look full health We're and you, financial towards and of performance value Thank we Bob. Novavax I'll few creation. on detailed XXXX to vision. to improving of year second share the on Slide quarter To this more a deliver Please long-term XX. outline begin, the from Today, beyond. of XXXX themes to enable the plans key and focused turn
recorded fully $XXX the XXXX, from The full $XXX this GAAP transition We from $XXX from and the million estimate the $XXX remaining revenue $XXX received million $XXX second year approximately services for quarter. consisting revenue payment for of upfront split primarily will the of be recognition to upfront remaining million, upfront million for allocated payment quarter period recognition the total Sanofi revenue XXXX For million the of in through Novavax XXXX payment XXXX. million over and evenly across be XXXX. the milestone second
We this recognition our guidance. revenue have into XXXX full incorporated GAAP year
our by prior a and XX%. XX% Sanofi organization, to As into When we for a we lean to R&D we second more XXXX agile decrease year. compared quarter continue transform combined transaction excluding SG&A Novavax the and period, saw of reduced cost
As we year million is the our and to we look continue cost the reiterating forward of reduce resize and expenses, which full program organization.
Novavax of prepared R&D $XXX targeted combined are to be an guidance we R&D reduction between expenses further to Sanofi XXXX, reimbursed SG&A combined for agreement. our $XXX and million as to a SG&A to additional initiate portion by expect under we
XXXX time. dollar below and flow R&D the $XXX multi-billion accounts the net receivable provides a reimbursement, Sanofi of quarter targeting of believe of combined SG&A over XXXX ended with and of agreement cash we're cash $X.X non-GAAP and billion. for million.
We second For We approximately
in During further the cash of approximately XXXX, that payments quarter improved second million we received $XXX position. financial our
operating review reduce of means results. prioritizing and as quarter Slide Importantly, our costs.
Please more commercial our completion are we to XXXX activities detailed Novavax's APAs, complexity a of reduction second to XX a for a enabling turn our to the further
the to million million of $XXX total XXXX, quarter in revenue in we second the $XXX period compared XXXX. For of same recorded
certain purchase EPA Our of of expiration the rights. second product the $XX quarter primarily XXXX in sales related of million were to
period quarter and inventory, XXXX. to to capacity. same sales unutilized $XX on compared second for These in as of manufacturing excess, related respectively, the the $XX $XX cost million million of and firm million purchase were for million, periods XXXX and losses commitments $XX expired obsolete Our include
million combined previously and XXXX, XX% from As of period R&D same a second for of the $XXX quarter the XXXX. reduction Novavax's noted, SG&A in reflects
million to of SG&A the flat Slide first provides Sanofi approximately $XX our combined The was reflects R&D XXXX note, turn value costs, XXXX.
Please another be be to individual transaction to in the XX. the Excluding worth better quarter vaccines just Sanofi this in given of Matrix-M potential and of to quarter X the it's combination-related include component many its appreciated.
Please upfront review Sanofi's equity and turn the second of agreement from present up approximately milestone largest equity dollar for and transaction. combination milestones with $X.X investments, to The Of of on and billion value Sanofi across products Nuvaxovid, Novavax, agreement for are this investment. flu/COVID pillars the layers, expected multi-billion potential COVID-XX and terms to new royalties value XX. one-time anticipated royalties. X a cash for Slide payments and COVID/flu The
milestones $XXX During included approximately the initial the second cash Near-term stock. quarter investment of provide equity cash important XXXX, million and million in million and Nuvaxovid $XX upfront $XXX Novavax payment to combination $XXX of should the COVID-XX of company. million COVID/flu milestones flow
transition estimate in are million Sanofi The transfer to commercialize of to XXXX/XXXX enable which milestones and targeted to this services is is $XX other through the in recognized is season. will obligations PDUFA the quarter anticipated period we align in earning We U.S. be over expected XXXX. that the milestone database fourth period allocated of Nuvaxovid would for BLA complete Europe BLA XXXX, to vaccination earned.
