Novavax Reports First Quarter 2024 Financial Results and Operational Highlights Announces co-exclusive licensing agreement with Sanofi to co-commercialize COVID-19 vaccine, develop novel COVID-19-Influenza

Novavax Reports First Quarter 2024 Financial

Results and Operational Highlights

GAITHERSBURG, Md., May 10, 2024 -

Novavax, Inc. (Nasdaq: NVAX), a global company advancing protein-based vaccines with its Matrix-M adjuvant, today announced its

financial results and operational highlights for the first quarter ended March 31, 2024.

Earlier today, Novavax and Sanofi (NASDAQ: SNY)

announced that they have entered into a co-exclusive licensing agreement. The terms of the agreement include: a co-exclusive license to

co-commercialize Novavax's current stand-alone adjuvanted COVID-19 vaccine worldwide (except in countries with existing Advance

Purchase Agreements [APAs] and in India, Japan and South Korea where Novavax has existing partnership agreements); a sole license to Novavax's

adjuvanted COVID-19 vaccine for use in combination with Sanofi's flu vaccines while Novavax retains the right to and is developing

its own COVID-19-Influenza Combination (CIC) vaccine candidate; a non-exclusive license to use Novavax's adjuvanted COVID-19 vaccine

for use in combination with non-flu vaccines; and a non-exclusive license to use the Matrix-M adjuvant in vaccine products. In addition,

Sanofi will take a minority (<5%) equity investment in Novavax.

"Today we announce the beginning of an exciting

new chapter for Novavax with the launch of a strategically important partnership with one of the world's leading vaccine companies.

We believe the combined strength of Novavax and Sanofi will enable us to better fulfill our mission of developing and improving access

to life-saving vaccines," said John C. Jacobs, President and Chief Executive Officer, Novavax. "I am proud of the progress

our Company has made this quarter as we continue to advance our COVID-19 vaccine for the upcoming 2024-2025 vaccination season and plan

for the launch of our Phase 3 CIC and standalone influenza program in the second half of this year."

The agreement is further validation of Novavax's

technology platform and provides significant opportunity to drive value creation and benefit global public health. It strengthens Novavax's

balance sheet and cash flow position, providing the opportunity to focus more on research and development and pipeline expansion to accelerate

growth and generate long-term value for shareholders.

Sanofi Agreement Highlights

Financial Highlights

Additional Highlights

First Quarter 2024 and Recent Highlights

During the first quarter, Novavax continued executing

against its three key priorities for 2024.

Priority #1: Deliver an Updated COVID-19

Vaccine for the 2024-2025 Vaccination Season

Priority #2: Launch Phase 3 trial of CIC

and Stand-alone Influenza Program

Novavax remained focused on leveraging its technology

platform, including its proprietary Matrix-M adjuvant, to expand its pipeline with CIC and stand-alone influenza vaccine candidates.

Priority #3: Continue Evolution of Novavax,

Further Reducing Operating Expenses

Novavax has made significant progress on its commitment

to improve its financial position while maintaining the capabilities that support long-term value creation.

First Quarter 2024 Financial Results

Novavax is updating its Full Year 2024 Financial

Guidance and expects to achieve the following objectives:

Full Year 2024 Guidance

Total potential contract value for APAs outstanding,

as of March 31, 2024, was over $600 million related to expected dose deliveries for the second quarter of 2024 through 2026. This amount

excludes deferred revenue associated with the 2023 Canada amendments to forfeit doses.

Novavax is prepared to initiate an additional

cost reduction program to reduce 2025 R&D plus SG&A expenses to below $500 million, a portion of which it expects to be reimbursed

by Sanofi under the agreement. This reflects a greater than $225 million reduction beyond prior stated targets.

reshape the size and scope of global business operations to prioritize enabling Sanofi to successfully execute its commercial and

development plans under the agreement, deliver on existing Novavax APAs and focus on creating value from R&D and business development.

