Novavax, Inc. (NVAX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo da resposta da pandemia de alto risco, a Novavax, Inc. (NVAX) emergiu como um participante crítico no cenário global de desenvolvimento da vacina CoVID-19, alavancando sua inovadora tecnologia de vacina baseada em proteínas e parcerias estratégicas para fornecer uma solução cientificamente robusta. Ao navegar em desafios complexos de pesquisa, fabricação e distribuição, o Novavax se transformou de uma empresa de biotecnologia relativamente desconhecida para um dos principais contribuintes do esforço internacional de vacinação, com um modelo de negócios que atende estrategicamente às necessidades urgentes de saúde global durante uma crise médica sem precedentes.

Novavax, Inc. (NVAX) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com o governo dos EUA

A Novavax recebeu US $ 1,6 bilhão do Departamento de Saúde e Serviços Humanos dos EUA (HHS) sob a velocidade da Operação Warp em julho de 2020 para apoiar o desenvolvimento e a fabricação de sua vacina covid-19.

Parcerias de fabricação

Parceiro	Detalhes	Capacidade de produção
Instituto Serum da Índia	Contrato de fabricação global para a vacina CoVID-19	1 bilhão de doses anualmente
Moderna CDMO	Preencher e terminar os serviços de fabricação	Capacidade específica não divulgada

Acordos de distribuição

• Parceria da instalação Covax para distribuição global de vacinas
• Acordos com vários governos nacionais para suprimento de vacina CoVID-19

Colaborações de pesquisa

Parcerias com:

• Universidade de Maryland
• Universidade Johns Hopkins
• Institutos Nacionais de Saúde (NIH)

Parcerias da cadeia de suprimentos

Material	Fornecedor	Propósito
Adjuvante	Tecnologia proprietária da Matrix-M	Melhoria da resposta imune da vacina
Nanopartículas lipídicas	Fornecedores especializados confidenciais	Mecanismo de entrega de vacinas

Novavax, Inc. (NVAX) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de vacinas covid-19

A Novavax investiu US $ 1,75 bilhão em desenvolvimento de vacinas COVID-19 a partir de 2022. A vacina primária da Companhia, NVX-COV2373, recebeu listagem de uso de emergência (EUL) da Organização Mundial da Saúde em 17 de dezembro de 2021.

Métrica de pesquisa	Valor
Despesas de P&D (2022)	US $ 1,2 bilhão
Cronograma de desenvolvimento de vacinas covid-19	Março de 2020 - dezembro de 2021

Gerenciamento e execução de ensaios clínicos

A Novavax conduziu extensos ensaios clínicos globais para sua vacina covid-19 em vários países.

• Fase 3 Participantes do estudo: 29.960 indivíduos
• Locais de teste: Estados Unidos, México, Reino Unido
• Taxa de eficácia: 89,7% contra a cepa covid-19 original

Fabricação e produção de vacinas

A Novavax estabeleceu parcerias de fabricação para dimensionar a produção de vacinas em todo o mundo.

Parceiro de fabricação	Capacidade de produção
Instituto Serum da Índia	1 bilhão de doses anualmente
Takeda Pharmaceutical (Japão)	250 milhões de doses anualmente

Processos de aprovação regulatória

A Novavax garantiu aprovações regulatórias em várias jurisdições.

• Autorização de uso de emergência da FDA: dezembro de 2021
• Autorização de marketing condicional da EMA: dezembro de 2021
• Lista de uso de emergência: dezembro de 2021

Distribuição global da vacina e logística

A empresa estabeleceu redes de distribuição em vários continentes.

Região	Doses distribuídas
Estados Unidos	10,5 milhões de doses
União Europeia	8,2 milhões de doses
Índia	16,5 milhões de doses

Novavax, Inc. (NVAX) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de vacinas proprietárias

Novavax utiliza Tecnologia de vacina de nanopartículas recombinantes com plataformas específicas:

• Tecnologia adjuvante Matrix-M
• Plataforma de desenvolvimento de vacinas à base de proteínas
• Tecnologia de vacina de nanopartículas de proteína recombinante

Plataforma de tecnologia	Características específicas	Status de desenvolvimento
Adjuvante da matriz-m	Melhoramento de resposta imune	Validado clinicamente
Nanopartículas recombinantes	Construção de vacinas à base de proteínas	Aprovado para a vacina CoVID-19

Instalações avançadas de pesquisa e desenvolvimento

Novavax mantém instalações de pesquisa com as seguintes especificações:

• Sede Localização: Gaithersburg, Maryland
• Investimento total de P&D em 2023: US $ 621,3 milhões
• Pessoal de pesquisa: aproximadamente 500 funcionários científicos

Força de trabalho científica e técnica qualificada

Composição da força de trabalho a partir de 2023:

Categoria de funcionários	Número de funcionários
Total de funcionários	1,100
Pesquisadores de nível de doutorado	237
Equipe de desenvolvimento clínico	156

