Novavax terminates Canada COVID vaccine APA, to recognize $576M revenue in Q1 2025

NOVAVAX INC

Canada terminated APA effective March 7, 2025, citing Novavax's failure to obtain regulatory approval for vaccine from Biologics Manufacturing Centre by Dec 31, 2024.
Novavax expects to recognize $576M previously in deferred revenue and other liabilities as product revenue in Q1 2025.
$28M in advance payments must be refunded to Canada within 30 days of the termination notice.
$20M escrow related to an MOU may be released to Novavax as the MOU is no longer feasible.

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