Novavax Reports Third Quarter 2014 Financial Results Gaithersburg, MD (

Novavax Reports Third Quarter 2014 Financial

Gaithersburg, MD (November 5, 2014)

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

of recombinant nanoparticle vaccines and adjuvants, today announced its financial results for the third quarter and nine months

ended September 30, 2014.

Corporate Highlights

Subsequent Achievements:

Quarter 2014 Anticipated Events:

"We demonstrated significant progress

in our existing vaccine and adjuvant development programs in the third quarter of 2014, while also responding to the Ebola disease

global health crisis," said Stanley C. Erck, President and Chief Executive Officer of Novavax. "Beyond initiating the

maternal immunization study with our RSV F Vaccine, delivering positive data for our H7N9 VLP, and continuing our strong BARDA

relationship, we anticipate substantial progress in the fourth quarter with the initiation of three additional clinical trials."

Financial Results for the Three and

Nine Months Ended September 30, 2014

Novavax reported a net loss of $19.7 million,

or $0.08 per share, for the third quarter of 2014, compared to a net loss of $15.3 million, or $0.09 per share, for the third quarter

of 2013. For the nine months ended September 30, 2014, the net loss was $51.4 million, or $0.23 per share, compared to a net loss

of $37.9 million, or $0.24 per share, for the same period in 2013.

Novavax revenue in the third quarter of

2014 increased 71% to $8.2 million as compared to $4.8 million for the same period in 2013. The increase in revenue was primarily

due to the higher level of activity in the third quarter of 2014 associated with the company's Phase 1/2 clinical trial using

its H7N9 pandemic influenza candidate with Matrix-M adjuvant and manufacturing work for its Phase 2 seasonal influenza clinical

trial, both under the BARDA contract. In conjunction with the increase in revenue, the cost of government contracts revenue in

the third quarter of 2014 increased 77% to $4.0 million as compared to $2.3 million for the same period in 2013. This increase

was primarily related to a higher level of activity associated with the company's previously mentioned pandemic and seasonal

influenza activities.

Research and development expenses increased

38% to $19.2 million in the third quarter of 2014, compared to $13.9 million for the same period in 2013, primarily as a result

of the milestone payment accrued under the Wyeth license and higher employee-related costs tied to continued growth in support

of the company's RSV and influenza vaccine programs.

General and administrative expenses increased

23% to $4.8 million in the third quarter of 2014 as compared to $3.9 million for the same period in 2013, resulting from higher

employee-related costs.

As of September 30, 2014, the company had

$190.3 million in cash and cash equivalents and investments compared to $133.1 million as of December 31, 2013. Net cash used in

operating activities for the nine months of 2014 was $47.2 million compared to $33.1 million for the same period in 2013. The factors

contributing to the increase in cash usage are as described above.

Novavax management will host its quarterly

conference call today at 4:30 p.m. EDT. The dial-in number for the conference call is 1 (877) 212-6076 (U.S. or Canada) or 1 (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 6:31 p.m. on November 5, 2014 until midnight

November 12, 2014. To access the replay by telephone, dial 1 (855) 859-2056 (domestic) or 1 (404) 537-3406 (international)

and use passcode 27652087. 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

biopharmaceutical company creating novel vaccines and vaccine adjuvants to address a broad range of infectious diseases worldwide.

Using innovative proprietary recombinant nanoparticle vaccine technology, the company produces vaccine candidates to efficiently

and effectively respond to both known and newly emergent diseases. 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, 2013, 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.

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