Novavax Global Sustainability Report 2025

• Reporting period: covers January 1, 2025 – December 31, 2025
• Reporting frequency: annual
• Reporting contact: Ashley DiLeo; adileo@novavax.com
• Report posted: May 1, 2026

• About Novavax
• Novavax locations
• Novavax 2025 annual report

U.S:
In the U.S., Novavax does not make political contributions. Novavax reports lobbying activities on a quarterly basis.  

Sweden:
In Sweden, Novavax does not make political contributions. Novavax is registered in the European Transparency Register.

Novavax maintains a robust governance framework designed to support effective oversight, accountability and long‑term value creation. Our governance structure and composition, including the roles and responsibilities of the Board of Directors, are disclosed through our Proxy Statement.

• Board and corporate governance matters: Page 14 of Novavax Proxy Statement
• Nomination and selection of highest governance body:
  • Nomination of Directors: Page 22 of Novavax Proxy Statement
  • Election of Directors: Page 8 of Novavax Proxy Statement

Oversight of climate‑related risks and opportunities is integrated into Novavax’s broader governance and risk management framework. Leadership responsibilities and escalation processes are clearly defined to ensure effective identification, assessment and management of material sustainability‑related risks.

• Leadership structure and risk oversight: Page 14 of Novavax Proxy Statement
• Delegation of responsibility for managing impacts: Page 16 of Novavax Proxy Statement
• Role of highest governance body in sustainability reporting: Page 23 of Novavax Proxy Statement

Novavax recognizes the importance of addressing sustainability issues that are vital to our stakeholders and central to our business operations. We are committed to proactively engaging with material sustainability topics to drive long-term value creation and positive societal impact. By aligning our efforts with the Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) frameworks, we ensure that our sustainability reporting accurately reflects the most pertinent environmental, social and governance (ESG) topics within the biotechnology industry.

Novavax is committed to fostering an open and transparent culture where concerns can be raised without fear of retaliation. We maintain formal mechanisms that allow employees and other stakeholders to seek guidance and report potential compliance or ethical concerns. (Page 25 of Novavax Proxy Statement)

Novavax is committed to conducting business with integrity and transparency and to proactively identifying and preventing violations of internal policies and external regulations. Our ethics and compliance framework is designed to promote accountability, encourage responsible behavior and maintain trust with stakeholders across our operations.

• Maintain an internal reporting system to identify irregularities and improve transparency.
• Maintain a whistleblowing system to offer protection against retaliation for any person who observes and reports issues or concerns.
• Hold company-wide business ethics training, issue guidance and proactively promote a culture of ethics and compliance.
• Under the guidance of our Chief Compliance Officer, we operate under “The NovaCode,” our comprehensive handbook of written standards and business ethics policies, which applies to all employees and business partners across our value chain.

Engaging with stakeholders is an integral part of how Novavax evaluates sustainability priorities and informs decision‑making. As we assess existing and future sustainability initiatives, we regularly engage with key stakeholder groups to understand their perspectives and expectations.

• Individuals: Novavax’s technology and research and development (R&D) efforts aim to address serious diseases that may affect much of the world’s population.
• Employees: We foster a positive work environment and culture to enable employees to do their best work.
• Shareholders and investors: Transparency and clear communication are foundational to maintaining trust and long‑term relationships.
• Suppliers: We engage suppliers through strategic sourcing and due diligence processes to support responsible and ethical business practices. 

Novavax maintains a comprehensive framework for product quality, clinical safety and pharmacovigilance (PV) that spans development, manufacturing and post‑market monitoring.

• Leadership by the Head of Global Quality Assurance and Quality Control, who focuses on building quality control systems and strengthening global technical quality, clinical quality, control systems and compliance operations.
• Oversight by the Chief Safety Officer, Safety Science Group and Medical Safety team, which evaluate safety profiles across products.
• A PV system that ensures comprehensive safety monitoring and signal detection for products and clinical programs.
• Ongoing monitoring of the effectiveness of the PV system, supported by periodic audits.
• A Quality Management System that ensures compliance with national and international reporting requirements and special reporting obligations.
• Mandatory adverse event (AE) training for employees and contractors to ensure understanding of AE identification and reporting obligations.
• Collection, evaluation and reporting of AEs in accordance with mandates from worldwide health authorities, including the U.S. Food and Drug Administration and the European Medicines Agency.

