Dynavax Technologies Corp (DVAX) Reports 66% YoY Increase in Q3 2023 HEPLISAV-B Revenue
HEPLISAV-B vaccine net product revenue for Q3 2023 reached $62.3 million, marking a 66% YoY increase.
Dynavax Technologies Corp (NASDAQ:DVAX) raises full year HEPLISAV-B net product revenue guidance to $210 - $220 million.
Cash and investments increased to $720 million at the end of the quarter.
GAAP net income was $14.3 million, or $0.11 per share (basic) and $0.10 per share (diluted) in Q3 2023.
On November 2, 2023, Dynavax Technologies Corp (NASDAQ:DVAX), a commercial-stage biopharmaceutical company, reported its financial results for the quarter ended September 30, 2023. The company reported a significant increase in its HEPLISAV-B vaccine net product revenue, which reached $62.3 million, marking a 66% year-over-year increase. This strong performance has led the company to raise its full year HEPLISAV-B net product revenue guidance to $210 - $220 million.
Financial Highlights
Other revenue for Q3 2023 was $7.2 million, primarily from the company's plague vaccine agreement with the U.S. Department of Defense. This marks an increase from $3.9 million in the same period of 2022. However, no CpG 1018 adjuvant product revenue was recorded in Q3 2023, compared to $126.3 million in Q3 2022, due to the completion of all obligations and product delivery under the Companys CpG 1018 adjuvant COVID-19 collaboration agreements as of December 31, 2022. Total revenues for Q3 2023 were $69.5 million, compared to $167.7 million for Q3 2022.
Cost of sales for HEPLISAV-B in Q3 2023 increased to $13.2 million, compared to $11.5 million for Q3 2022. This increase was primarily due to higher sales volume driven by continued improvement in HEPLISAV-B market share, offset by lower per-unit manufacturing costs as the result of previous process improvements.
Company Performance and Future Outlook
Dynavax Technologies Corp (NASDAQ:DVAX) reported a GAAP net income of $14.3 million, or $0.11 per share (basic) and $0.10 per share (diluted) in Q3 2023, compared to a GAAP net income of $63.8 million, or $0.50 per share (basic) and $0.43 per share (diluted) in Q3 2022. The company's cash, cash equivalents, and marketable securities were $720.4 million as of September 30, 2023.
Looking ahead, the company has revised its full year 2023 financial guidance. It now expects HEPLISAV-B net product revenue to be between approximately $210 - $220 million, research and development expenses to be between approximately $50 - $60 million, and selling, general and administrative expenses to be between approximately $145 - $155 million.
CEO of Dynavax, Ryan Spencer, expressed satisfaction with the company's performance, stating,
Were pleased to report yet another record quarter of HEPLISAV-B revenue driven by continued market share growth and overall expansion of the adult hepatitis B market."
He further highlighted the company's commitment to advancing its pipeline of innovative vaccine candidates and driving strong financial performance.
Explore the complete 8-K earnings release (here) from Dynavax Technologies Corp for further details.
This article first appeared on GuruFocus.
