NVAX - Earnings call transcript Q4 2019

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Novavax Fourth Quarter 2019 Financial Results Conference Call. At this time, all participants’ lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Erika Trahan, Senior Manager of Investor and Public Relations. you. Thank ma’am. ahead, go Please

Erika Trahan

release you, today. archive operator. who fourth to everyone be our novavax.com A I’d XXXX on on currently our available website this Good joined today’s conference afternoon. at press results. has financial our an highlights like earnings call is operational available audio thank and and Thank later announcing of to quarter will website discuss call

John Research and Joining Chief me Gregory are call and the of Financial Business for Trizzino, on will call. and Chief Stan Erck, Officer of available CEO Glenn, Novavax; President Q&A our and today’s Officer. be portion the Dr. President Development of

or during or or business need relating remind conditions expenses, remarks, business-related Before we financial including we Securities the Private are prepared operating expectations commercial Act. to other revenue, begin could milestones meaning anticipated future of you forward-looking to with regarding in and and include strategy Litigation financial, and Reform development teleconference projections. this that the forward-looking Statements clinical within will statements I statements usage matters, performance, that cash be financial making clinical

time. these uncertainties, subject risks are forward-looking which that to assumptions, change numerous cautions Novavax statements over and

I’ll now today’s over to call. Stan start hand it to

Stan Erck

Thanks, to call. Erika, the all and thanks who joined have

to As flu and our with emerging you the coronavirus we maintaining are our progress the same RSV know, responding situation, time and at programs.

for hopefully the operating and our time are very company exciting We in a investors. for

will in key I four areas of to call our operations. use this activities summarize

of influenza recombinant about market vaccine adult is program. all a who know a this to points everyone, X key data our Phase as trial a couple to vaccine NanoFlu nanoparticle clinical the for market. for call unblind about remind this older NanoFlu on in are initially quadrivalent are targeted from we there better is adjuvanted being First, of and are This pivotal need

flu vaccine to that was T-cells protection. trials, year those strains believe vaccines. differentiate Fluzone likely responses Phase circulating from NanoFlu flu-specific adult flu each for attributes bestselling clinical that High-Dose. antibody important us trials, or to these demonstrated NanoFlu licensed and the leading and older X induced We Phase were are mismatched drifted NanoFlu that higher In X compared In be the to

competitor. Phase will the our approved vaccine which current trial vaccine The this it is flu standard again is a by this be compared to compares vaccine, showing by X licensed is NanoFlu egg-based determined our FDA vaccine. not a time Success Fluzone dose to quadrivalent to but inferior

we meet criterion. We’re confident that this will

to attributes the able expect be in key X. identify we to same saw differentiating Phase addition, and In that X we Phase

quarter. clinical view CMC clear BLA. remaining the will leading The and activities timeline been program we to this of it manufacturing the October has a of or trials and on those target be activity main for finish pathway of as all to communicated results of we plan by to line will last the have in end unblind started a have and Trial to previously top announce consistency the BLA. filing since year file data lot or From this

public granted we as the accelerated help should Both of designations move fast and forward we commercialization. and vaccine officials. everyone, validate approval program health been this remind that and the To for status us regulators to have toward track pathway importance

there’s Novavax such for has to emerging vaccines antiviral racing in new against time. viruses new very remind about Novavax need understand discussing history that are vaccines. and companies add know. you the I time or coronavirus anything think can the I of Next, all need I special to develop record that already We and in a everyone status diagnostics, is a treatments, developing new several that clear COVID-XX and threat that COVID-XX. don’t don’t spend among some vaccine to

Over the influenza published sequence we developed dozen me. the and HXNX With years, to XX HXNX, gene days. against vaccine pandemic last developed have two vaccines subjects strains, half HXNX. from vaccination the we Excuse human in of

vaccine trial XXX% efficacy Ebola. Ebola went primates and into an challenged developed vaccine NIH with they and also demonstrated the X Phase a with low doses when were that with We nonhuman live very

