Novavax signs $1.3B Sanofi deal; Q1 revenue $94M, net loss $148M; removes going concern

NOVAVAX INC

Co-exclusive licensing with Sanofi includes $500M upfront, ~$70M equity, up to $700M milestones plus royalties per product.
Q1 2024 revenue $94M (up from $81M YoY), net loss $148M (improved from $294M loss YoY).
Reduced current liabilities by $831M in Q1; removed going concern notice.
Updated 2024 guidance: Combined Revenue & Sanofi Payments $970M-$1,170M; Total Revenue $400M-$600M.
Added standalone influenza arm to Phase 3 COVID-Flu combo trial; on track for H2 2024 initiation, potential 2026 launch.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NOVAVAX INC reported the first quarter ended March 31, 2024 results: revenue $94 million.

Period: the first quarter ended March 31, 2024
Revenue: $94 million
Result: reported results

Exact text from the filing

half of 2024, with potential 2026 launch for both candidates · Reduced current liabilities by an additional $831 million during Q1 2024 · Achieved total revenue in Q1 2024 of $94 million · Novavax removes going concern notice · Company to host conference call today at 8:30 a.m. ET GAITHERSBURG, Md., May 10, 2024 – Novavax, Inc. (Nasdaq: NVAX), a global company

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Source: SEC EDGAR

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