Propriedade intelectual e patentes de vacina

Detalhes do portfólio de patentes:

• Total de patentes concedidas: 154
• Aplicações de patente pendente: 87
• Famílias de patentes que cobrem a vacina covid-19: 23

Capital financeiro para inovação contínua

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 670,2 milhões
Financiamento total da pesquisa	US $ 621,3 milhões
Despesas anuais de P&D	US $ 512,7 milhões

Novavax, Inc. (NVAX) - Modelo de negócios: proposições de valor

Tecnologia inovadora de vacinas covid-19

Novavax desenvolveu o Vacina NVX-COV2373 COVID-19, que demonstrou:

Métrica de desempenho da vacina	Percentagem
Eficácia geral	89.7%
Eficácia contra a tensão original	96.4%
Eficácia contra a variante do Reino Unido	86.3%

Formulação de vacina à base de proteínas de alta eficácia

As principais vantagens tecnológicas incluem:

• Plataforma de vacina à base de proteína recombinante
• Usa tecnologias estabelecidas de fabricação de vacinas
• Estável em temperaturas de refrigeração padrão (2-8 ° C)

Recursos globais de resposta pandêmica

Recursos de fabricação e distribuição:

Métrica de produção	Capacidade
Capacidade anual de produção de vacinas	2 bilhões de doses
Parceiros de fabricação global	5 fabricantes contratados

Potencial para plataformas de vacinas adaptáveis

• Adaptabilidade demonstrada para variantes Covid-19
• Aplicação potencial para vacinas contra influenza
• Tecnologia de vacina à base de proteínas escaláveis

Soluções de vacinas validadas cientificamente

Métricas de desempenho de ensaios clínicos:

Parâmetro do ensaio clínico	Valor
Fase 3 Participantes do estudo	29,960
Prevenção severa de covid-19	100%
Prevenção de hospitalização	100%

Novavax, Inc. (NVAX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com agências de saúde do governo

Novavax garantido US $ 1,6 bilhão Em financiamento da operação do governo dos EUA, a velocidade de Warp para o desenvolvimento da vacina CoVID-19 em 2020. Os principais detalhes do contrato do governo incluem:

Agência	Valor do contrato	Ano
Departamento de Defesa dos EUA	US $ 1,6 bilhão	2020
BARDA (Autoridade de Pesquisa e Desenvolvimento Avançada Biomédica)	US $ 388 milhões	2020

Colaboração da comunidade científica

Novavax mantém parcerias de pesquisa com:

• Coalizão para inovações de preparação para epidemia (CEPI)
• Organização Mundial da Saúde (OMS)
• Instituições internacionais de pesquisa de vacinas

Programas de apoio e informação do paciente

Novavax estabeleceu canais de suporte digital de pacientes, incluindo:

• Portal de informações sobre vacinas on -line
• Linha direta de atendimento ao cliente
• Plataformas de comunicação de participantes do ensaio clínico

Comunicação transparente sobre o desenvolvimento da vacina

Novavax publicado 37 publicações científicas revisadas por pares Em 2022-2023, em relação à pesquisa de vacinas Covid-19.

Plataformas digitais para disseminação de informações sobre vacinas

Plataforma	Métricas de engajamento
Site corporativo	1,2 milhão de visitantes únicos em 2023
LinkedIn	85.000 seguidores
Twitter	42.000 seguidores

Novavax, Inc. (NVAX) - Modelo de Negócios: Canais

Vendas diretas para organizações de saúde do governo

A Novavax garantiu um contrato de US $ 1,6 bilhão com o governo dos EUA em 2020 para o desenvolvimento da vacina CoVID-19. Em 2022, a empresa recebeu US $ 1,1 bilhão em acordos de compras governamentais.

Entidade governamental	Valor do contrato	Ano
Departamento de Defesa dos EUA	US $ 1,6 bilhão	2020
Saúde dos EUA e Serviços Humanos	US $ 1,1 bilhão	2022

Redes de distribuição farmacêutica

Novavax colabora com os principais distribuidores farmacêuticos em todo o mundo.

• McKesson Corporation
• Amerisourcebergen
• Cardinal Health

Parcerias globais do sistema de saúde

A Novavax estabeleceu parcerias em vários países para distribuição de vacinas.