And leading record, finally, one of developed one now companies develop East vaccines, for we’re we to one this Respiratory With two for Middle COVID-XX the as previously coronavirus a SARS and Syndrome. seeing vaccine. track

are X Epidemic taking steps primates. constructs, the we’re now Phase key from testing properly they costs Innovations with to coronavirus successfully our nonhuman receptor and mice grant and folded that a Having a work the taken constructs pathway CEPI sequence a gene constructs, or vaccine bind trial. through awarded made published they those in fund receptor, expectation will were for we that the we’ve includes the that The human is for demonstrating that our cover models, to these Preparedness infection. which and week, and taking clinical funding the This Coalition animal the includes that multiple them engineering

grade start the will construct high that goal parallel, trials. we and Emergent for In partner, the produced with that is trials. levels. BioSolutions find to Phase of produces X highest can neutralizing X our the be at binding for The manufacturing be This human antibodies affinity Phase to clinical make has materials best and critical have that GMP contracted

the expected trial start data in the We’re in to May or possibly hoping with summer. first June

time, we to pathway of deployment at but licensure not that We’re FDA the with define pathway. exact the working and to closely are certain this

the be production And are finally, large best pathway initiated that working we the could this identify to scale year. before end of identify to

way year this constant we through this our news throughout flow make process. as We expected

by lack sources with their adult pregnant that believe of will believe we’re demonstrated the RSV and vaccinating will we that clinical and to to only Currently both the to initial population have protect in a potent continue vaccine, capital in capital. grant, company down we by our efficacy be women trials of there older infants. With particularly sufficient we be the the RSV, outside that company slowed CEPI not

we meet endpoints. to As our cohorts, X tested in our the primary years past trials Phase when reported we vaccine pre-specified have failed over we both in

Those reason clinical observed on product a the can the With report impact over hand, effects have trial out for that We and vaccine in we in are that us product. affordable and carefully an our to significant both believe that as can important too to we design take and The that to its outcomes haven’t on those actually resources. this, data that want working future. pneumonia is years pointed up clinical trials. we ignore. to that we as We we we’ll main hospitalization has follow in licensed financial now design believe also a coming had trials vaccine healthcare new able been is global on licensed progress pathway to quickly the behind

Moving to new opportunities.

management our As Matrix-M developer you Isconova, clinical and a purchased adjuvant trials. more ago, a very Matrix-M Matrix-M robust has to more may being of the of in be now been and have our trials. clinical We Swedish about and we incorporated more and have and found safe been observed, company, used years six is

it our our vaccine tier our recently difficult our the Matrix-M a is have older RSV new the using with Safe or use vaccine. with example of and we am COVID-XX adjuvants adjuvants planning I Ebola on with sorry, industry. We in find, new used NanoFlu vaccine old quadrivalent vaccine. vaccine of – have now adult the are malaria think effective and Matrix-M of top to A of we candidate used one

trials chose Data are and of of the Burkina both in Adrian adjuvants, later a after safety from University efficacy months Professor to these formulate Matrix-M. Jenner with trials adults preclinical immunogenicity demonstrated antigen expected potent vaccine this years healthy Institute the children long evaluating involving He of age. year. is now Hill list to at Faso his malaria and five and Oxford of XX evaluating trials and in has

the with antigen Today, Dr. contains we who vaccine Matrix-M. developing of India licensed has announced Hill’s Serum also Institute an that the agreement

Our agreement represents great for Novavax. a opportunity product

be the is First, in key malaria vaccine the malaria areas component in healthcare. gaps working vaccine a known, endemic world is of new our Matrix-M may used of one become to critical well as

commercial to the endemic. for travelers view, of the example important Serum and will licensure to Institute retains vaccine the the with of for malaria is use through Novavax world the a going another and where agreement, malaria From vaccine rights recombinant of this is the Matrix-M there’s terms manufactured and point travelers Under product parts Novavax’s of great the develop This value nanoparticle of product the for platform. Novavax. adjuvant military

I’ll John to turn Trizzino over financials, our thunder. some cover Finally, before of steal his to the I discussion

believe it XX. considerably happy months, few and for last that about been past financial there’s aggressively over hear constrained company NanoFlu since financial say overhang or was issue the that addressed John, the I’m is a Over you will so, whether last than we’ve year to from be position after our we report I and period by data. reporting the this ending September as will our different concern

reduced we we X to Phase trial, on to takes quarter pivotal rate have future. the flu last third well our In a expenses. build worked us position reducing operating a level even our parallel, cash running quarterly opportunity and that aggressively In our while of burn the we took year, into substantially the

runway new in and do from that earnings clear While cash. now financial have not for be policy it a our financial make we that flexibility to we gives believe million create us value projections investors. $XXX strength call, will this the as this over incredible We

Thank to it me you. John. let And now over turn

John Trizzino

financial fourth quarter full we year for Today, results announced Stan. XXXX. the the Thanks, and

today, can for in release. found the results call we months today’s the be quarter. will results key on XX For financial focus the press

