The following is a summary of the Novavax, Inc. (NVAX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Novavax recorded a total revenue of $94 million in Q1 2024 and reduced current liabilities by $831 million.

• The company ended the quarter with cash and accounts receivable of $570 million, anticipating over $600 million in potential dose deliveries over the next three years.

• R&D and SG&A expenses saw a reduction of 50% compared to the prior year, with expenses for 2024 expected to be between $700 million and $750 million.

• Under the new partnership agreement, Sanofi's milestones and royalty payments could potentially provide billions in revenue for Novavax.

Business Progress:

• Novavax signed a co-development and co-commercialization agreement with Sanofi, allowing the company to transition to a lean operating model focused on R&D.

• The company has completed the submission of its Biological License Application (BLA) and is expected to have products at distribution centers in the U.S. no later than mid-August.

• Novavax is making strides in preclinical testing of its JN1 vaccine, now producing it commercially for the upcoming flu season.

• Future business development opportunities are expected to be enhanced due to the expanded product development capabilities resulting from the Novavax-Sanofi partnership.

• Novavax has optimized its RSV construct for further evaluation and development and created two derivatives of their core technology with promising potential.

• The company, in partnership with Sanofi, aims to improve COVID and flu vaccination rates through the co-commercialization of a combo vaccine.

More details: Novavax IR

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