Novavax will host its quarterly conference call

today at 8:30 a.m. ET. To join the call without operator assistance, you may register and enter your phone number at https://emportal.ink/3VNP8J5 to

receive an instant automated call back. You may also dial direct to be entered to the call by an operator. The dial-in numbers for the

conference call are (888) 664-6383 (Domestic) or (+1) (416) 764-8650 (International). Participants will be prompted to request to join

the Novavax, Inc. call. A replay of the conference call will be available starting at 11:30 a.m. EST on May 10, 2024, until 11:59 p.m.

ET on May 17, 2024. To access the replay by telephone, dial (888) 390-0541 (Domestic) or (+1) (416) 764-8677 (International) and use

A webcast of the conference call can also be

accessed on the Novavax website at ir.novavax.com/events. A replay of the webcast will be available on the Novavax website until

Trade Name in the U.S.

The trade name Nuvaxovid has not been approved

Novavax, Inc. (Nasdaq: NVAX) promotes improved

health by discovering, developing and commercializing innovative vaccines to help protect against serious infectious diseases. Novavax,

a global company based in Gaithersburg, Md., U.S., offers a differentiated vaccine platform that combines a recombinant protein approach,

innovative nanoparticle technology and Novavax's patented Matrix-M adjuvant to enhance the immune response. The Company's portfolio

includes its COVID-19 vaccine and its pipeline includes CIC and stand-alone influence vaccine candidates. In addition, Novavax's

adjuvant is included in the University of Oxford and Serum Institute of India's R21/Matrix-M malaria vaccine. Please visit novavax.com and

LinkedIn for more information.

Forward-Looking Statements

Statements herein relating to the future of Novavax,

its mission, its near-term priorities including delivering an updated COVID-19 vaccine for the start of the 2024-2025 vaccination season

in a pre-filled syringe presentation, launching a Phase 3 trial for CIC and stand-alone influenza in the second half of 2024, with possible

combination vaccine and stand-alone influenza vaccine launch in 2026, and reducing operations expenses, including by initiating an additional

cost reduction program, the anticipated timing of potential BLA approval for Novavax's prototype vaccine and EUA for Novavax's

updated COVID-19 vaccine, potential royalties and milestones under the agreement with Sanofi, its operating plans, objectives and prospects,

updated full year 2024 financial guidance, its future financial or business performance, conditions or strategies, and its ability to

attain contract value under existing APAs are forward-looking statements. Novavax cautions that these forward-looking statements are

subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such

statements. These risks and uncertainties include, without limitation, Novavax's and Sanofi's ability to successfully implement

its partnership, including the ability to transition key processes and effect technology transfers, Novavax's ability to successfully

and timely manufacture, distribute, or market its updated COVID-19 vaccine including as a single dose vial or pre-filled syringe product

presentation for the 2024-2025 vaccination season; challenges satisfying, alone or together with partners, various safety, efficacy,

and product characterization requirements, including those related to process qualification, assay validation and stability testing,

necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials; challenges or delays in obtaining

regulatory authorization for its product candidates, including its updated COVID-19 vaccine in time for the 2024-2025 vaccination season

or for future COVID-19 variant strain changes, its CIC and stand-alone influenza vaccine candidate; manufacturing, distribution or export

delays or challenges; Novavax's substantial dependence on Serum Institute of India Pvt. Ltd. and Serum Life Sciences Limited for co-formulation

and filling and PCI Pharma Services for finishing Novavax's COVID-19 vaccine and the impact of any delays or disruptions in their

operations on the delivery of customer orders; difficulty obtaining scarce raw materials and supplies; resource constraints, including

human capital and manufacturing capacity, constraints on Novavax's ability to pursue planned regulatory pathways, alone or with

partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; challenges

in implementing its global restructuring and cost reduction plan; Novavax's ability to timely deliver doses; challenges in obtaining

commercial adoption and market acceptance of its updated COVID-19 vaccine or any COVID-19 variant strain containing formulation; challenges

meeting contractual requirements under agreements with multiple commercial, governmental, and other entities, including requirements

to deliver doses that may require Novavax to refund portions of upfront and other payments previously received or result in reduced future

payments pursuant to such agreements; challenges related to the seasonality of vaccinations against COVID-19; and those other risk factors

identified in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"

sections of Novavax's Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission

(SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are