$X.XX compared net more in was I’ll the net reduction net reported to due per million For or XXXX. The share fourth $X.XX to of a quarter reduced million that share R&D or of discuss expenses $XX.X of loss a of fourth loss a mainly we later. the $XX.X loss quarter, per

Revenue in under of the XXXX. driven contract, additional in $X.X second completion for the for XXXX. was same HHS million the of Prepare lower of BARDA the enrollment to of from XX% the partially million in closeout trial the by of period the participants from million costs quarter recovery revenue $X.X increased $X.X in revenue in by increase The offset quarter

employee-related $XX.X in was lower due XXXX, period clinical cost X offset and costs activities. compared R&D in expenses development of million in decreased by fourth to ResVax, partially trial XX% development same and decreased savings the This were transaction to quarter the $XX.X activities NanoFlu’s other to that million the to primarily due XXXX. of Phase Catalent decrease

coming $X.X the decreased XXXX. to in $X.X expenses compared in slightly million same G&A period as at million for

Novavax had compared to million, $XX.X XX, $XXX.X full in XXXX. used of restricted cash, December year full cash for equivalents, activities for was million in million operating of $XXX.X year Net the As and cash. XXXX XXXX, cash of the

$XX ATM raised we since we As our Stan QX, financial through X is $XXX January a for of in and March mentioned, $XXX net have X, QX offerings. proceeds end position through million proceeds our million raised total In million strong. from net in the of

Novavax’s March cash is position as in million. of of excess $XXX now X

Our the future NanoFlu associated funding activities to cash as preparedness X and directly development CEPI expect We variable needs pandemic. are through clinical from do data trial additional would to Phase support expect you and activities with COVID-XX results.

for as cash and reduction end. is With decrease the facility included compared concluded assignment for flat and transaction a activities XXXX to to used in in which year Prepare to with Catalent G&A trial of at due this XXXX R&D remain expenses leases used to cash the and is in expected expected headcount mind,

before to We develop look we for month NanoFlu of the data COVID-XX. are announcement and vaccine the end forward a had opportunity by to excited this

solid we are move XXXX. as We position financially into

concludes you. I’ll financial my to review call Stan. back the Thank and turn This

Stan Erck

Thanks, John.

we’re get talking forward So as near of Phase the once we’ll and be those X data. un-blinding our you flu quarter, we we looking to data the end to

you. With operator give to answers for it will and we’ll that, Thank turn and back I questions the answers.

Operator

[Operator first Kevin comes line DeGeeter question from from the of Instructions] Oppenheimer. Our

is now open. line Your

Kevin DeGeeter

many we’ll down price Hey, off congrats so X? or pulled John, money how put average were then guys. some top, which get simply, ATM was the One at March through the more more of far question what shares and the housekeeping issued you questions. maybe fundamental

John Trizzino

have million since leaving XX.X outstanding. of issued shares a with shares been X, have us total XX.X we million So March

Kevin DeGeeter

Thanks Great. And for that. a things. few

the end $X you development. Phase week the a elaborate you’re bit that little mentioned they’ll than that of in Can was funding? different It’s the funding comment think language I initial from guess, CEPI fund used, to I confident be your just regard on X to million towards that? you with earlier the

John Trizzino

Yes.

I think expected release, in made of some to funding. press the we reference the additional

So dynamic this keep a in mind, very process, is Kevin.

and CEPI others very quickly. quickly, very moving are we’re so moving And

definition get million. $X which to the we stage so the And able around is weren’t first of funding

that CEPI We expect receive are in constant funding. communication additional fully we’ll with and

Kevin DeGeeter

Great. And then...

Stan Erck

comment. one make I’ll Kevin,

stepped think they’re companies some reimbursed they and immediately I and would fast, back they or then some of total out evaluate would everybody portion virtually with a get didn’t was the was moving and and little its spending provided of knew ask credit, hold that the companies expectation that If for were the to CEPI money. that rest have money grant. CEPI and time So worried to they what big the on

it’s So payment. a partial

Kevin DeGeeter

to that clinical program makes a That regard additional from to is that I options, RSV. then of I with to your your sense. to just RSV flexibility for with the future comments potential approval? forward mean, clarify with explicitly you it to support regulatory sheet including a studies And lot path take want intend explore correct comments balance away the

Stan Erck

and stated, think, we vaccine address opportunities a licensed I the RSV And we’ll best take where the get end year I reasons worked year about really you’ll areas think of next see talking to restart by be that will the to design have works product it that. and all take that to maybe this I we time to it And but the to I those, For think trials it well. into intend licensure.