Novavax monitors product quality and safety throughout the product lifecycle and maintains processes to address potential recall events in accordance with regulatory requirements.

• 0 recalls
• 0 units recalled

Novavax is committed to conducting business ethically and in compliance with applicable anti‑bribery and anti‑corruption laws. Our policies and training programs are designed to prevent corruption, reinforce accountability and promote transparent and responsible business practices across all operations.

In 2025, we strengthened this commitment through the following actions:

• All employees and contractors received training on key policies, including the NovaCode, Global Anti‑Bribery and Corruption Policy, Privacy Policy and Policy on Reporting Concerns of Non‑Compliance, to reinforce anti‑bribery and anti‑corruption principles.
• Implementation of these policies remained effective, and Novavax was not subject to any legal proceedings related to corruption or bribery during the year. 

• Number of inquiries / complaints / issues received: 0
• Financial loss associated with corruption or bribery: $0

• Adhere to the international and national pharmaceutical industry codes applicable in the countries where we do business.  
• Conduct business fairly and transparently.  
• Prohibit all forms of bribery, corruption and other behavior that could cause or appear to cause improper influence.  
• Prohibit facilitation or “grease” payments, ensuring that interactions with healthcare professionals, government employees, government entities and others are legitimate and never intended to obtain improper advantage or influence decisions. 

These policies apply to our employees, agents, contractors and Board members anywhere in the world. These policies are intended to address corrupt practices that are the subject of the U.S. Foreign Corrupt Practices Act and similar laws and regulations in other countries.

Novavax is committed to protecting the confidentiality, integrity and availability of our critical systems and information. Our cybersecurity and information security framework is designed to manage evolving cyber risks and is integrated into our broader enterprise risk management processes.

Policy framework:
We maintain cybersecurity and information security policies designed to protect the confidentiality, integrity and availability of our critical systems and information. We have established a cybersecurity risk management program informed by recognized industry standards, including the National Institute of Standards and Technology Cybersecurity Framework, and integrated into our broader risk management processes.

Program elements:
Our cybersecurity program includes risk assessments of cybersecurity threats, employee cybersecurity awareness training, a cybersecurity incident response plan and risk-based management of key third-party service providers.

Governance:
The Board of Directors oversees cybersecurity risk, with primary responsibility delegated to the Audit Committee. Management responsibility is led by our Chief Information Officer.

GRI 418-1 reporting (Reporting period):
During the reporting period, Novavax did not receive any substantiated complaints concerning breaches of customer or clinical trial participant privacy, nor were we subject to any identified leaks, thefts or losses of customer or clinical trial participant data resulting in substantiated regulatory action.

Novavax is committed to respecting human rights and upholding high standards of animal welfare across our operations and research activities.

• To protect human rights, Novavax understands that addressing Modern Slavery requires a year-over-year commitment.
• Novavax has a Human Rights Policy.

• To ensure ethical use of animals in research, Novavax always works according to the 3R principle (Reduce, Refine, Replace).
• Novavax has a Clinical Research Policy that specifically covers animal welfare.

Novavax evaluates the actual and potential impacts of climate-related risks and opportunities on our operations, strategy and financial planning.

Identified risks include:

• An important component of our adjuvant technology is extracted from a species of soap-bark tree (Quillaja Saponaria) grown in Chile. To maintain a secure supply of raw material for the development and manufacture of our adjuvant products, we need long-term access to Quillaja extract with a consistent and sufficiently high quality. If we are unable to secure long-term access to Quillaja extract with a consistent and sufficiently high quality, as well as to secure back-up suppliers, due to climate-related risks, the development and manufacture of our adjuvant products may be delayed and we may not be able to meet our obligations under our various agreements.

   

• Our operations, and those of our clinical research organizations, contract manufacturing organizations, vendors of materials needed in manufacturing, collaboration partners, distributors and other third parties upon whom we depend, could be subject to fires, extreme weather conditions, earthquakes, power shortages, telecommunications failures, water shortages, floods, hurricanes, typhoons, war, political unrest, sabotage or terrorism and other natural or man-made disasters, as well as public health emergencies. The occurrence of any of these business disruptions could prevent us from using all or a significant portion of our facilities and it may be difficult or impossible for us to continue certain activities for a substantial period of time. The disaster recovery and business continuity plans we have in place may prove inadequate in the event of a serious disaster or similar event and we may incur substantial expenses and delays as a result. Our ability to manufacture our vaccine candidates and obtain necessary clinical supplies for our vaccine candidates could be disrupted if the operations of our contract manufacturing organizations or suppliers are affected by a natural or man-made disaster, or a public health emergency.

