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Novavax Corporate Investor Deck CORPORATE OVERVIEW AND INVESTOR DECK Nasdaq: NVAX | May 2021 Certain information, particularly information relating to future performance and other business matters, including expectations regarding clinical development, market opportunities and anticipated milestones constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements may generally contain words such as “believe,” “may,” “could,” “will,” “possible,” “can,” “estimate,” “continue,” “ongoing,” “consider,” “intend,” “indicate,” “plan,” “project,” “expect,” “should,” “would,” or “assume” or variations of such words or other words with similar meanings. Novavax cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and may cause actual results to differ materially from the results discussed in the forward-looking statements. Uncertainties include but are not limited to clinical trial results, dependence on third party contractors, competition for clinical resources and patient enrollment and risks that we may lack the financial resources SafeSafe HarborHarbor to fund ongoing operations. Additional information on Risk Factors are contained in Novavax’ filings with the U.S. Securities and Exchange StatementStatement Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K, which are all available at http://www.sec.gov. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. Current results may not be predictive of future results. You should not place undue reliance on forward-looking statements which speak only as of the date hereof. The Company does not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law. Matrix-M and NanoFlu are trademarks of Novavax, Inc. novavax.com 2 Novavax at-a-Glance 10+ years $2+ billion of Nanoparticle Vaccine Development in Funding Secured to Date 150 million 50,000+ Doses per Month Participants Enrolled in Manufacturing Capacity by 4Q 2021* COVID-19 Clinical Trials 96% ~800 Efficacy Demonstrated Employees Globally Against Original COVID-19 Strain *When all planned capacity is online novavax.com 3 Strong Momentum Continues Confirmed high efficacy of NVX-CoV2373 against original COVID-19, as well as widely circulating variant strains Advanced key areas of product development, including PREVENT-19 study, variant strain vaccine candidates and combination vaccines Expanded manufacturing capacity and furthered partnerships globally, while securing additional purchase agreements for NVX-CoV2373 Progressed regulatory dialogue around the globe in order to prepare filings for authorization of NVX-CoV2373 novavax.com 4 NVX-CoV2373 Progress Built Upon Years of Vaccine Research novavax.com 5 Recombinant Nanoparticle Technology Platform and Matrix-M™ Adjuvant Combined to Create Vaccines That Address Global Public Health Threats Coronavirus uses Spike Recombinant Spike Matrix-M adjuvant helps Recombinant nanoparticle protein to attach and protein nanoparticles stimulate a robust, protective and Matrix-M adjuvant are infect human cells mimic virus, stimulate immune response premixed and stable at immunity but are not standard refrigeration infectious temperatures *Coronavirus image: CDC Library novavax.com 6 NVX-CoV2373: A Full-length, Stabilized Prefusion SARS-CoV-2 Spike (S) Glycoprotein + Matrix-M™ Adjuvant • Full-length, native conformation Spike protein trimer configured in a nanoparticle • Formulated with Matrix-M adjuvant • Highly immunogenic • Spike protein is a validated Transmission Electron Microscopy Transmission Electron Microscopy target of CoV2373 Trimers Tian et al., 2020 of CoV2373 Nanoparticle Cryo-EM map of trimers showing the spike in prefusion state Bangaru et al., 2020 novavax.com 7 Novavax Technology Highlighted in Recent Peer-Reviewed Publications novavax.com 8 NVX-CoV2373 Clinical Development Overview novavax.com 9 NVX-CoV2373 Clinical Development Overview PHASE PHASE PHASE PHASE 1/2 2b 3 3 US & AUSTRALIA SOUTH AFRICA UNITED KINGDOM US & MEXICO (PREVENT-19) n = 4,404 n = 15,203 n = 131 n ~ 30,000 18-65 years 18-84 years 18-59 years ≥18 years (n=245 HIV+) (n=400 co-admin with flu Enrollment Complete vaccine) Phase 1 Data Published Enrollment Complete Enrollment Complete Enrollment Complete n = 1,288 Final Data Published Final Data Announced Final Data Exp Q2 ’21 ≥18 years (n=600 >60 years) Crossover Ongoing Phase 2 Enrollment Complete Crossover Ongoing Crossover Ongoing Pediatric Extension Ongoing 6-Month Booster Complete n ~ 3,000 Results Exp Q3 ‘21 12-17 years novavax.com 