Dynavax Technologies (DVAX) Barclays 27th Annual Global Healthcare Conference summary

Financial performance and outlook

• Reported $268 million in product revenue for Heplisav-B in 2023, with projected 2024 product revenue of $305–$325 million and $75 million adjusted EBITDA for 2025.

• Ended the year with $714 million in cash, including the first $100 million of a $200 million share buyback program initiated in November.

• Capital allocation prioritizes Heplisav, organic R&D, share repurchases, and selective external opportunities.

Market dynamics and growth drivers

• ACIP's 2022 broad recommendation for adult hepatitis B vaccination expanded the eligible population, driving market growth.

• Retail pharmacy and integrated delivery networks (IDNs) are key channels, expected to comprise 70% of the adult Hep B vaccine market by 2030.

• Medicare now covers Hep B vaccines in retail pharmacies, and Hep B was added as a HEDIS quality measure, supporting further penetration.

Product and pipeline updates

• Heplisav-B aims for over 60% market share in a projected $900 million adult Hep B vaccine market by 2030.

• Real-world evidence study planned to support label expansion for hemodialysis segment; working with FDA on protocol.

• Shingles vaccine program targets a multi-billion-dollar market, with phase I/II data expected in Q3 2025 and a focus on improved tolerability and immunogenicity.

• Plague vaccine program, partnered with the Department of Defense, received a $30 million contract for a new phase II study running through early 2027.