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Dynavax Technologies Corp

Dynavax Technologies Corp. is a U.S.-based biopharmaceutical company focused on vaccines and adjuvant technology for infectious diseases. Its commercial business is anchored by HEPLISAV-B, a hepatitis B vaccine sold primarily in the United States, while it also develops and monetizes CpG 1018 adjuvant through collaborations and research partnerships.

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Revenue277m EUR
+19.4 %y/y
Operating profit (EBIT)-4.1m EUR
+88.9 %y/y
EBIT margin-1.5%
+14.5 ppy/y
Net income27.3m EUR
+527.4 %y/y
Free cash flow60.2m EUR
−37.6 %y/y

Fiscal year 2024 · change from previous year

Development 2019–2024

-2000200400600800m EUR2019: 35 m EUR2019: EBIT -135 m EUR20192020: 47 m EUR2020: EBIT -68 m EUR20202021: 439 m EUR2021: EBIT 134 m EUR20212022: 723 m EUR2022: EBIT 284 m EUR20222023: 232 m EUR2023: EBIT -37 m EUR20232024: 277 m EUR2024: EBIT -4.1 m EUR2024277-4.1
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial vaccine products95 %

Revenue-generating vaccine products sold to healthcare channels, led by HEPLISAV-B.

Adjuvant supply3 %

CpG 1018 adjuvant supplied to partners for use in vaccine development and commercialization.

Other revenue and government agreements2 %

Other revenue primarily tied to the DoD agreement and similar non-product arrangements.

Products

Reported · share of revenue
96.8%FY2024100 %
  • HEPLISAVB96.8 %
  • Other Revenue3.2 %

Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Dynavax sells mainly into U.S. healthcare distribution channels, where HEPLISAV-B is purchased through vaccine distributors, providers, and other healthcare buyers serving adult immunization demand. The company also works with pharmaceutical and biotechnology partners that buy or license CpG 1018 adjuvant and related development rights. Government-related counterparties, including the DoD, contribute a smaller but recurring source of other revenue.

U.S. vaccine distribution channels

Distributors, clinics, and provider networks that purchase HEPLISAV-B for adult hepatitis B immunization.

Healthcare providers

Physicians and other providers that administer HEPLISAV-B and influence uptake through clinical adoption.

Pharmaceutical and biotechnology partners

Partners that buy or collaborate on CpG 1018 adjuvant and vaccine development programs.

Government and defense customers

Public-sector counterparties, including the DoD, that generate other revenue through supply or collaboration agreements.

International commercialization partners

Partners used to access markets such as Germany and other non-U.S. geographies where direct sales are limited.

Strategy

Dynavax is focused on maximizing HEPLISAV-B utilization, expanding its vaccine portfolio, and monetizing CpG 1018 through commercial and research collaborations. The company is also trying to broaden market access without overbuilding fixed commercial infrastructure, which is why partnerships remain important for international expansion and adjuvant commercialization.

Increase HEPLISAV-B adoption in the U.S.Short term

The vaccine is the main revenue engine, so share gains and pricing discipline drive near-term growth.

Broaden the vaccine pipelineMedium term

A larger portfolio reduces dependence on a single product and creates longer-term growth options.

Expand CpG 1018 collaborationsMedium term

Partnering can generate revenue without requiring full commercial buildout in every market.

Geography

Dynavax’s revenue base is concentrated in the United States, where HEPLISAV-B is commercialized and where most product revenue is generated. The company has limited non-U.S. product revenue and has stated it does not currently anticipate meaningful non-U.S. sales in the near future, though it has used partners to support entry into markets such as Germany. Geography matters because the business depends on U.S. vaccine demand, provider access, and channel execution, while international expansion remains selective and partnership-driven.

Risks

Dynavax is highly dependent on the commercial success of HEPLISAV-B, so adoption, pricing, and competitive pressure can materially affect results. The company also faces execution risk around salesforce buildout, provider access, manufacturing/third-party supply, and the ability to secure acceptable partnership terms for new markets. As a vaccine company, it is also exposed to reimbursement, regulatory, and seasonality-related demand swings.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on HEPLISAV-B1Commercial execution risk2Supply and manufacturing disruption3Partner dependence for expansion4Reimbursement and payer pressure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on HEPLISAV-BImpact: HighLikelihood: High

    HEPLISAV-B is the only revenue-producing product, so any slowdown in adoption or pricing directly impacts revenue and operating leverage.

    Exposure: Commercial vaccine sales

  2. Commercial execution riskImpact: HighLikelihood: High

    The company must recruit and retain sales staff, access providers, and compete in established vaccine channels to sustain growth.

    Exposure: U.S. commercialization

  3. Supply and manufacturing disruptionImpact: HighLikelihood: Medium

    Reliance on third-party manufacturers or logistics can cause missed deliveries, penalties, or lost revenue.

    Exposure: Product supply chain

  4. Partner dependence for expansionImpact: MediumLikelihood: Medium

    International growth and some adjuvant monetization depend on third-party collaboration terms and partner execution.

    Exposure: Germany and other non-U.S. markets

  5. Reimbursement and payer pressureImpact: MediumLikelihood: Medium

    Coverage and pricing decisions by payors can affect commercial uptake and net realized revenue.

    Exposure: U.S. vaccine market

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Accounting

Judgemental items
Net product revenue estimates

Revenue depends on estimates for returns, chargebacks, discounts, rebates, and fees, which can materially change reported sales.

Impact: Affects HEPLISAV-B net revenue and gross-to-net margin

Seasonality

HEPLISAV-B sales are typically lower in Q4 due to provider focus on respiratory vaccines and holiday scheduling.

Impact: Quarterly revenue and margin volatility

Reserve adjustments

Lower observed return rates can release reserves and lift product revenue, as seen in recent periods.

Impact: Can create one-time uplift in reported sales

Other revenue recognition

Other revenue primarily comes from the DoD agreement and may not recur at the same pace as product sales.

Impact: Affects comparability of total revenue

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Last updated: 24/09/2026