Think of it this way. One of the common valuation gauges is multiples of revenue. For pharmaceutical and production level biotechs generally 4-6xs annual forward revenue is a common low/mid expectation. As we can anticipate delivery of all current contracted vaccines by end of 2022 and likely a bit higher as as production is on track to reach 150m per month as of 12/31/2021 we can safely anticipate 1.8b vaccines delivered. Considering range of pricing between Novavax, Serum, Takeda, and SKG a low average per unit would be $7 Thus 2022 revenue should be in the 12.6 range at the low.

Therefore valuation should be 50b to 75b. (Depending on multiple). Or $676 to $1021$Novavax(NVAX)$