10 Robust Antibody Response Demonstrated at Day 35 2 doses + Matrix-M™ adjuvant* 100,000 Phase 1/2 US & Australia 10,000 Convalescent Sera EU/mL) 10 1,000 Spike IgG (Log IgG Spike - Anti 100 Placebo 25µg 25µg + Matrix-M 5µg + Matrix-M 25µg + Matrix-M Placebo 25µg Placebo 5µg + Matrix-M 25µg + Matrix-M *Matrix-MTM references Matrix-MTM adjuvant Keech, C. et al. DOI: 10.1056/NEJMoa2026920 novavax.com 11 Robust Immune Response 2 doses + Matrix-M™ adjuvant Phase 1/2 US & Australia 100,000 2 doses: 5µg + Matrix-M adjuvant Antibody levels at 6 months are within the 2 doses: 25µg + Matrix-M adjuvant range of recently recovered patients 10,000 Convalescent Sera EU/mL) 10 1 dose: 25µg + Matrix-M adjuvant Spike IgG (Log IgG Spike - 1,000 Anti Placebo 100 DayDay DayDayDay Day Day Day 0 7 21 28 35 49 105 189 novavax.com 12 6-Month Boost Phase 2 US & Australia • Select participants in the 5µg dose cohorts received booster doses • Two treatment groups were boosted at 6 months: § Group 1: received 5µg on day 0 • Randomized received 5µg vs placebo at day 186 § Group 2: received 5µg on day 0 and day 21 • Randomized received 5µg vs placebo at day 186 • Immunology results expected 3Q 2021 novavax.com 13 Key Takeaways from Phase 2b Study in South Africa Conducted in a context of greater than 90% variant virus Primary Efficacy • 55% efficacy in HIV-negative population Endpoint Achieved: (95% of study participants) 49% in Overall Trial • 51% efficacy against B.1.351 escape Population variant* (first described in South Africa) * In 95% of the study population, which was HIV-negative novavax.com 14 Key Takeaways from Phase 3 Study in the UK • 96% efficacy against original COVID-19 • 86% efficacy against B.1.1.7 variant Primary Efficacy (first described in UK) Endpoint Achieved: • 89% efficacy in participants ≥ 65 years of 90% Overall Efficacy age • 91% efficacy in participants with high- risk medical comorbidities novavax.com 15 Events Were Infrequent and Balanced Summary of events1 through Day 7 after Dose 1 & 2 (n=15,139) Phase 3 UK NVX-CoV2373 Treatment Emergent MAAEs Placebo 2 Any Severe TEAEs Any Serious TEAEs Events were infrequent and balanced between vaccine Vaccination Discontinuations and placebo groups. Study Discontinuations 4 AESIs related to COVID 1. Events occurring after receipt of deployed vaccines and reactogenicity events (according to preferred terms) are excluded. 2. Missing information not imputed. 3 PIMMCs 3. According to post hoc analysis based on list of protocol derived preferred terms for PIMMC. 4. According to post hoc analysis based on revised AESI related to COVID-19 definition. 0% 1% 2% 3% 4% 5% novavax.com 16 Local Symptoms: Majority “None” or “Mild” Phase 3 UK Mild Moderate Severe Life Threatening Dose 1 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Any local symptom Any localPlacebo symptom NVX-CoV2373Any local symptom Any local symptom Tenderness Tenderness Tenderness Tenderness Pain Pain Pain Pain Erythema Erythema Erythema Erythema Swelling Swelling Swelling Swelling Mild Dose 2 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Any local symptom Any local symptom Any local symptom Any local symptom Tenderness Tenderness Tenderness Tenderness Pain Pain Pain Pain Erythema Erythema Erythema Erythema Swelling Swelling Swelling Swelling novavax.com 17 Systemic Symptoms: Majority “None” or “Mild” Phase 3 UK Mild Moderate Severe Life Threatening Dose 1 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Any systemic symptom Any systemic symptomPlacebo NVX-CoV2373Any systemic symptom Any systemic symptom Headache Headache Headache Muscle pain Muscle pain Muscle pain Muscle pain Headache Fatigue Fatigue Fatigue Fatigue Malaise Malaise Malaise Malaise Nausea or vomiting Nausea or vomiting Nausea or vomiting Nausea or vomiting Elevated temperature Elevated temperature Elevated temperature Elevated temperature Joint pain Joint pain Joint pain Joint pain Mild Dose 2 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% Any systemic symptom Any systemic symptom Any systemic symptom Joint pain Headache Headache Headache Elevated temperature Muscle pain Muscle pain Muscle pain Fatigue Fatigue Fatigue Malaise Malaise Malaise Nausea or vomiting Nausea or vomiting Nausea or vomiting Joint pain Joint pain Joint pain Elevated temperature Elevated temperature Elevated temperature novavax.com 18 Key Takeaways from Phase 3 UK and Phase 2b South Africa Clinical Trials Efficacy ü Achieved
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