Dynavax Technologies (DVAX) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business overview and commercial performance

• Focused on novel vaccines using the CpG 1018 adjuvant platform, with HEPLISAV-B as the lead product for adult hepatitis B, approved in the U.S., U.K., and Germany.

• HEPLISAV-B achieved 69% revenue growth in 2023 over 2022, with 2024 guidance of $265–$280 million, a 25–30% increase.

• Holds 55% market share in retail pharmacy and health systems, with the U.S. market projected to reach $800 million by 2027.

• Universal adult vaccination recommendation in the U.S. is driving significant market expansion.

• Brand is profitable, and the company expects to be cash flow positive in 2024, with $742 million in cash at year-end 2023.

Market dynamics and growth strategy

• Retail pharmacy is expected to outpace IDN growth due to infrastructure improvements and strategic focus on immunizations.

• Targeted advertising and partnerships with major retailers like CVS and Walgreens drive retail growth.

• Vaccine fatigue is seen as a temporary, seasonal issue, with demand rebounding outside respiratory season.

• International expansion is ongoing, with Germany and the U.K. as key markets, but the U.S. remains the primary value driver.

Regulatory and clinical updates

• FDA issued a CRL for the 4-dose dialysis regimen due to missing source documentation, not data quality; options are being evaluated with the FDA.

• Physicians can use the product off-label for dialysis patients, supported by published data and ACIP guidelines.