Kevin DeGeeter

to And is assume R&D John’s a that clarification variable of worked pre-clinical spend? on that that RSV-related material, point to comments the a trial XXXX. just at any be other not with Or least include year? out course that, to put regard it. or trends is does the throughout Got manufacturing of for I final

Stan Erck

bit RSV. but it we for a that to there’s think be should material that’s I worked of Well, and be out, noted have stable frozen

to don’t any do think have So I manufacturing. we’ll

our will significant impact. on P&L RSV So this not year, have a

Kevin DeGeeter

Congratulations flu the luck And on progress best the on Great. all guys. of data. Thanks.

John Trizzino

Thank you.

Stan Erck

Kevin. Thanks,

Operator

Thank you.

JPMorgan. comes line from of next from the Our question Eric Joseph

open. is line now Your

Eric Joseph

high-dose NanoFlu Hi end what I the expectations taking just we’ll is month. that are there of of to any interested for are at quadrivalent? there the clinicians guys. what that questions. – the Thanks see immunogenicity, And contracts or curious on the in are non-inferior either extent the in the I’m Fluzone with the making framing seeing superiority Thanks. the endpoint guess to Understanding in a options, in with expectations for hemoglobination? trivalent also of kind know whether either

Gregory Glenn

This Yes, of hi Greg, couple is Eric. a things.

look Phase superiority expecting as with the expect X, statistical X, well. the to to we’ve for, So know we AGI demonstrated do as and HXNX, respect you Phase responses, that we’re to replicate

X, are that that’s in as important. And Phase we the our the did recombinant with results So good. And noted, think the trivalent and quite line quadrivalent up I our high-dose flu. I – think especially you

comparatives are then we We important which be noted have HEIs, Stan and also T-cell very have for good to expected protection. responses as

if flu, be superiority So, trial point think, statistical Phase relatively. we streams. does HXNX for we feeling seen, in vaccines hospitalizations very demonstrate non-inferiority. especially the we’re that all the even have is good bad according terms the another of gratified how as And been work about can very flu you’d the And coronavirus have has Phase as our there’s something It XX deaths to data background, the to about XX,XXX X data X and for in CDC with week. about this probably though million I year

and there, in interesting role has important developing. see but there we’re this – shifts still And very important it’s still strains that niche adjuvanted a are what or vaccine out so influenza been can for some we

Operator

Thank you.

from comes the Fitzgerald. of Cantor from Our Duncan Charles next line question

Your line open. is now

Charles Duncan

congratulations I particularly a coming quarter had for of assuming deliver that pursuing I’m be next progress, of NanoFlu thanks and quick that steps. regarding the of the team terms in questions. here shortly. ATM. up a use and good Stan the question on BLA latest you good And taking Hi you’ll data

involve what think the and to that CMC. I BLA? on can a you that of might or may additional able complete you any finish filing clarification need be color you to a mentioned when provide And you

Stan Erck

data. not give we file will know – guidance a Phase do until big see what we That on X the that’s us and I Yes. our BLA. question answering to question, we’re the how

yet, I’ve just data. let one specifics on have process the the don’t keep we quiet that until is manufacturing of began year. But the on process because me the – last our we of So timeline that see for the characterization in starting we summer

be do show that expecting trial of trial three We’re groups would finish where what of used and PPQ to in do behave and material that lots to can you that same. vaccines the product of make call consist three the clinical they vaccine lots in

to have those we BLA how has something of trials. will we something depend can timing do. fast to it’s the the do, so And And everybody upon do

Charles Duncan

helpful. Okay Stan, that’s

Stan Erck

is, but licensable news we right to The good with so have you not very But now. the fast the us active the date also are good that a approval but I’m meetings timelines FDA. news is, track, sorry is only not that which data these give and gives breakthrough, the accelerated

So we’ll use that process.

