Novavax Reports First Quarter 2020 Financial Results CEPI increases investment up to $388 million for NVX-CoV2373 vaccine development & manufacturing NVX - CoV2373 Phase I trial initiating in May with preliminary results

Novavax Reports First Quarter 2020 Financial

CEPI increases investment up to $388 million for NVX-CoV2373 vaccine development &

Phase I trial initiating in May with preliminary results in July

NanoFlu recently achieved all primary endpoints in pivotal Phase 3 clinical trial

Company to host conference call today at 4:30 p.m. ET

MD, May 11, 2020 (GLOBE NEWSWIRE) - Novavax, Inc. (NASDAQ: NVAX), a late-stage biotechnology company developing next-generation

vaccines for serious infectious diseases, today announced its financial results and operational highlights for the first

quarter ended March 31, 2020.

"Our accomplishments to-date in 2020,

including significant progress in our influenza and COVID-19 vaccine programs, are the most impressive in the company's history,"

said Stanley C. Erck, President and Chief Executive Officer of Novavax. "We shared successful pivotal Phase 3 results for

NanoFlu that demonstrated both efficacy and safety in a pivotal trial, a significant milestone towards bringing this innovative

product to an influenza market in need of new options. We also reacted quickly to the coronavirus pandemic by developing and quickly

advancing NVX-CoV2373, our COVID-19 vaccine candidate, which shows strong potential

to have a positive impact on this global health crisis. Looking ahead, with a strengthened balance sheet and CEPI's substantial

funding, we will focus on scaling up manufacturing and delivering clinical data for NVX-CoV2373,

while simultaneously completing the necessary actions needed to prepare our BLA filing for NanoFlu."

First Quarter 2020 and Subsequent Operational

Financial Results for the Three Months

Ended March 31, 2020

Novavax reported a net loss of $25.9 million,

or $0.58 per share, for the first quarter of 2020, compared to a net loss of $43.2 million, or $2.11 per share, for the first quarter

Novavax revenue in the first quarter of

2020 was $3.4 million, compared to $4.0 million in the same period in 2019. This 15% decrease was primarly due to the conclusion

of the Prepare trial in 2019, partially offset by revenue from CEPI's funding.

Research and development expenses decreased

52% to $16.9 million in the first quarter of 2020, compared to $35.5 million in the same period in 2019. This decrease was primarily

due to decreased development activities of ResVax, lower employee-related costs and other cost savings due to the Catalent transaction

General and administrative expenses increased

to $9.4 million in the first quarter of 2020, compared to $8.7 million for the same period in 2019.

Interest income (expense), net for the

first quarter of 2020 and 2019 was ($3.0) million.

As of March 31, 2020, Novavax had $244.7

million in cash, cash equivalents, marketable securities and restricted cash, compared to $82.2 million as of December 31, 2019.

Net cash used in operating activities for the first quarter of 2020 was $23.1 million, compared to $50.6 million for same period

Share and per share data have been restated

to reflect the reverse stock split that was completed in May 2019.

Novavax will host its quarterly conference

call today at 4:30 p.m. ET. The dial-in numbers for the conference call are (877) 212-6076 (Domestic) or (707) 287-9331 (International),

passcode 1274143. A replay of the conference call will be available starting at 7:30 p.m. ET on May 11, 2020 until 7:30 p.m. ET

on May 18, 2020. To access the replay by telephone, dial (855) 859-2056 (Domestic) or (404) 537-3406 (International) and use passcode

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 webcast will be available on the Novavax website until August 11, 2020.

NanoFlu is a recombinant hemagglutinin

(HA) protein nanoparticle influenza vaccine produced by Novavax in its SF9 insect cell baculovirus system. NanoFlu uses HA amino

acid protein sequences that are the same as the recommended wild-type circulating virus HA sequences. NanoFlu contains Novavax'

patented saponin-based Matrix-M adjuvant. Top-line data from Novavax' ongoing Phase 3 clinical trial of NanoFlu is expected

late in the first quarter of 2020.

is a vaccine candidate engineered from the genetic sequence of SARS-CoV-2, the virus that causes COVID-19 disease. NVX-CoV2373

was created using Novavax' recombinant nanoparticle technology to generate antigen derived from the coronavirus spike

(S) protein and contains Novavax' patented saponin-based Matrix-M adjuvant to enhance the immune response and stimulate

high levels of neutralizing antibodies. In preclinical trials, NVX-CoV2373 demonstrated

efficient binding with receptors targeted by the virus, a critical aspect for effective vaccine protection. A Phase 1 clinical

trial of NVX-CoV2373 will initiate in May 2020 with preliminary immunogenicity and

safety results expected in July 2020. The Coalition for Epidemic Preparedness Innovations (CEPI) is investing up to $388 million

of funding to advance clinical development of NVX-CoV2373.

Novavax' patented saponin-based Matrix-M

adjuvant has demonstrated a potent and well-tolerated effect by stimulating the entry of antigen-presenting cells into the injection

site and enhancing antigen presentation in local lymph nodes, boosting immune response.

Inc. (Nasdaq:NVAX), is a late-stage biotechnology company that promotes improved health globally through the discovery, development,

and commercialization of innovative vaccines to prevent serious infectious diseases and address urgent, global health needs. Novavax

recently initiated development of NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19, with Phase

1 clinical trial results expected in July of 2020. NanoFlu , its quadrivalent influenza nanoparticle vaccine, met all primary

objectives in its pivotal Phase 3 clinical trial in older adults. Both vaccine candidates incorporate Novavax' proprietary

saponin-based Matrix-M adjuvant in order to enhance the immune response and stimulate high levels of neutralizing antibodies.

Novavax is a leading innovator of recombinant vaccines; its proprietary recombinant technology platform combines the power and

speed of genetic engineering to efficiently produce highly immunogenic nanoparticles in order to address urgent global health needs.

For more information, visit www.novavax.com

and connect with us on Twitter and LinkedIn.

Forward-Looking 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, 2019, as

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 and uncertainties.

SELECTED CONSOLIDATED BALANCE SHEET DATA

Brandzone/COGS Communication