Região	Detalhes da parceria	Tipo de vacina
União Europeia	Acordo de 100 milhões de doses	Vacina para o covid-19
Índia	Parceria do Instituto Serum	Fabricação de vacinas Covid-19

Plataformas de informações on -line

Novavax utiliza canais digitais para disseminação de informações:

• Site da empresa: Novavax.com
• LinkedIn: 24.000 seguidores
• Twitter: 15.000 seguidores

Conferências e Exposições Médicas Internacionais

Participação anual em principais conferências médicas:

• Reuniões do ACIP (Comitê Consultivo de Práticas de Imunização)
• CROI (conferência sobre retrovírus e infecções oportunistas)
• Ecmid (Congresso Europeu de Microbiologia Clínica e Doenças Infecciosas)

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

Departamentos de Saúde do Governo Nacional

A Novavax garantiu contratos com vários governos nacionais para a compra de vacinas CoVID-19:

País	Valor do contrato	Doses da vacina
Estados Unidos	US $ 1,6 bilhão	100 milhões de doses
Reino Unido	US $ 389,5 milhões	60 milhões de doses
Canadá	US $ 173 milhões	52 milhões de doses

Sistemas globais de saúde

A Novavax tem como alvo os sistemas de saúde em várias regiões:

• Acordos de compras da União Europeia
• Parcerias da Rede de Saúde da Ásia-Pacífico
• Contratos do sistema de saúde do Oriente Médio

Programas de vacinação internacional

Novavax Collaborações com iniciativas internacionais de vacinação:

Programa	Alocação de vacinas	Fonte de financiamento
Instalação Covax	1,1 bilhão de doses	Aliança Gavi
Acesso global da OMS	350 milhões de doses	Quem/Banco Mundial

Provedores de assistência médica privados

Segmentos de mercado para distribuição privada de saúde:

• Redes de farmácias de varejo
• Sistemas hospitalares particulares
• Provedores de saúde ocupacional

Redes de distribuição farmacêutica

Parcerias de canal de distribuição:

Distribuidor	Cobertura geográfica	Capacidade anual de distribuição
McKesson Corporation	América do Norte	200 milhões de doses de vacina
Amerisourcebergen	Mercados globais	150 milhões de doses de vacina

Novavax, Inc. (NVAX) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

No ano fiscal de 2022, o Novavax registrou despesas de P&D de US $ 1,35 bilhão. As despesas de pesquisa da empresa se concentraram principalmente no desenvolvimento da vacina, incluindo tecnologias de vacinas CoVid-19 e influenza.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 1,35 bilhão	87.4%
2021	US $ 1,64 bilhão	92.3%

Custos de gerenciamento de ensaios clínicos

A Novavax investiu recursos significativos em ensaios clínicos para sua vacina covid-19 e outros produtos de pipeline. As despesas de ensaios clínicos para 2022 foram de aproximadamente US $ 612 milhões.

• Ensaios clínicos de vacinas covid-19: US $ 425 milhões
• Ensaios de vacinas contra influenza: US $ 187 milhões

Infraestrutura de fabricação e produção

As despesas de capital para capacidades de fabricação em 2022 totalizaram US $ 283 milhões. A empresa expandiu suas instalações de produção para apoiar a fabricação global de vacinas.

Local de fabricação	Capacidade de produção	Investimento
Instalação dos EUA	100 milhões de doses/ano	US $ 150 milhões
Instalações internacionais	200 milhões de doses/ano	US $ 133 milhões

Investimentos de conformidade regulatória

A conformidade regulatória e os custos de garantia de qualidade para 2022 foram de US $ 98 milhões, representando investimentos críticos no cumprimento dos padrões regulatórios globais.

Despesas de marketing e comunicação

As despesas de marketing de 2022 totalizaram US $ 76 milhões, focadas na promoção de produtos de vacina CoVID-19 e influenza.

Canal de marketing	Gasto
Marketing digital	US $ 32 milhões
Extensão profissional de saúde	US $ 44 milhões

Novavax, Inc. (NVAX) - Modelo de negócios: fluxos de receita

Vendas de vacinas covid-19

A Novavax relatou receitas de produtos líquidos de produto da vacina CoVID-19 de US $ 1,456 bilhão para o ano fiscal de 2022.

Ano	Receita da vacina CoVID-19	Distribuição geográfica
2022	US $ 1,456 bilhão	Vários mercados internacionais
2023 Q3	US $ 28,3 milhões	Demanda global reduzida

Contratos de compras governamentais

Acordos significativos de compras incluem:

• Valor do contrato do governo dos EUA: aproximadamente US $ 1,6 bilhão
• Acordo de Fornecimento da União Europeia: até 200 milhões de doses de vacinas
• Contrato de compras do Canadá: 52 milhões de doses

Acordos do Programa de Vacinação Internacional

Principais acordos de vacinação internacional:

Região	Valor do contrato	Quantidade de dose
Instalação Covax	US $ 388 milhões	110 milhões de doses
Índia	Confidencial	Lançamento comercial limitado

Potencial licenciamento futuro de desenvolvimento de vacinas

Os fluxos de receita potenciais do licenciamento de tecnologia de vacinas permanecem exploratórios, sem compromissos financeiros concretos a partir de 2024.

Subsídios de pesquisa e suporte de financiamento

Fontes de financiamento incluem:

• Operação Warp Speed ​​Funding: US $ 1,6 bilhão
• Coalizão para Inovações de preparação para epidemia (CEPI): US $ 388 milhões

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.