Charles Duncan

Yes.

by to actually in and XXXX, helpful. could North XXXX. which that’s you favorable of course So in starts or That American North American is the designations my in could imagine season Nanoflu be those of that market given flu real time data, the the imagine could address question, you

one, So but coming the one. that is next

Stan Erck

data give me a to of those give Yes, quarter you post give or me projections. some

Charles Duncan

Okay.

be a in with didn’t study mentioned when I candidate? could spike a you target? last appreciate on if being doing as just the position companies provide Wondering that sounds COVID-XX, move be that are moving effort question, actually you well protein Okay, mention clinical rapidly. you other good. And and commence but on to are information all it could the – target? the you would you then to doing to additional think And the

Gregory Glenn

here Yes, Greg it’s Glenn hi, again.

we recombinant spike nano particle. the protein, is it a yes, full make spike So length protein,

our using adjuvant seeing. We’re similar very Matrix-M you’re what to

influenza other You’ll diseases. and some see with the what with emerging the done before of vaccine we’ve

for late spring thinking FSI. We’re

to possible. working We’re hard make soon early that as as data

Charles Duncan

then, you could other else over have like the with could Greg, over course years? given for you broader seems MERS something Corona emerge SARS And coronavirus, target could broader evolve it next the or could if few that the important that imagine is from have utility today the the experience this of and utility perhaps

Gregory Glenn

Yes I that’s we have. think coming back flu, what to precisely

nanoparticle, where when glycoprotein drift. cross with antibodies We the and see been evolution there’s have a to that with single recombinant we immunize Matrix-M, reacting broadly in we

So going interested in our very that be we’re vaccine. to exploring with topic coronavirus

a question. I that think think optimistic relevant that’s cross could some really And good protection. we I we’re have important

Charles Duncan

Good questions. Good my data. day. upcoming Thanks for with luck taking the

Gregory Glenn

you. Thank

Operator

Thank you.

from comes Mamtani B. question the of next from Our line FBR. Mayank Riley

Your line open. now is

Mayank Mamtani

versus Thanks for vaccine for with again, staying taken, ahead good minute, If stay taking antivirals? a contrast you. could I approach the some of a my can maybe not again, for platform the recombinant your being is the questions. too with nanoparticle wishes are that approaches for my approach, COVID-XX And other busy XXXX you help prophylactic

And MERS part specifically what you that could sequence the SARS, about SARS of are and different question and with second differences talk the then the strains CoV-X?

Stan Erck

Yes, so and we’re MERS, let’s with go starting back, SARS just CoV-X.

and and play, MERS homology. it’s are quite That is, XX% SARS different a in CoV-X beta It’s a say, then about the different spike So still different protein have I to a coronavirus. they both genus. coronavirus, should is a

the receptor site mutations called fairly around buying Lot around the receptor. closely target same the those have human but they’re viruses that the of related. cell ACEX on the So two domain, happened

as So as they to tightly as – both does SARS the coronavirus. not bind that. bind the

to correct. our and of tests that receptor, be think very seems protein deployed vaccine the evaluating that’s we very affinity with the of coronavirus the spike And one has is so high the it show structure So the that to do we in infectious. a to for

with So first I the remind back that, we question, to think just go me.

Mayank Mamtani

here? that So you approach on the versus approaches yes, with a – platform had or other mRNA

Stan Erck

insect So a recombinant insect first technology. cells. you know, of we It’s to produce all, It’s cell as Matrix-M. protein an you platform with as made have

a used It’s of So now has X NanoFlu our been And vaccine. basis lot. that in times. platform several it’s been technology Phase

and SARS but into it earlier, look animal humans, we’re mentioned vaccine. to very We a models. had Stan good. advance make highly challenge use we platform technology both didn’t as a So They protective MERS they in

of fact vaccine know they and I scale can that immunity, functional can I very that So a confidence the We should very our get reasons, work. up. we that robust, response say, there’s large, have think could big, immune we lots

other the of immunization. platforms include genetic Some a

the is it. DNA immunization. it that Phase infectious one some I So of a technology is other MERS important lipid They with in platform I’d nanoparticle. disease, for of say maybe make that’s more immunogen. a Inovio. have mRNA from kind into X the data for And use application the think They an as new

that a approach. genetic is So

Inovio, response the cell So develop the that like material genetic you is you human inject protein to the in spike an that. produced the immune

also that’s technology. again, So promising a

They Phase you of to vaccines, are some gene have put prophylactic been out with they’ve not There then X. in are that make being an a of been respect developed adenovirus not interest. vaccine, out that vectors is other you

of using are and put and vector the for think December was in spike XXXX. only the vector-based, as on There they to precedent protein vaccine spike was gene itself expressing the protein that a is a licensed The vaccine. the licensed that. a I Ebola adenovirus vaccine gene use So

developing So infectious I a has vaccine everyone for disease. this for for vaccine an the been that’s think promising that emerging there

think very a we can do We make high I late efficiently appropriate have it So technology. stage. It’s we yields. know been with

of places we’ve importance been where really is an demonstrate number to know Matrix-M profile. has had using good a safety We key, a able adjuvant. our the we’ve it So of

clinic in pandemic with very larger develop So in very product we’re that parallel for try here into and first address the can we’re the case, a a the that to we’re seeing and we good to vaccine get hard the working deployment. confident,

