What were the key takeaways from Dynavax Technologies's earnings call?

What is Dynavax Technologies's gross profit margin?

What is the revenue and EPS growth rate for Dynavax Technologies year over year?

What guidance did Dynavax Technologies's management provide for the next earnings period?

What is Dynavax Technologies's latest dividend and current dividend yield?

What is the market's earnings forecast for Dynavax Technologies next quarter?

What factors drove the changes in Dynavax Technologies's revenue and profit?

What does Dynavax Technologies do and what are its main business segments?

- **HEPLISAV-B Growth**: $90M Q3 revenue (13% YoY), 46% U.S. market share, targeting 60% by 2030.
- **Vaxart Deal**: $25M upfront for oral COVID-19 vaccine, potential $50M milestone post Phase IIb data review.
- **Pipeline Momentum**: Shingles vaccine (Z-1018) in Phase IIb, plague program awarded $14M DoD funding.
- **Capital Allocation**: $100M share buyback authorized, total capital return $300M (25% of market cap).
- **Financial Health**: Adjusted EBITDA guidance raised to $80M+ for 2025, R&D expenses expected to rise 20-30% YoY in 2026.

**【CEO Summary Section】**
- HEPLISAV-B net product revenue reached $90 million (13% YoY growth), with U.S. total market share at 46% (up from 44% last year). Targeting 60% market share by 2030.
- Announced $25 million upfront license agreement with Vaxart for oral COVID-19 vaccine candidate, with potential $50 million milestone payment post Phase IIb data review.
- Initiated Phase IIb trial for shingles vaccine (Z-1018) in adults ≥70 years, with Part 1 long-term follow-up data expected in H2 2026.

**【CFO Financial Commentary】**
- Total revenue $95 million (18% YoY growth), with HEPLISAV-B gross margin 84%.
- R&D expenses $19 million (14% YoY increase) due to pipeline advancements (shingles, plague programs).
- Authorized $100 million share repurchase program, bringing total capital return to $300 million (25% of current market cap).
- Adjusted EBITDA guidance raised to $80 million+ for 2025 (from $75 million).

**【Q&A Highlights】**
- Vaxart trial powered to demonstrate superiority vs mRNA vaccine, with 5,400 subjects enrolled (originally 10,000 due to BARDA changes). Phase IIb data expected late 2026.
- HEPLISAV-B Q4 seasonality expected due to holiday-related demand slowdown, but long-term retail channel growth offsets.
- Shingles and oral COVID-19 programs could be advanced in parallel if Phase IIb data supports further development.
- CFO expects R&D expenses to rise 20-30% YoY in 2026 as pipeline progresses.


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