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EMERYVILLE, Calif. - Dynavax (NASDAQ:DVAX) Technologies Corporation (NASDAQ: DVAX), a biopharmaceutical company focusing on developing innovative vaccines, disclosed preliminary financial results for the year ended December 31, 2024, noting a significant increase in revenue from its HEPLISAV-B® product. The company reported a 26% year-over-year growth in net product revenue, reaching approximately $268 million for 2024. According to InvestingPro data, the company maintains strong financial health with a robust gross profit margin of 62% and an impressive current ratio of 13.23, indicating excellent liquidity management.
The revenue growth is attributed to the performance of HEPLISAV-B, which is the only two-dose hepatitis B vaccine for adults approved in the United States, the European Union, and Great Britain. The company also completed its Phase 1/2 shingles vaccine trial enrollment and is expecting to announce top line results in the third quarter of 2025.
In addition to these milestones, Dynavax has secured a new $30 million contract with the U.S. Department of Defense to advance its plague vaccine program. The company's financial position remains robust, with approximately $714 million in cash, cash equivalents, and marketable securities as of the end of 2024. InvestingPro analysis shows the company is currently trading above its Fair Value, with analyst price targets ranging from $15 to $29, suggesting potential upside opportunities.
Ryan Spencer, CEO of Dynavax, expressed optimism about the company's financial performance and its implications for future growth. He highlighted the strength of the HEPLISAV-B brand and the company's focus on creating long-term value, advancing pipeline programs, and returning capital to shareholders through share repurchases.
Dynavax's forward-looking statements indicate a commitment to strategic growth pillars, which include maximizing HEPLISAV-B opportunities, delivering on clinical pipeline promises, and exploring external opportunities to generate sustainable shareholder value.
The company's financial results are preliminary and unaudited, subject to adjustment, and provided as an estimate ahead of the complete financial results announcement for the three and twelve months ended December 31, 2024.
This news is based on a press release statement from Dynavax Technologies. InvestingPro subscribers have access to 8 additional key insights about Dynavax, including detailed financial health metrics and growth projections. Get the complete picture with InvestingPro's comprehensive research report, available for over 1,400 US stocks.
In other recent news, Dynavax Technologies Corporation has reported significant developments. The company recently amended its shareholder Rights Agreement, introducing technical modifications to the administration and determination processes. Despite these changes, the core terms and effectiveness of the original Rights Agreement remain unaltered.
In terms of financial performance, Dynavax has shown strong results with a profitable third quarter in 2024. The company's hepatitis B vaccine, HEPLISAV-B, contributed to a net income of $18 million and record net product sales of $79 million. In addition, Dynavax has a robust cash position of approximately $764 million and has announced a $200 million share repurchase plan.
Analysts at InvestingPro maintain a strong buy consensus for the company, with Dynavax's current ratio indicating robust liquidity management. In terms of future prospects, Dynavax has embarked on a Phase I/II trial for the Z-1018 shingles vaccine and expects results in the second half of 2025. The company also anticipates a significant market opportunity for HEPLISAV-B, expecting it to exceed $900 million by 2030.
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