Novavax Inc (NVAX)

[JoeForkeyBolo]

Comments on today's conference presentation by Alexis on Yahoo.

Some notes on today's discussion at the Jefferies Global Healthcare Conference:

• In market in August with "ample supply" of EUA authorized JN.1 pre-filled single-dose syringe

• People don't "shop" for vaccines by brand, "major levers of adoption" determined by retail availability

• 90% of last years administered doses were in the retail channel, caught NVAX by surprise

• 40-50% of 2023 demand occurred in the first four weeks of the campaign

• No updates to revenue guidance despite the JN.1-lineage VRBPAC recommendation

• Can't "opine in detail" about ongoing discussions with Sanofi; deal has four layers of value

• Cash flow from the Sanofi agreement will "exceed what we could have done ourselves"

• "We have our own late-stage pipeline", looking at investing in early-stage product development while pursuing additional partnerships

• "Matrix-M has ability to help lower partners' COGS through reduced antigen load and improved immunogenicity"

• Any news on Sanofi's flu vaccine development? "They have big plans" but not willing to share any details. The transaction with NVAX "speaks for itself"

• Lots of confidence of Phase 3 programs for flu-covid combination based off Phase 2 results, following accelerated pathway for both flu and combo authorization in 2H next year

• "We assume we'll have success" with Phase 3 and will have options to sell/license/partner to compete in multi-billion dollar marketplaces, whether they're first to market or not (for combo)

• Building "lean" organization and focusing on pipeline