NVAX · CIK 0001000694
What Novavax, Inc. told the SEC could break it.
Novavax is concentrated on both its customer and supply sides. Its revenue leans heavily on the U.S. Government, which was 43% of revenue in a presented period (with McKesson at 14% and Cardinal Health at 10%), making it government-dependent. On supply, two critical inputs each come from a single source: it depends significantly on one supplier, Serum Institute of India and its subsidiary SLS, for co-formulation, filling and finishing of its COVID-19 vaccine, and on a single Chilean source of quillaja extract — from Quillaja saponaria trees — for the Matrix-M adjuvant central to its products. The loss of either supplier, or failure to secure consistent high-quality quillaja, could delay or prevent delivery and development.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- Single supplier (SII/SLS) for COVID-19 vaccine fill-finishhigh
Novavax depends significantly on one supplier, Serum Institute of India (SII) and its subsidiary SLS, for co-formulation, filling and finishing of the COVID-19 vaccine; loss of this supplier could prevent or delay delivery of customer orders.
“The Company currently depends significantly on one supplier, SII and its subsidiary, SLS, for co-formulation, filling, and finishing of COVID-19 Vaccine. The loss of this supplier could prevent or delay the Company's delivery of customer orders.”
SEC filing →As of 2026 - Single-source quillaja extract (Chile) for Matrix-M adjuvanthigh
Novavax's Matrix-M adjuvant is derived from quillaja extract (from Quillaja saponaria trees grown in Chile) sourced from a single supplier; failure to secure long-term, high-quality access or back-up suppliers could delay development and manufacture of its adjuvant products.
“we need long term access to quillaja extract with a consistent and sufficiently high quality in order to maintain a secure supply of raw material for the development and manufacture of our adjuvant products. We rely on a single source supplier for quillaja extract”
SEC filing →As of 2026
Customer concentration
- U.S. Government = 43% of revenuehigh
The U.S. Government accounted for 43% of revenue in a presented period, with McKesson (14%) and Cardinal Health (10%) the other >10% customers — a concentrated, government-dependent revenue base.
“McKesson Plasma and Biologics * * * * 14 % Cardinal Health * * * * 10 % U.S. Government (1) * * 43 %”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“licensing revenue from the achievement of milestones under the Sanofi CLA and revenue from transition services and technology transfer under the Sanofi CLA”
Cited →“licensing and royalty revenue with Takeda.”
Cited →McKesson Corporation (McKesson Plasma and Biologics)
“McKesson Plasma and Biologics * * * * 14 % Cardinal Health * * * * 10 % U.S. Government (1) * * 43 %”
Cited →
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