Novavax tracks our Greenhouse Gas (GHG) emissions, as informed by the GHG Protocol, as well as water usage and waste reduction. 

Novavax applies standardized methodologies and quality controls to ensure the accuracy, consistency and auditability of GHG emissions data across reporting locations.

GHG data are collected through a third-party platform that uses automated population and system-to-system synchronization directly from electricity, gas and water providers. This approach minimizes manual intervention and supports data integrity. Where manual data entry is required, an administrative verification step is applied to confirm accuracy.

• Scope 1 stationary combustion emissions are calculated using U.S. Environmental Protection Agency’s (EPA) 2025 GHG Emission Factors Hub, Table 1.
• Emissions cover carbon dioxide (CO₂), methane (CH₄) and nitrous oxide (N₂O). Global Warming Potential was not applied by the vendors as the data was not available for them.
• Calculation: Scope 1 GHG Emissions (kg CO₂e) = Activity Data × Emission Factor.

• Scope 2 emissions from purchased electricity are calculated using U.S. EPA eGRID2023 data.
• The emission factors applied correspond to the eGRID RFC East subregion, covering CO₂, CH₄ and N₂O emission rates.
• Calculation: Scope 2 GHG Emissions (kg CO₂e) = Activity Data x Conversion Factor x Emission Factor.

• Scope 1 emissions are calculated using activity data from owned or controlled sources and converted to CO₂e using standard emission factors.

• Scope 2 emissions are calculated according to the GHG Protocol using both the market-based‑ method (supplier-specific emission factors or Guarantees of Origin) and the location-based method (average grid emission factors).

• Scope 3 emissions are calculated using data from suppliers and supplier specific emission factors.

Novavax defines its GHG emissions inventory boundaries in accordance with the GHG Protocol and GRI 305‑1, reflecting operational control and current regulatory requirements.

• Scope 1 emissions consist of direct stationary combustion from boilers, emergency generators and water heaters.
• Scope 2 emissions include indirect emissions from purchased electricity, steam, heating and cooling.
• At this time, Scope 3 emissions are not included in the U.S. reporting boundary and will be evaluated as regulatory requirements evolve.

• Scope 1: No direct emissions were reported, as no refrigerant refills or refrigerant leakage occurred during the year.
• Scope 2: District heating supplied by Vattenfall to the Kungsgatan site is climate‑compensated, covering both production and transportation through certified emission reduction measures, resulting in zero fossil CO₂ emissions. All purchased electricity is 100% hydropower and considered CO₂‑neutral based on the supplier’s declaration.
• Scope 3: Indirect emissions associated with Novavax's value chain were reported for categories 4 and 5.

Novavax reports Scope 1 GHG emissions to reflect direct emissions from sources owned or controlled by the Company.

• Total Scope 1 emissions were 2253 MtCO₂-e in 2025 over a total campus area of 34247.6 m².

• The Company operates in a leased facility using district heating and 100% renewable electricity, with no stationary combustion or fuel use in production.
• The emergency power generator, which runs on EcoPar fuel, was not operated during the reporting year, and no fuel was consumed.
• No refrigerants were refilled, resulting in no fugitive emissions.
• Overall, Scope 1 emissions are assessed as not material to Novavax’s total GHG footprint in Sweden.

Scope 2 emissions represent indirect GHG emissions associated with the purchase and use of electricity and other energy sources.

• In the U.S., Scope 2 emissions are reported on a location-based basis.
• Total location-based Scope 2 emissions were 4246 MtCO₂-e in 2025 over a total campus area of 34247.6 m².

• Novavax Sweden does not have any Scope 2 emissions to report related to the purchase or use of energy for 2025.

Scope 3 emissions represent indirect GHG emissions associated with actions in the value chain.

• The U.S. currently does not track scope 3 emissions.

• Novavax works with suppliers to promote sustainability practices across the value chain, including companies that provide transportation services.
• In 2025, transportation demand decreased, and Novavax ordered 33% less transport from its major supplier, resulting in a corresponding reduction within Scope 3 emissions.

• GHG emissions from waste generated in operations are calculated in line with the GHG Protocol.
• Reported emissions total 5,560 kg CO₂e, based on supplier‑specific CO₂e factors.

