Dynavax Technologies Reports 19% Revenue Growth to $277.2 Million for Fiscal Year 2024

Dynavax Technologies Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $277.2 million, a 19% increase from $232.3 million in 2023. The company's product revenue from its hepatitis B vaccine, HEPLISAV-B, accounted for $268.4 million, marking a 26% rise compared to the previous year. This growth was primarily driven by an increase in market share, which rose to approximately 44% in the U.S. as of the end of 2024, up from 42% in 2023. The company also reported a net income of $27.3 million for 2024, a notable recovery from a net loss of $6.4 million in 2023.

In terms of operational developments, Dynavax has been actively expanding its clinical pipeline, leveraging its proprietary CpG 1018 adjuvant technology. The company is advancing several vaccine candidates, including a shingles vaccine (Z-1018) and a plague vaccine in collaboration with the U.S. Department of Defense. The shingles vaccine is currently in a Phase 1/2 trial, with enrollment completed in late 2024, and results expected in the third quarter of 2025. The plague vaccine program has also received additional funding from the DoD, totaling approximately $30 million through mid-2027.

Dynavax's workforce as of December 31, 2024, consisted of 405 employees, with a field sales team of 103 members focused on increasing HEPLISAV-B's market penetration. The company has emphasized the importance of its sales force in driving revenue growth, particularly in light of the CDC's universal recommendation for hepatitis B vaccination in adults aged 19-59, which has expanded the potential market significantly. The company anticipates that the U.S. hepatitis B adult vaccine market could peak at over $900 million in annual sales by 2030, with HEPLISAV-B expected to capture at least 60% of that market.

Looking ahead, Dynavax remains focused on maximizing the utilization of HEPLISAV-B while continuing to develop its pipeline of innovative vaccine candidates. The company has expressed confidence in its ability to generate substantial revenue from HEPLISAV-B, supported by ongoing marketing efforts and the anticipated growth of the adult vaccination market. However, the company also acknowledges the risks associated with competition, regulatory compliance, and the need for continued investment in research and development to sustain its growth trajectory.