Novavax, Inc. (NVAX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde à enjeux élevés de la réponse pandémique, Novavax, Inc. (NVAX) est devenu un acteur critique dans le paysage mondial de développement des vaccins Covid-19, tirant parti de sa technologie de vaccin à base de protéines innovantes et des partenariats stratégiques pour fournir une solution scientifiquement robuste. En parcourant des défis complexes de recherche, de fabrication et de distribution, Novavax est passé d'une entreprise de biotechnologie relativement inconnue en un contributeur clé dans l'effort de vaccination internationale, avec un modèle commercial qui répond stratégiquement aux besoins urgents de la santé mondiale pendant une crise médicale sans précédent.

Novavax, Inc. (NVAX) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec le gouvernement américain

Novavax a reçu 1,6 milliard de dollars du ministère américain de la Santé et des Services sociaux (HHS) sous Opération Warp Speed ​​en juillet 2020 pour soutenir le développement et la fabrication de son vaccin Covid-19.

Partenariats de fabrication

Partenaire	Détails	Capacité de production
Institut sérique de l'Inde	Contrat de fabrication mondiale pour le vaccin Covid-19	1 milliard de doses par an
Moderne CDMO	Services de fabrication de remplissage et de finition	Capacité spécifique non divulguée

Accords de distribution

• COVAX Facility Partnership for Global Vaccine Distribution
• Accords avec plusieurs gouvernements nationaux pour l'approvisionnement vaccinal Covid-19

Collaborations de recherche

Partenariats avec:

• Université du Maryland
• Université Johns Hopkins
• National Institutes of Health (NIH)

Partenariats de la chaîne d'approvisionnement

Matériel	Fournisseur	But
Adjuvant	Matrix-M Technologie propriétaire	Amélioration de la réponse immunitaire du vaccin
Nanoparticules lipidiques	Fournisseurs spécialisés confidentiels	Mécanisme de livraison des vaccins

Novavax, Inc. (NVAX) - Modèle d'entreprise: Activités clés

Recherche et développement vaccinés Covid-19

Novavax a investi 1,75 milliard de dollars dans le développement du vaccin Covid-19 à partir de 2022. Le principal vaccin de la société, NVX-COV2373, a reçu la liste d'urgence (EUL) de l'Organisation mondiale de la santé le 17 décembre 2021.

Métrique de recherche	Valeur
Dépenses de R&D (2022)	1,2 milliard de dollars
COOVID-19 VACCINE DE DÉVELOPPEMENT	Mars 2020 - décembre 2021

Gestion et exécution des essais cliniques

Novavax a mené de vastes essais cliniques mondiaux pour son vaccin Covid-19 dans plusieurs pays.

• Participants de l'essai de phase 3: 29 960 personnes
• Emplacements des essais: États-Unis, Mexique, Royaume-Uni
• Taux d'efficacité: 89,7% par rapport à la souche Covid-19 d'origine

Fabrication et production de vaccins

Novavax a établi des partenariats manufacturiers pour mettre à l'échelle la production de vaccins dans le monde.

Partenaire de fabrication	Capacité de production
Institut sérique de l'Inde	1 milliard de doses par an
Takeda Pharmaceutical (Japon)	250 millions de doses par an

Processus d'approbation réglementaire

Novavax a obtenu des approbations réglementaires dans plusieurs juridictions.

• Autorisation d'utilisation d'urgence de la FDA: décembre 2021
• Autorisation de marketing conditionnel EMA: décembre 2021
• Liste d'urgence d'urgence: décembre 2021

Distribution et logistique du vaccin global

La société a établi des réseaux de distribution sur plusieurs continents.

Région	Doses distribuées
États-Unis	10,5 millions de doses
Union européenne	8,2 millions de doses
Inde	16,5 millions de doses

Novavax, Inc. (NVAX) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de vaccin propriétaire

Novavax utilise Technologie de vaccin contre les nanoparticules recombinantes avec des plates-formes spécifiques:

• Matrice-M Technologie adjuvante
• Plate-forme de développement de vaccins à base de protéines
• Technologie des vaccins à nanoparticules de protéines recombinantes

Plate-forme technologique	Caractéristiques spécifiques	Statut de développement
Adjuvant Matrix-M	Amélioration de la réponse immunitaire	Cliniquement validé
Nanoparticule recombinante	Construction de vaccins à base de protéines	Approuvé pour le vaccin Covid-19

Installations de recherche et développement avancées

Novavax maintient des installations de recherche avec les spécifications suivantes:

• Siège local: Gaithersburg, Maryland
• Investissement total de R&D en 2023: 621,3 millions de dollars
• Personnel de recherche: environ 500 employés scientifiques

Main-d'œuvre scientifique et technique qualifiée

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Nombre d'employés
Total des employés	1,100
Chercheurs de doctorat	237
Personnel de développement clinique	156