Novavax calculates GHG emissions intensity to provide context for absolute emissions relative to operational scale.

• Scope 1: 0.07 MtCO₂-e/m²
• Scope 2: 0.12 MtCO₂-e/m²

Novavax continues to work toward reducing GHG emissions by improving energy efficiency, transitioning to renewable energy sources where feasible and implementing other operational improvements to reduce our overall environmental footprint.

Our suppliers are evaluated to ensure there are no concerns related to corruption, human rights (human trafficking, slavery, forced labor and illegal child labor), freedom of association or other ethical principles before awarding business. Novavax uses Exiger to help screen suppliers. Exiger provides front-end supplier due diligence as part of the evaluation process to ensure any suppliers are compliant with relevant laws and ethics policies. 

• Novavax Environmental Sustainability Policy
• Novavax Human Rights Policy
• The NovaCode

Novavax’s approach to environmental sustainability is guided by the Novavax Environmental Sustainability Policy, which outlines our commitments to responsible environmental management.

Novavax tracks energy consumption to better understand operational impacts, support efficiency initiatives and inform planning.

• In 2025, U.S. sites consumed 11,065,719 kWh of purchased electricity.
• U.S. sites also consumed 428,338 CCF of natural gas as a fuel source.

• In 2025, the Sweden site consumed 1,438,866 kWh of electricity, sourced from 100% CO₂-neutral hydropower.
• The site also consumed 806,058 kWh of district heating supplied through biofuel and bio-oil sources.

Novavax monitors water use and water-related risks to support responsible water management and ensure compliance with local requirements.

• Water Consumption: 68,736 m³ (18,158,000 U.S. gallons)

• Water consumption: 5,475 m³ (1,446,342 U.S. gallons)

Novavax manages waste generated from operations with a focus on regulatory compliance, waste minimization and responsible treatment and disposal. Waste data are tracked within the defined reporting boundary and categorized by hazardous and nonhazardous streams to support transparency and continuous improvement.

• In 2025, the U.S. sites generated 17,306 pounds of Resource Conservation and Recovery Act (RCRA) and non-RCRA hazardous chemical waste. 
• In 2025, 213.1 tons of landfill waste and 66.9 tons of diverted waste were produced, an increase of diversion rate of 1.9% out of a total of 280 tons of waste.

For the breakdown of diverted waste: 

• Total waste generated: 8,559 kg
  • Hazardous: 2,146 kg
  • Non‑hazardous: 3,752 kg
• Waste sent to recovery: 5,898 kg (68.91%)
• Waste sent to disposal: 2,661 kg (31.09%)
  • Hazardous: 2,661 kg
  • Non‑hazardous: 0 kg

Novavax offers a range of financial and human resource (HR) programs designed to support employee wellbeing, professional growth and long-term engagement. These programs reflect our commitment to attracting, developing and retaining talent while fostering a supportive and inclusive workplace.

• A competitive total rewards package, including market-based pay and comprehensive benefits such as health insurance, income protection through short and long-term disability programs, adoption assistance and paid parental leave (U.S. only).
• Worklife support services to assist employees in balancing professional and personal responsibilities, including backup child, adult and elder care, financial wellness seminars, one-on-one financial planning sessions and debt and credit management support (U.S. only).
• Equity ownership opportunities, with the majority of employees eligible to receive equity grants or participate in the employee stock purchase plan.
• Tuition and education reimbursement, provided to 13 employees in 2025.
• A global Mentor Program, with 80 employees participating in 2025.
• Ongoing coaching, available to all employees.
• Offered programs on leadership, strategic thinking and enterprise-wide capabilities including the Executive Development Program (18 participants) and People Leader Development Program (18 participants) in 2025.
• Employee satisfaction surveys used to assess engagement, satisfaction and awareness of corporate objectives.
• Formed the Employee Engagement Committee in 2025 to foster an environment that encourages employee participation, connection and engagement, supporting a more collaborative, innovative and inclusive culture across Novavax.

Novavax invests in training and education to support employee development, regulatory compliance and organizational effectiveness. Training programs are designed to address role-specific requirements, leadership development and the promotion of an inclusive culture.

