenza: $ 187 millones

Infraestructura de fabricación y producción

Los gastos de capital para las capacidades de fabricación en 2022 totalizaron $ 283 millones. La compañía amplió sus instalaciones de producción para apoyar la fabricación global de vacunas.

Ubicación de fabricación	Capacidad de producción	Inversión
Instalación estadounidense	100 millones de dosis/año	$ 150 millones
Instalaciones internacionales	200 millones de dosis/año	$ 133 millones

Inversiones de cumplimiento regulatorio

El cumplimiento regulatorio y los costos de garantía de calidad para 2022 fueron de $ 98 millones, lo que representa inversiones críticas en el cumplimiento de los estándares regulatorios globales.

Gastos de marketing y comunicación

Los gastos de marketing para 2022 ascendieron a $ 76 millones, centrados en promover los productos de vacuna Covid-19 y influenza.

Canal de marketing	Gasto
Marketing digital	$ 32 millones
Alcance profesional de la salud	$ 44 millones

Novavax, Inc. (NVAX) - Modelo de negocios: flujos de ingresos

Ventas de vacunas Covid-19

Novavax informó que los ingresos por productos de la neta de vacuna de la vacuna de 19 años de $ 1.456 mil millones para el año fiscal 2022.

Año	Ingresos de la vacuna Covid-19	Distribución geográfica
2022	$ 1.456 mil millones	Múltiples mercados internacionales
2023 Q3	$ 28.3 millones	Reducción de la demanda global

Contratos de adquisición del gobierno

Los acuerdos de adquisición significativos incluyen:

• Valor del contrato del gobierno de EE. UU.: Aproximadamente $ 1.6 mil millones
• Acuerdo de suministro de la Unión Europea: hasta 200 millones de dosis de vacuna
• Contrato de adquisición de Canadá: 52 millones de dosis

Acuerdos del programa de vacunación internacional

Acuerdos clave de vacunación internacional:

Región	Valor de contrato	Cantidad de dosis
Instalación de Covax	$ 388 millones	110 millones de dosis
India	Confidencial	Lanzamiento comercial limitado

Licencias potenciales de desarrollo de vacunas futuras

Posibles flujos de ingresos de la licencia de tecnología de vacunas siguen siendo exploratorias, sin compromisos financieros concretos a partir de 2024.

Subvenciones de investigación y apoyo de financiación

Las fuentes de financiación incluyen:

• Operation Warp Speed ​​Funding: $ 1.6 mil millones
• Coalición para innovaciones de preparación epidémica (CEPI): $ 388 millones

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.