Propriété intellectuelle et brevets vaccinaux

Détails du portefeuille de brevets:

• Total des brevets accordés: 154
• Demandes de brevet en instance: 87
• Familles de brevet couvrant le vaccin Covid-19: 23

Capital financier pour l'innovation continue

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	670,2 millions de dollars
Financement total de la recherche	621,3 millions de dollars
Dépenses annuelles de R&D	512,7 millions de dollars

Novavax, Inc. (NVAX) - Modèle d'entreprise: propositions de valeur

Technologie innovante vaccinale Covid-19

Novavax a développé le NVX-COV2373 Covid-19 Vaccin, qui a démontré:

Métrique de performance vaccinale	Pourcentage
Efficacité globale	89.7%
Efficacité contre la souche d'origine	96.4%
Efficacité contre les variantes britanniques	86.3%

Formulation de vaccin à base de protéines à haute efficacité

Les principaux avantages technologiques comprennent:

• Plate-forme vaccinale à base de protéines recombinantes
• Utilise des technologies de fabrication de vaccins établis
• Stable à des températures de réfrigération standard (2-8 ° C)

Capacités mondiales de réponse pandémique

Capacités de fabrication et de distribution:

Métrique de production	Capacité
Capacité annuelle de production de vaccins	2 milliards de doses
Partenaires de fabrication mondiaux	5 fabricants contractuels

Potentiel de plates-formes de vaccins adaptables

• Adaptabilité démontrée pour les variantes Covid-19
• Application potentielle des vaccins antigrippaux
• Technologie vaccinale basée sur les protéines évolutives

Solutions de vaccins validés scientifiquement

Métriques de performance des essais cliniques:

Paramètre d'essai clinique	Valeur
Participants de l'essai de phase 3	29,960
Prévention grave Covid-19	100%
Prévention de l'hospitalisation	100%

Novavax, Inc. (NVAX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les agences de santé gouvernementales

Novavax sécurisé 1,6 milliard de dollars En financement de l'opération du gouvernement américain, la vitesse de déformation du gouvernement de Covid-19 en 2020.

Agence	Valeur du contrat	Année
Département américain de la défense	1,6 milliard de dollars	2020
Barda (Biomedical Advanced Research and Development Authority)	388 millions de dollars	2020

Collaboration communautaire scientifique

Novavax entretient des partenariats de recherche avec:

• Coalition pour les innovations de préparation à l'épidémie (CEPI)
• Organisation mondiale de la santé (OMS)
• Institutions internationales de recherche sur les vaccins

Programmes de soutien aux patients et d'information

Novavax a établi des canaux de soutien aux patients numériques, notamment:

• Portail d'informations sur les vaccins en ligne
• Hotline du service client
• Plate-forme de communication des participants à essai clinique

Communication transparente sur le développement des vaccins

Novavax publié 37 publications scientifiques évaluées par des pairs en 2022-2023 concernant la recherche sur le vaccin Covid-19.

Plateformes numériques pour la dissémination des informations sur les vaccins

Plate-forme	Métriques d'engagement
Site Web de l'entreprise	1,2 million de visiteurs uniques en 2023
Liendin	85 000 abonnés
Gazouillement	42 000 abonnés

Novavax, Inc. (NVAX) - Modèle d'entreprise: canaux

Ventes directes vers les organisations de santé gouvernementales

Novavax a obtenu un contrat de 1,6 milliard de dollars avec le gouvernement américain en 2020 pour le développement du vaccin Covid-19. En 2022, la société a reçu 1,1 milliard de dollars supplémentaires en accords d'approvisionnement gouvernemental.

Entité gouvernementale	Valeur du contrat	Année
Département américain de la défense	1,6 milliard de dollars	2020
Santé et services humains aux États-Unis	1,1 milliard de dollars	2022

Réseaux de distribution pharmaceutique

Novavax collabore avec les principaux distributeurs pharmaceutiques dans le monde.

• McKesson Corporation
• Amerisourcebergen
• Santé cardinale

Partenariats du système de santé mondial

Novavax a établi des partenariats dans plusieurs pays pour la distribution des vaccins.

Région	Détails du partenariat	Type de vaccin
Union européenne	100 millions d'accord de dose	Vaccin contre le covid-19
Inde	Partenariat de l'Institut sérique	Fabrication vaccinale Covid-19

Plateformes d'information en ligne

Novavax utilise les canaux numériques pour la diffusion de l'information:

• Site Web de l'entreprise: Novavax.com
• LinkedIn: 24 000 abonnés
• Twitter: 15 000 abonnés

Conférences et expositions médicales internationales

Participation annuelle aux principales conférences médicales:

• ACIP (Comité consultatif sur les pratiques de vaccination)
• CROI (Conférence sur les rétrovirus et les infections opportunistes)
• ECCMID (Congrès européen de microbiologie clinique et de maladies infectieuses)