• New employee training, which introduces company policies, procedures and expectations.
• All-employee training, including mandatory courses such as Adverse Event reporting, Harassment Prevention and Nondiscrimination and Product Quality Complaint training.
• Good x Practice training, required annually for employees based on job responsibilities.
• Optional training through LinkedIn Learning, offering more than 16,000 on-demand courses related to business, leadership, technology and innovation; 496 employees utilized this resource in 2025 for 757 training hours.
• Leadership training under the Leading@Novavax model, with 13 leadership development courses offered in 2025, totaling 56 hours.
• Cultural training focused on building an inclusive workplace and encouraging diverse perspectives in decision-making.
• Mandatory harassment prevention training, required annually for all employees and contractors.
• Learning via Teams and in person sessions resulted in 722 hours of training in 2025.

• Total employees as of Dec 31, 2025: 749
• 2025 new hires (full time): 35
• Total company turnover rate: 31%
  • Voluntary: 11%
  • Involuntary (related to company reshaping): 20%
• Female employees: 404
• Employees engaged in R&D or manufacturing: 43%
• Female employees in R&D: 55%
• Employees engaged in executive, business development, commercial, finance and accounting, legal, and administrative functions: 52%
• Employees over 50 years of age: 242

• Board of Directors (BoD) Members: 9
• BoD Female Members: 2

Novavax is committed to maintaining a workplace free from discrimination and to addressing concerns promptly and appropriately.

There have been no findings of discrimination reported from 2022 through 2025.

Novavax respects employees’ rights related to freedom of association and collective bargaining and complies with applicable local laws and regulations.

U.S.:
U.S. employees are not represented by a labor union or works council and none have entered into a collective bargaining agreement with Novavax.

Sweden:
Employees in Sweden are covered by collective agreements with trade unions pursuant to local law.

Novavax is committed to providing a safe and healthy work environment for employees and contractors across all operations.

U.S.:
In the U.S., Novavax operates a comprehensive Environmental Health and Safety (EHS) management system designed to prevent work-related injuries and illnesses while supporting operational sustainability and positive community impact.

• A formal Global EHS Policy Statement guiding health and safety practices.
• Independent EHS audits of activities and operations to support compliance and continuous improvement.
• Hazard identification and incident reporting through the EHS management system for work-related injuries and illnesses.
• Proactive monitoring of leading indicators, including workplace safety audits, task specific EHS training, ongoing review of job hazard analyses and risk assessments and systematic reporting of near miss events.
• Access to a local contracted clinic providing medical evaluation and treatment for work-related injuries and illnesses, as well as Occupational Safety and Health Administration (OSHA)-required assessments and immunizations, including for travel.
• Monthly safety committee meetings to support worker participation and communication.
• Ongoing communication through a quarterly EHS spotlight published in The Jab newsletter and on the intranet (novanet), as well as a dedicated EHS intranet page.
• Occupational health and safety training provided to workers.

In Sweden, Novavax maintains a structured Occupational Health and Safety (OHS) program aligned with GRI 403 requirements and national work environment regulations. The program emphasizes preventive risk management, employee participation, competence development, and continuous improvement.

• Preventive risk management activities, including ongoing risk identification, assessments, safety inspections and incident reporting.
• Incident reporting and risk investigations conducted through the web-based IA (Information System for Work Environment), where documentation of safety inspections and risk assessments is fully traceable.
• Identification and assessment of chemical related hazards using the digital iChemistry system, which provides continuously updated safety data to support consistent risk evaluation and timely preventive actions. Employees have access to this information and actively participate in discussions and decisions related to chemical safety.
• Mandatory EHS core and role specific OHS training for all employees, complemented by leadership programs for managers to support a safe and healthy work environment.

Novavax seeks to expand access to its vaccines and technologies by leveraging scientific innovation and strategic partnerships. Through R&D and collaboration with global partners, we aim to improve the availability of products addressing significant health challenges.

• The R21/Matrix-M malaria vaccine, offered by Oxford University and the Serum Institute of India.
• The Nuvaxovid® COVID‑19 vaccine, offered by Sanofi.

In addition to partnerships, Novavax aims to maximize access by promoting transparency about the safety and effectiveness of the products we develop. We are committed to generating and sharing data that reflect diverse populations, including across races, ethnicities and genders.

Our clinical research activities are guided by internationally recognized ethical standards. Novavax adopts the principles of the Declaration of Helsinki and conducts research in accordance with our Clinical Research Policy, supporting responsible development practices and trust among patients, communities and stakeholders