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1. Company Snapshot

1.a. Company Description

Dynavax Technologies Corporation, a biopharmaceutical company, focuses on developing and commercializing novel vaccines in the United States.The company markets HEPLISAV-B, a hepatitis B vaccine for prevention of infection caused by all known subtypes of hepatitis B virus in age 18 years and older in the United States and Europe.It also manufactures and sells CpG 1018, the adjuvant used in HEPLISAV-B.


Dynavax Technologies Corporation has a collaboration agreement with Valneva Scotland Limited; agreement with Serum Institute of India Pvt.Ltd.; and sublicense agreement with Merck, Sharp & Dohme Corp.The company was formerly known as Double Helix Corporation and changed its name to Dynavax Technologies Corporation in September 1996.


Dynavax Technologies Corporation was incorporated in 1996 and is headquartered in Emeryville, California.

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1.b. Last Insights on DVAX

Dynavax Technologies' recent performance was driven by strong Q3 earnings, beating estimates with $0.21 per share versus $0.14 expected. HEPLISAV-B net product revenue grew 13% year-over-year to $90 million. A new $100 million share repurchase program was authorized, indicating confidence in the company's financials. Additionally, the company presented positive topline Phase 1/2 shingles vaccine trial data and entered an exclusive license agreement for Vaxart's oral COVID-19 vaccine program, expanding its pipeline. Institutional investors, such as Envestnet Portfolio Solutions and Y Intercept Hong Kong, have also shown interest in the company.

1.c. Company Highlights

2. Dynavax Technologies' Q3 2025 Earnings: A Strong Performance

Dynavax Technologies reported a robust financial performance in Q3 2025, with HEPLISAV-B generating $90 million in net product revenue, a 13% increase year-over-year. The company's GAAP net income was $27 million, compared to $18 million in Q3 2024. Earnings per share (EPS) came in at $0.21, beating estimates of $0.14. The strong revenue growth was driven by the company's leading market share position in the U.S. adult hepatitis B vaccine market, with an estimated 46% market share and 63% in the retail segment.

Publication Date: Nov -12

📋 Highlights
  • HEPLISAV-B Revenue Growth:: Generated $90 million in net product revenue, a 13% year-over-year increase, with 46%–63% U.S. adult hepatitis B vaccine market share.
  • Strategic Vaxart Partnership:: Secured $25 million upfront payment for a Phase IIb oral COVID-19 vaccine license, aiming to leverage mucosal delivery for improved efficacy and tolerability.
  • GAAP Net Income:: Reported $27 million in Q3 2025, up from $18 million in Q3 2024, driven by HEPLISAV-B sales and operational efficiency.
  • 2025 Guidance Reiteration:: Maintained revenue guidance of $315–325 million and adjusted EBITDA of at least $80 million, with a new $100 million share repurchase program.
  • Pipeline Progress:: Initiated Phase I/II Part 2 for a shingles vaccine, advanced a DoD-funded plague vaccine, and completed Phase I/II Part 1 for a pandemic influenza adjuvant.

Commercial Performance

The commercial performance of HEPLISAV-B was a key highlight, with Donn Casale, Chief Commercial Officer, noting that the retail segment is expected to become the dominant channel for adult hepatitis B vaccination by 2030. The company's continued progress in expanding its retail and IDN segments is expected to drive further growth.

Pipeline Updates

Rob Janssen, Chief Medical Officer, provided an update on the company's pipeline, including the shingles vaccine program, which recently initiated Part 2 of the Phase I/II study. The plague vaccine program is fully funded by the Department of Defense, and the pandemic influenza adjuvant program has completed Part 1 of the Phase I/II study.

Strategic Partnerships

The company entered into a strategic license agreement with Vaxart for its novel oral COVID-19 vaccine program, with a $25 million upfront license payment. Ryan Spencer, CEO, noted that the company believes that an improved vaccine with better delivery mechanisms and efficacy can help grow the market.

Valuation

With a P/E Ratio of -25.5 and an EV/EBITDA of -43.68, the company's valuation metrics indicate that the market is pricing in significant growth expectations. The company's guidance for HEPLISAV-B net product revenue to be in the range of $315 million to $325 million and adjusted EBITDA of at least $80 million for the year supports this growth narrative. Analysts estimate next year's revenue growth at 16.2%, which is consistent with the company's long-term growth prospects.

