Novavax Reports First Quarter 2015 Financial Results Gaithersburg, Md.

Novavax Reports First Quarter 2015 Financial

Gaithersburg, Md., May 7, 2015 -

Novavax, Inc., (Nasdaq: NVAX) a clinical-stage vaccine company focused on the discovery, development and commercialization of

recombinant nanoparticle vaccines and adjuvants, today announced its financial results for the first quarter 2015.

Corporate Highlights

First Quarter and Subsequent Achievements:

Corporate Achievements

2015 Anticipated Events

"Novavax has now completed enrollment

of the elderly and maternal immunization RSV clinical trials. That achievement, combined with our ongoing Quadrivalent Seasonal

Influenza VLP vaccine and Ebola GP Vaccine clinical trials, will position us for significant clinical data readouts in the second

half of 2015," said Stanley C. Erck, President and Chief Executive Officer of Novavax. "Our March 2015 financing provided

us with the resources to prepare for the next steps, with our key objective to continue to execute our aggressive RSV F Vaccine

Financial Results for the Three Months

Ended March 31, 2015

Novavax reported a net loss of $24.4 million,

or $0.10 per share, for the first quarter of 2015, compared to a net loss of $13.8 million, or $0.07 per share, for the first

Novavax revenue in the first quarter of

2015 increased 32% to $9.9 million, compared to $7.5 million for the same period in 2014. The increase results primarily from

HHS BARDA's approval of the reimbursement of the Company's prior Phase 2 Quadrivalent Seasonal Influenza VLP vaccine

clinical trial (205 Trial) costs, resulting in an additional $3.1 million in revenue in the quarter.

The cost of government contracts revenue

in the first quarter of 2015 decreased 19% to $2.5 million, compared to $3.0 million for the same period in 2014. The decrease

in costs were associated with a lower level of activity in the first quarter of 2015 associated with the Company's Phase

2 clinical trial of our quadrivalent seasonal influenza vaccine candidate as compared to the Company's Phase 1/2 clinical

trial of our H7N9 pandemic influenza candidate with Matrix-M in the same period in 2014; both programs are funded under our contract

Research and development expenses increased

78% to $25.9 million in the first quarter of 2015, compared to $14.5 million for the same period in 2014. The increase in research

and development expenses was driven by activities relating to the ongoing RSV F Vaccine clinical trials, the initiation of the

Phase 1 clinical trial of our Ebola GP Vaccine candidate program and higher employee-related expenses tied to the continued growth

General and administrative expenses increased

36% to $5.8 million in the first quarter of 2015, compared to $4.3 million for the same period in 2014. The increase in general

and administrative expenses resulted from increased employee-related expenses tied to the continued growth of the Company.

As of March 31, 2015, the Company had

$327.7 million in cash and cash equivalents and marketable securities compared to $168.1 million as of December 31, 2014. Net

cash used in operating activities for the first quarter of 2015 was $30.5 million, compared to $20.4 million for the same period

in 2014. The factors contributing to the change in operating cash usage were primarily due to increased research and development

costs relating to our vaccine candidates and higher employee-related costs, as well as the timing of customer and vendor payments.

Novavax management will host its quarterly

conference call today at 4:30 p.m. EDT. The dial-in number for the conference call is (877) 212-6076 (Domestic) or (707) 287-9331

(International). A webcast of the conference call can also be accessed via a link on the home page of the Novavax website (novavax.com)

or through the "Investor Info"/"Events" tab on the Novavax website.

A replay of the conference call will be

available starting at 7:30 p.m. on May 7, 2015 until midnight May 14, 2015. To access the replay by telephone, dial (855) 859-2056

(Domestic) or (404) 537-3406 (International) and use passcode 35660022. The replay will also be available as a webcast and

can be found on the "Investor Info"/"Events" on the Novavax website.

Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage

vaccine company committed to delivering novel products to prevent a broad range of infectious diseases. Our recombinant nanoparticles

and Matrix-M adjuvant technology are the foundation for groundbreaking innovation that improves global health through safe

and effective vaccines. Additional information about Novavax is available on the Company's website, novavax.com.

Forward-Looking Statements

Statements herein relating to the future

of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements. Novavax cautions that

these forward looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially

from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading "Risk

Factors" in the Novavax Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange

Commission (SEC). We caution investors not to place considerable reliance on the forward-looking statements contained in this

press release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion of these and other

risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and

we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties,

including those referenced above. Investors, potential investors, and others should give careful consideration to these risks

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information)

SELECTED CONSOLIDATED BALANCE SHEET