Novavax, Inc. (NVAX) - Modèle d'entreprise: segments de clientèle

Services de santé du gouvernement national

Novavax a obtenu des contrats avec plusieurs gouvernements nationaux pour l'approvisionnement du vaccin Covid-19:

Pays	Valeur du contrat	Doses de vaccin
États-Unis	1,6 milliard de dollars	100 millions de doses
Royaume-Uni	389,5 millions de dollars	60 millions de doses
Canada	173 millions de dollars	52 millions de doses

Systèmes de santé mondiaux

Novavax cible les systèmes de santé dans plusieurs régions:

• Accords d'approvisionnement de l'Union européenne
• Asia-Pacific Healthcare Network Partnerships
• Contrats du système de santé du Moyen-Orient

Programmes de vaccination internationale

Novavax Collaborations avec les initiatives de vaccination internationales:

Programme	Allocation vaccinale	Source de financement
Covax Facility	1,1 milliard de doses	Alliance Gavi
Accès mondial	350 millions de doses	Qui / Banque mondiale

Fournisseurs de soins de santé privés

Segments de marché pour la distribution des soins de santé privés:

• Réseaux de pharmacie au détail
• Systèmes hospitaliers privés
• Fournisseurs de santé au travail

Réseaux de distribution pharmaceutique

Partenariats de canaux de distribution:

Distributeur	Couverture géographique	Capacité de distribution annuelle
McKesson Corporation	Amérique du Nord	200 millions de doses de vaccin
Amerisourcebergen	Marchés mondiaux	150 millions de doses de vaccin

Novavax, Inc. (NVAX) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Au cours de l'exercice 2022, Novavax a déclaré des dépenses de R&D de 1,35 milliard de dollars. Les dépenses de recherche de l'entreprise se sont principalement portées sur le développement des vaccins, notamment Covid-19 et les technologies de vaccin contre la grippe.

Année	Dépenses de R&D	Pourcentage de revenus
2022	1,35 milliard de dollars	87.4%
2021	1,64 milliard de dollars	92.3%

Coûts de gestion des essais cliniques

Novavax a investi des ressources importantes dans des essais cliniques pour son vaccin Covid-19 et d'autres produits de pipeline. Les dépenses des essais cliniques pour 2022 étaient d'environ 612 millions de dollars.

• Essais cliniques du vaccin Covid-19: 425 millions de dollars
• Essais de vaccination de grippe: 187 millions de dollars

Infrastructure de fabrication et de production

Les dépenses en capital pour les capacités de fabrication en 2022 ont totalisé 283 millions de dollars. La société a élargi ses installations de production pour soutenir la fabrication mondiale des vaccins.

Emplacement de fabrication	Capacité de production	Investissement
US Facility	100 millions de doses / an	150 millions de dollars
Installations internationales	200 millions de doses / an	133 millions de dollars

Investissements de conformité réglementaire

La conformité réglementaire et les coûts d'assurance qualité pour 2022 étaient de 98 millions de dollars, ce qui représente les investissements critiques dans la satisfaction des normes réglementaires mondiales.

Dépenses de marketing et de communication

Les dépenses de marketing pour 2022 s'élevaient à 76 millions de dollars, axées sur la promotion des produits Covid-19 et Vaccina Fluenza.

Canal de marketing	Dépense
Marketing numérique	32 millions de dollars
Sensibilisation professionnelle des soins de santé	44 millions de dollars

Novavax, Inc. (NVAX) - Modèle d'entreprise: Strots de revenus

Ventes de vaccins Covid-19

Novavax a rapporté des revenus de produit net de vaccin contre 19 Covid-19 de 1,456 milliard de dollars pour l'exercice 2022.

Année	Revenus vaccinaux Covid-19	Distribution géographique
2022	1,456 milliard de dollars	Plusieurs marchés internationaux
2023 Q3	28,3 millions de dollars	Réduction de la demande mondiale

Contrats d'approvisionnement du gouvernement

Les accords d'achat importants comprennent:

• Valeur du contrat du gouvernement américain: environ 1,6 milliard de dollars
• Contrat d'approvisionnement de l'Union européenne: jusqu'à 200 millions de doses de vaccination
• Contrat d'approvisionnement du Canada: 52 millions de doses

Accords de programme de vaccination internationale

Accords clés de vaccination internationale:

Région	Valeur du contrat	Quantité de dose
Covax Facility	388 millions de dollars	110 millions de doses
Inde	Confidentiel	Lancement commercial limité

Licence potentielle de développement de vaccins futurs

Les sources de revenus potentielles des licences technologiques de vaccins restent exploratoires, sans engagements financiers concrets en 2024.

Subventions de recherche et soutien au financement

Les sources de financement comprennent:

• Financement de la vitesse d'opération Warp: 1,6 milliard de dollars
• Coalition pour les innovations de préparation à l'épidémie (CEPI): 388 millions de dollars

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.