Dynavax Technologies Corp (DVAX) Q2 Revenue Up 30.9% YoY, Despite High Operating Expenses and Net Loss of $77.378 Million.

Dynavax Technologies Corp (DVAX) reported a 30.9% increase in product revenue to $91.872 million in Q1 2025, up from $70.188 million in Q1 2024. The company's total revenue rose to $95.442 million from $73.795 million YoY. However, it experienced a net loss of $77.378 million for the six months ended June 30, 2025. The biopharmaceutical company has a strong product portfolio, but faces high operating expenses and dependency on collaborative agreements.

Dynavax Technologies Corp (DVAX) reported robust financial performance for the second quarter of 2025, with GAAP revenue surging to $95.4 million, surpassing analyst expectations by $8.7 million. The company's GAAP diluted earnings per share (EPS) also exceeded estimates, reaching $0.14 compared to a $0.10 consensus. This quarter marked significant year-over-year growth, with both revenue and earnings well above the same period in 2024 [1].

The standout performer was HEPLISAV-B, Dynavax's two-dose adult hepatitis B vaccine, which set another sales record, generating $91.9 million in GAAP net product revenue. This represents a 30.8% increase year-over-year and underscores the vaccine's growing market share, now at approximately 45% in the U.S. The company attributed these gains to retail pharmacy channel expansion and continued momentum following the CDC’s Advisory Committee on Immunization Practices (ACIP) universal adult hepatitis B immunization recommendation in 2022 [1].

Dynavax also reported progress on its clinical pipeline. The shingles vaccine candidate, Z-1018, completed enrollment in its Phase 1/2 trial among adults ages 50–69, with a key top-line data readout expected in August 2025. Additionally, the company has ongoing development programs for a plague vaccine in partnership with the U.S. Department of Defense and early-stage efforts targeting pandemic influenza (H5N1) and Lyme disease [1].

The company's adjusted EBITDA (non-GAAP) improved to $37.3 million in the second quarter of 2025, compared to $20.5 million in the same period of 2024, reflecting strong operational performance. Gross margin for HEPLISAV-B is projected at approximately 80% for the full year 2025, according to company guidance [1].

Dynavax ended the quarter with $613.7 million in cash, cash equivalents, and marketable securities as of June 30, 2025, down from $713.8 million as of December 31, 2024. This decline was due to the completion of a $200 million share repurchase program and ongoing development spending [1].

For the rest of fiscal 2025, Dynavax has refined its full-year guidance for HEPLISAV-B net product revenue to a range of $315–$325 million, raising the lower bound to $315 million from the prior range of $305 to $325 million. The company also reiterated a target of at least $75 million in adjusted EBITDA (non-GAAP) for the full year 2025 [1].

Key risks for investors include the upcoming data readout for the shingles vaccine candidate in August 2025 and ongoing increases in R&D and SG&A expenses to support the pipeline and broader corporate initiatives [1].

References:

[1] https://www.nasdaq.com/articles/dynavax-dvax-q2-revenue-jumps-29