Mayank Mamtani

adults? specifically in readout? you are Phase in sort would be read healthy, looking about? that for follow-up are data you that study to targeting but And Like that the are you’re a what this maybe out summer X what And understand the I these older on of thinking subjects,

Stan Erck

our start is. X what you trial which so plan healthy a adults, usually, is in Yes, Phase

In strong. terms to it very of immunogenicity will the readouts, that is important demonstrate be

look role the for we So of adjuvant. the

have have and need we no arms demonstrate the antigens, the importance to adjuvant. design, arm. we we but adjuvant And with principle, gone study over really of the we So adjuvant have in the the

then IGG, We binding. spike number assay of induce. then we that we will functional a think We assays in we generally those make will immune block of then could subjects. where be going accepted neutralizing measure measures we and you’ll And That have antibodies. see are the anti that show I the receptor important demonstrate to the be – types

Mayank Mamtani

final And Okay, sounds great. it just question. one financial

mean, guidance, is up, what else sort R&D kind are the baked in guidance you mean, assumption study, For XXXX? about as think XXXX, of I what close comparison there’s lot studies a the the but that finishing two I of to for like

John Trizzino

be guidance I specific guidance for mentioned now give expenses. we that remarks, right The been expenses our the affect But under of We’ve able will don’t control. R&D is, some do in all we here. activities keep important expenses So I think, will my G&A the decreasing. that have to fact R&D

that moment You other doing funded have dependent be on for funded Coronavirus at is the completely program and flu any spending expectation and a data. whatever we’re is then that, variable will

what remarks in kind as is year. get So by But of into we we’ll guidance stand my moment. at the update the we’ll the

Mayank Mamtani

the of for I And Great. question. my end look month. to taking the at speaking Thanks forward more

John Trizzino

Thank you.

Operator

you. Thank

comes Our from from Michael the of line Ladenburg next Thalmann. question Higgins

now is line open. Your

Michael Higgins

COVID continued congrats templates successes. the some animal moving two Phase quantity the assess on assuming for don’t platform, vaccine produced we here Thanks A guys. successful questions And question time. your and you’re over Hi to on your on studies. that taking in great look the working then on is but Xs, some or this have shown to we with safety in have the history

kind kind there’s how give produce what can some Can us as success. some to of the assuming of you insight much time period? you over So

Stan Erck

actively Understand, and we’re that. at looking

developing manufacturing process. lot products we a In us there. And platform allow manufacturing. would both fact, spent time with of flu with to process And a large we’re our and explored our for products and commercialize we scale that RSV

We have good yields.

great yet, our both, products. that which In gives at and what is can what mirror reasonable will at but COVID-XX expectation. our cost. And We have product we know fact, don’t before, we’ve expectation have produce on our on that’s yields us that we high done scale it

we’ve identifying much sites we So and people scale vaccination. larger doing to talking scalable. it’s about are all And identified –

You, that to the vaccinate order of world, to of that’s and that should how the looking challenge course, presents a about recognize scale. COVID-XX world production the we’re you at get magnitude

So on to get rate-limiting that. process there’s our to nothing manufacturing we’ll progress report scale. on But large

Michael Higgins

appreciate I right. Right, that.

like that deal products here there’s be You know said others, the been you here in the when great that expecting yield a to with the will COVID mirror in other and what you’re might vaccine?

Stan Erck

about time. of Well be able we’ll of think that at we’ll to us, couple know projections capacity a make at our sort the within small, scale and medium

Michael Higgins

Thanks appreciate I that. guys.

Operator

time, remarks. I no showing and closing Thank this for to over back turn you. would to am questions. CEO At Stan Erck, like call President further the I

Stan Erck

project thanks is of addition exciting programs think next program the Yes, enthusiasm another as very the be, is reporting company look of our making over yet quarter. all And the much. progress which program, the here to for to matrix hard on we the now. our and malaria we very I forward It’s have to

Operator

this concludes Thank today’s gentlemen, participating. you and conference for call. Ladies

disconnect. now may You

Novavax (NVAX) 11 Mar 202019 Q4 Earnings call transcript