Dynavax posts 13% rise in HEPLISAV-B revenue, announces $100 million buyback

EMERYVILLE, Calif. - Dynavax Technologies Corporation (Nasdaq:DVAX) reported Wednesday that its hepatitis B vaccine HEPLISAV-B generated $90 million in third-quarter revenue, a 13% increase from the same period last year, while maintaining its full-year revenue guidance of $315-325 million for the product. This performance aligns with the company’s impressive 26.7% revenue growth over the last twelve months, though InvestingPro data indicates net income is expected to drop this year.

The company’s board authorized a new $100 million share repurchase program, following a $200 million buyback announced in 2024. The new program has no expiration date but is expected to be executed within approximately one year. This continues management’s aggressive share repurchase strategy, which InvestingPro identifies as a key strength for the company, contributing to its high shareholder yield despite not paying dividends.

Dynavax also announced it has entered an exclusive license agreement with Vaxart, Inc. (OTCQX:VXRT) for worldwide rights to Vaxart’s oral COVID-19 vaccine candidate, which is currently in Phase 2b clinical trials. Under the agreement, Dynavax will pay Vaxart a $25 million upfront license fee and make a $5 million equity investment, with an additional $50 million payment due after receiving Phase 2b results unless Dynavax opts out of the program.

"HEPLISAV-B continued its impressive performance, further solidifying its market share leading position in the U.S. adult hepatitis B vaccine market," said Ryan Spencer, Chief Executive Officer of Dynavax, in a press release statement.

The company reported that HEPLISAV-B’s total estimated U.S. market share increased to approximately 46%, up from 44% in the third quarter of 2024, with retail market share growing to approximately 63% from 55% a year ago.

Dynavax posted third-quarter net income of $26.9 million, or $0.21 per diluted share, compared to $17.6 million, or $0.12 per diluted share, in the same period last year. The company ended the quarter with $647.8 million in cash, cash equivalents, and marketable securities.

The company also raised its adjusted EBITDA guidance for 2025 to at least $80 million, up from its previous guidance of at least $75 million. While Dynavax shows promising operational metrics, InvestingPro analysis suggests the stock is currently trading near its Fair Value. Investors seeking deeper insights can access Dynavax’s comprehensive Pro Research Report, one of 1,400+ available reports that transform complex financial data into actionable intelligence for smarter investing decisions.

In other recent news, Dynavax Technologies has reported positive topline data for its shingles vaccine candidate, Z-1018, at IDWeek 2025. The data from a Phase 1/2 clinical trial showed comparable antibody and T-cell responses to the current market leader, Shingrix, with a favorable tolerability profile. Following this announcement, TD Cowen reiterated its Buy rating on Dynavax with a $25.00 price target, highlighting the vaccine’s comparable immunogenicity and lower adverse events. Additionally, Citizens has maintained its Market Outperform rating with a $32.00 price target, citing encouraging tolerability results and CD4+ T-cell responses for Z-1018.

In executive news, Dynavax announced changes to its management team. David F. Novack will transition to Senior Vice President and Chief Operating Officer, effective January 1, 2026. Meanwhile, Robert Janssen, M.D., will step down from his roles as Chief Medical Officer and Senior Vice President, with his employment concluding on March 2, 2026, or upon the appointment of a new Chief Medical Officer. These developments are part of an internal realignment approved by the company’s Board of Directors.

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