Novavax Reports Fourth Quarter and Year-End 2014 Financial Results Gaithersburg, MD (

Novavax Reports Fourth Quarter and Year-End

2014 Financial Results

Gaithersburg, MD (February 26, 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 fourth quarter and twelve months

ended December 31, 2014.

Corporate Highlights

Fourth Quarter and Subsequent

"We have initiated five

clinical trials within the last six months, including advancing both our RSV and seasonal influenza programs into Phase 2 clinical

trials, while introducing our new Ebola vaccine into the clinic," said Stanley C. Erck, President and Chief Executive Officer

of Novavax. "These achievements underscore the strength of our vaccine technology, capability of our manufacturing platform

and experience of our leadership team. We look forward to carrying this momentum through 2015, with important clinical data readouts

expected in our RSV, seasonal influenza and Ebola programs."

Financial Results for the Three and

Twelve Months Ended December 31, 2014

Novavax reported a net loss of $31.5 million,

or $0.13 per share, for the fourth quarter of 2014, compared to a net loss of $14.1 million, or $0.07 per share, for the fourth

quarter of 2013. For the twelve months ended December 31, 2014, the net loss was $82.9 million, or $0.37 per share, compared to

a net loss of $52.0 million, or $0.31 per share for 2013.

Novavax revenue in the fourth quarter of

2014 decreased 23% to $6.7 million, compared to $8.7 million for the same period in 2013. Revenue for the year ended 2014 increased

47% to $30.7 million, compared to $20.9 million in 2013. The increase in the full year revenue results from the Phase 1/2 clinical

trial of our H7N9 pandemic influenza vaccine candidate with Matrix-M and activities relating to the preparation and initiation

of the Phase 2 clinical trial of our Seasonal Influenza VLP; both programs are funded under our contract with HHS BARDA.

The cost of government contracts revenue

in the fourth quarter of 2014 increased 9% to $2.8 million, compared to $2.6 million for the same period in 2013. For the full

year 2014, cost of government contracts revenue increased 82% to $15.0 million, compared to $8.2 million in 2013. The increase

in costs for the full year 2014 were associated with the Phase 1/2 clinical trial of our H7N9 pandemic influenza candidate with

Matrix-M adjuvant and activities relating to the preparation and initiation of the Phase 2 clinical trial of our Seasonal Influenza

VLP; both programs are funded under our contract with HHS BARDA.

Research and development expenses increased

87% to $30.5 million in the fourth quarter of 2014, compared to $16.3 million for the same period in 2013. For the full year 2014,

research and development expenses increased 58% to $79.4 million, compared to $50.3 million in 2013. The increase in research and

development expenses for the full year 2014 is driven by activities relating to the preparation and initiation of three RSV F Vaccine

candidate clinical trials in 2014, the initiation of our Ebola vaccine candidate program and higher employee-related expenses tied

to the continued growth of the company.

General and administrative expenses increased

24% to $5.1 million in the fourth quarter of 2014, compared to $4.1 million for the same period in 2013. For the full year 2014,

general and administrative expenses increased 34% to $19.9 million, compared to $14.8 million in 2013. The increase in general

and administrative expenses for the full year 2014 resulted from increased employee-related expenses tied to the continued growth

As of December 31, 2014, the company had

$168.1 million in cash and cash equivalents and marketable securities compared to $133.1 million as of December 31, 2013. Net cash

used in operating activities for 2014 was $67.0 million, compared to $45.4 million for 2013. The factors contributing to the change

in cash usage were primarily due to increased costs relating to our RSV F Vaccine candidate and higher employee-related costs,

as well as the timing of 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 (U.S. or Canada) 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 February 26, 2015 until midnight March 5, 2015. To access the replay by telephone, dial 855-859-2056

(Domestic) or 404-537-3406 (International) and use passcode 89629680. 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, to be 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

SELECTED BALANCE SHEET DATA

Chief Financial Officer and Treasurer