Novavax Shifts to Licensing Model, Targeting Profitability by 2028

At the Citi BioPharma Back to School Conference, Novavax detailed a strategic shift toward a licensing-led business model. The company is leveraging its Matrix-M adjuvant technology to seek partnerships in oncology and infectious diseases.

Novavax received $800 million from Pfizer and Sanofi agreements over the last three years. The company reports a cash runway exceeding two years. Management targets non-GAAP profitability by 2028.

Shipments of the Nuvaxovid COVID-19 vaccine to U.S. retailers have begun for the 2026 season. Sanofi is leading the commercialization efforts for the vaccine.