The we follow agreement services million in follow XXXX. our as All $XX expect for be $XXX The $XX the to currently million to the which expected late lock recognition enable completion transition the milestones technology for to the occur presently first April XXXX. million date under approval, when milestone will Revenue authorization transfer our milestone. X and milestone
XXXX. that X development expect earnings activities manufacturing noted Sanofi flu/COVID call on they to there milestones the are million recently the start in their Sanofi totaling program, and related $XXX For to clinical trial sale. first commercial
efforts the potential are We time Sanofi working more await to support into these and visibility lines. in
the Novavax's in agreement. sales In mono future is participation and meaningful receive on this addition, future COVID current products. to combination and from This under tiered royalties enables Novavax economics from eligible products net COVID-XX
New vaccines developed and generation a broad technology with with advance Matrix-M this Novavax revenue provide by multiple Sanofi opportunities. create opportunity to
time Novavax's the plus receive launch million new eligible vaccine to utilizing in of for developed to royalties $XXX up milestones are adjuvant. from decades ongoing Matrix-M We for each X
cost $X For this per each sales, Novavax products X will example, as Sanofi our represents all Novavax eligible prepares with billion reiterating be this SG&A a with to advance a lean in Slide developed company's it to for Sanofi organization one-time of XX. $X XXXX, advance Matrix-M, with associated reimbursement billion agreement, $XXX million. we if expense committed plus milestones. the will millions our categories.
Please million over year creating in guidance royalties and to of programs in turn opportunities. for spend of We're are align across with hundreds $XXX support targeted market agile goal, to to To and that R&D and host combined more
at Sanofi cost continue expenses, We to Sanofi structure initiate by plus in transaction SG&A the our during R&D an is when push to currently to prepared of high reimbursed additional and a will which are portion combined program accounting under reduction savings be to as costs, of agreement XXXX. we to the expect range cost reduce the Novavax XXXX and the progresses. year we end the find for
to to and drive our and and below By expect $XXX million. XXXX of combined combined R&D R&D non-GAAP reimbursement, million. G&A expenses be down expect below net $XXX expected For XXXX, we we SG&A to
and a secondary assume commercial we as of costs. enables supply markets, in the this role reduction commercial chain addition, In
ongoing to turn are Czech actively XX. to our both could of sale We provide exploring cash proceeds facility, our cost.
Please which Slide manufacturing and operating the reduction Republic
note, XXXX. we and of revenue million payment we Sanofi quarter that investment from APA for equity commercial for updated to $XX Sanofi upfront upfront payment Of have during approximately of $XXX recognition received second the full to financial million the the turning outlook $XXX and incorporate guidance the Now GAAP million and sales.
XXXX revenue. on year This million includes and to of royalty agreement the from from achieve and million a as between we and $XX $XXX expect and and royalty total is other GAAP $XXX million. $XXX upfront licensing, revenue revenue $XXX For of partner-related the payment in million recorded million other which activities, recognition revenue full basis, Sanofi
million $XXX commercial $XXX of sales our sales million includes market expect and guidance $XXX for $XXX are We midyear through product second half to delivered updating to full year million. million $XXX between the This and in XXXX. and million APAs of product already XXXX achieve
expect the for market the sales of performance product million midpoint XXXX we the of XXXX.
$XXX expectations full unchanged, APA. to from New occur fourth guidance of reflects our remaining Zealand U.S. our million remain product to in reduction majority sales $XXX quarter and the year the Importantly,
in we are this target ongoing desire response discussions for in sales And vaccination set season. the New Zealand commercial with a agreement. as their to We $XX million to prioritized EU countries from of XXXX/XXXX cancel smaller
of of conservative, go-forward sales these to realization savings we're intent agreements, APA is emphasize expectations markets. clarity deliver be removing forward-looking remaining cash neutral basis. the to a doses that be each. We'll For instead on the our exit or when negotiate agreements, To favorable further cost APA activities from goal is amicably our or flow from appropriate, available commercial with on revenue until exiting come or
of cost hand John years expense prior look seek Our highlights to improve call current milestones operating sharing cash path plan, the flows and SG&A updates to the over including R&D to in to remarks. deliver to closing form the back of Sanofi and on to turn Novavax's least and our of like performance, structure that, combined cash at as the to shareholder from financial forward multiyear X We agreement for strength of we a receipt X targets, some additional value.
With maintaining royalties. to goal I'd
