Key Highlights: Focusing on profitability: Novavax is transitioning from a growth-focused company to one prioritizing profitability through a "lean and agile operating model." This is being achieved through cost reductions, strategic partnerships (Sanofi), and leveraging existing technology for additional deals. Successful 2024-2025 U.S. COVID-19 season launch: Novavax secured early authorization for its updated COVID-19 vaccine, enabling a competitive presence in the U.S. market. Pipeline progress: The company is advancing its CIC and influenza programs, highlighting the potential of its Matrix-M adjuvant technology. Sanofi Partnership: The partnership with Sanofi is a cornerstone of Novavax's strategy, providing financial stability and allowing for a gradual transition of commercial activities to Sanofi.