Dynavax Technologies (DVAX) Evercore ISI 8th Annual HealthCONx Conference summary

Hepatitis B vaccine market strategy and trends

• Targeting 60% market share of a $900M+ market by 2030, with current progress tracking well toward this goal.

• Retail segment is key, already holding 63% share, with expectations to exceed 75% as more adult vaccinations shift to retail by 2030.

• Growth in retail driven by post-pandemic changes: increased patient comfort, expanded pharmacist authority, and retail infrastructure.

• Medicare patients (25% of pharmacy market) present further opportunity as reimbursement improves, aiming to capture more of this segment.

• Seasonality patterns are evolving, with retail settings leveraging flu season to increase non-flu vaccine uptake.

COVID vaccine acquisition and development outlook

• Recent acquisition of an oral COVID vaccine aims for a differentiated product with a novel mucosal delivery mechanism.

• Market focus is on high-risk populations, with current COVID vaccine uptake down 15% year-over-year but still a multi-billion-dollar opportunity.

• Deal structure allows for data review before major investment, balancing risk and capital deployment.

• Advancement to Phase 3 and commercialization depends on efficacy data and regulatory clarity, with financial capacity to support development.

• Efficacy trials will focus on symptomatic infection, with supportive endpoints like hospitalization and severity.

Shingles vaccine and global market potential

• U.S. market will focus on the aging cohort and those dissatisfied with current options, with ex-U.S. prevalence market remaining large.

• Potential for a booster market as age recommendations lower and vaccine efficacy wanes over time.

• Commercialization strategy centers on retail pharmacy, leveraging existing infrastructure for synergy.

• Flexible on ex-U.S. partnerships but aims to retain U.S. launch control, targeting early 2030s for market entry.

• Upcoming Part 2 study will focus on vaccine response rate in 70+ age group, with supportive T cell and antibody data.