Dynavax Technologies (DVAX) TD Cowen 45th Annual Healthcare Conference summary

Strategic priorities and financial discipline

• Focused on maximizing commercial performance of adult hepatitis B vaccine, Heplisav-B, with 27% year-over-year growth and 44% market share at the end of 2024.

• Advancing clinical pipeline, notably a shingles vaccine with Phase 1/2 data expected in Q3 2024.

• Maintaining disciplined financial management, including a $200 million share buyback program and strong cash position.

• Leveraging commercial infrastructure for corporate development and evaluating late-stage or commercial asset acquisitions.

• Projected 2025 sales for Heplisav-B are $305–$325 million, with long-term market opportunity over $900 million by 2030.

Commercial execution and market dynamics

• Heplisav-B marketing targets both market share growth and overall market expansion, especially in retail and IDN segments.

• Medicare Part B roster billing change in 2024 removes reimbursement barriers, expected to boost retail channel growth.

• Hepatitis B added as a HEDIS measure, enhancing prominence and compliance advantages for Heplisav-B.

• Market grew from $400 million pre-pandemic to $615 million in 2024, with expectations to reach $900 million by 2030 and at least 60% share.

• Seasonality affects sales, with stronger Q2/Q3 and softer Q4/Q1 due to focus on respiratory vaccines.

Pipeline and R&D updates

• Shingles vaccine Phase 1/2 data readout in Q3 2024 aims for comparable immunogenicity and improved tolerability versus current options.

• Shingles market is a $4 billion global opportunity, with ex-U.S. growth expected.

• Plague vaccine program with the Department of Defense is a $30 million contract through 2027, focused on dose and regimen optimization.

• Preclinical research leverages CpG 1018 adjuvant across unnamed indications, with ongoing collaborations.