Novavax to cut ~12% of global workforce; expects $4-7M restructuring charge in Q1 2024

NOVAVAX INC

Board approved ~12% global workforce reduction (9% of FTEs; remainder contractors/consultants).
One-time severance and benefit charge estimated at $4M to $7M, primarily in Q1 2024.
Resulting workforce expected to be ~30% lower vs. end of Q1 2023.
Full annual cost savings expected in 2025; ~85% of annual impact realized in 2024.

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