Novavax in Crisis Mode: Sales Crumble & Investor Revolt Grows!

Novavax, once a prominent pandemic-era vaccine contender, is now in the midst of intensifying turmoil. The latest blow comes from Shah Capital, the company’s largest shareholder, which is calling for an outright sale of the biotech firm. This move follows a string of financial disappointments, declining market relevance, and concerns about Novavax’s execution under current leadership. Despite an ongoing partnership with Sanofi and incremental revenue from the malaria vaccine, Novavax’s valuation multiples have deteriorated, with its forward P/S climbing to 4.49x and LTM EV/EBITDA hovering at 2.60x—figures that suggest investors are increasingly skeptical about long-term profitability. Shah Capital has gone as far as publicly criticizing Novavax’s leadership, citing strategic missteps and missed opportunities. The growing investor revolt reflects deep dissatisfaction with the company’s trajectory, even as management touts progress in R&D and upcoming combination vaccine candidates. With limited margin for error, Novavax is at a critical juncture.