Dynavax Technologies Corporation reported significant commercial success and pipeline advancement in its fourth quarter and full-year 2024 results, demonstrating strong momentum in its vaccine business.
HEPLISAV-B continued its robust market performance, generating $268.4 million in net product revenue for 2024, marking a 26% increase from $213.3 million in 2023. The vaccine's market share in the U.S. expanded to approximately 44% by year-end, up from 42% in 2023.
"We successfully executed on our strategic growth initiatives, achieving record HEPLISAV-B product revenue, advancing our pipeline programs, and maintaining a disciplined approach to capital allocation," said Ryan Spencer, Chief Executive Officer of Dynavax.
Market Growth and Future Projections
The company maintains an optimistic outlook for HEPLISAV-B, projecting the U.S. adult hepatitis B vaccine market to reach over $900 million in annual sales by 2030. Dynavax anticipates capturing at least 60% of this expanding market. The growth potential extends beyond 2030, driven by:
- Ongoing vaccination of eligible unvaccinated adults
- Established revaccination practices
- Continued market share gains
For 2025, Dynavax forecasts HEPLISAV-B net product revenue between $305 and $325 million, reflecting continued strong growth trajectory.
Pipeline Development Progress
The company's clinical pipeline shows promising advancement, particularly in two key programs:
Shingles Vaccine Program (Z-1018)
- Completed enrollment in Phase 1/2 trial comparing Z-1018 to Shingrix
- Study includes 441 healthy adults aged 50-69
- Top-line immunogenicity and safety data expected in Q3 2025
Plague Vaccine Development
- New $30 million agreement with U.S. Department of Defense through first half of 2027
- Phase 2 clinical trial planned for Q3 2025
- Program fully funded by DoD
Financial Performance
Fourth quarter 2024 highlights include:
- Total revenues of $72.0 million, up 30% year-over-year
- GAAP net income of $7.1 million, or $0.06 per share (basic)
- Adjusted EBITDA of $13.4 million, representing a 225% increase
The company maintained a strong financial position with $713.8 million in cash, cash equivalents, and marketable securities as of December 31, 2024. Dynavax expects to complete its $200 million share repurchase program by the end of 2025, demonstrating commitment to shareholder returns while investing in growth initiatives.
Strategic Focus on Innovation
Dynavax continues to leverage its CpG 1018 adjuvant technology across its pipeline, which has demonstrated enhanced immune response capabilities with favorable tolerability in clinical trials and commercial use. The company is also developing a four-dose HEPLISAV-B regimen for adults on hemodialysis, having received FDA feedback regarding potential observational studies to support regulatory filing.
The company's strategic priorities remain focused on establishing HEPLISAV-B as the market leader in adult hepatitis B vaccination while advancing its diverse pipeline of innovative vaccine candidates. This dual approach aims to drive sustainable long-term value for shareholders while addressing significant unmet medical needs.