Outlook

The company's confidence in its ability to execute on its R&D initiatives, including the shingles program, is evident in its plans to drive to a 60% market share by 2030. The company's strategic partnerships and continued growth in the retail segment are expected to drive further growth and enhance shareholder value.

3. NewsRoom

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Geode Capital Management LLC Sells 377,048 Shares of Dynavax Technologies Corporation $DVAX

Nov -29

Source: defenseworld.net

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Dynavax Technologies Corporation (NASDAQ:DVAX) Receives $24.33 Average Price Target from Analysts

Nov -25

Source: defenseworld.net

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Dynavax to Participate at the 8th Annual Evercore Healthcare Conference

Nov -19

Source: prnewswire.com

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Campbell & CO Investment Adviser LLC Sells 24,624 Shares of Dynavax Technologies Corporation $DVAX

Nov -17

Source: defenseworld.net

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Dynavax Technologies Corporation (DVAX) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Dynavax Technologies (DVAX) Surpasses Q3 Earnings Estimates

Nov -05

Source: zacks.com

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Dynavax Reports Third Quarter 2025 Financial Results and Announces New $100 Million Share Repurchase Program

Nov -05

Source: prnewswire.com

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Dynavax Enters Exclusive License Agreement for Vaxart's Novel Oral COVID-19 Vaccine Program

Nov -05

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.43%)

6. Segments

Innovative Vaccines

Expected Growth: 10.43%

Dynavax Technologies Corporation's innovative vaccines, such as HEPLISAV-B, drive growth through increased adoption in the hepatitis B vaccine market, expanded label indications, and partnerships with governments and NGOs for pandemic preparedness. Strong clinical trial results, regulatory approvals, and a growing pipeline of vaccine candidates also contribute to the 10.43% growth.

7. Detailed Products

Heplisav-B

A hepatitis B vaccine for adults, designed to provide protection against hepatitis B infection.

CpG 1018

A toll-like receptor 9 (TLR9) agonist, being developed as an adjuvant for various vaccines and immunotherapies.

SD-101

A cancer immunotherapy, being developed in combination with checkpoint inhibitors for the treatment of various types of cancer.

DV281

A cancer immunotherapy, being developed as a monotherapy or in combination with other therapies for the treatment of various types of cancer.

8. Dynavax Technologies Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Dynavax Technologies Corporation faces moderate threat from substitutes, as there are limited alternative vaccine technologies available in the market. However, the company's proprietary toll-like receptor (TLR) technology provides a competitive advantage.

Bargaining Power Of Customers

Dynavax Technologies Corporation has a diverse customer base, including governments, hospitals, and pharmaceutical companies. The company's customers do not have significant bargaining power, as they rely on Dynavax's vaccines and adjuvants.

Bargaining Power Of Suppliers

Dynavax Technologies Corporation relies on a limited number of suppliers for raw materials and services. While the company has some bargaining power, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The vaccine development industry has high barriers to entry, including significant capital requirements, complex regulatory approvals, and specialized expertise. New entrants are unlikely to pose a significant threat to Dynavax Technologies Corporation in the short term.

Intensity Of Rivalry

The vaccine development industry is highly competitive, with several established players and new entrants vying for market share. Dynavax Technologies Corporation faces intense competition from companies such as GlaxoSmithKline, Sanofi, and Pfizer.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.23%
Debt Cost 3.95%
Equity Weight 70.77%
Equity Cost 10.44%
WACC 8.54%
Leverage 41.30%

11. Quality Control: Dynavax Technologies Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Embecta

A-Score: 5.5/10

Value: 8.2

Growth: 1.7

Quality: 6.2

Yield: 7.0

Momentum: 7.0

Volatility: 3.0

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Eagle Pharma

A-Score: 5.0/10

Value: 10.0

Growth: 1.8

Quality: 8.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

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Dynavax

A-Score: 4.7/10

Value: 6.3

Growth: 5.8

Quality: 4.8

Yield: 0.0

Momentum: 5.0

Volatility: 6.3

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Zomedica

A-Score: 3.3/10

Value: 8.2

Growth: 5.9

Quality: 5.0

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

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Cumberland Pharmaceuticals

A-Score: 3.3/10

Value: 6.9

Growth: 2.3

Quality: 5.2

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

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Ironwood Pharmaceuticals

A-Score: 3.2/10

Value: 8.3

Growth: 4.2

Quality: 5.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.89$

Current Price

10.89$

Potential

-0.00%

Expected Cash-Flows