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.

0,2 %

9,9 %

+19,4 %

10.80

9.91

— Dynavax Technologies Corp
%
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.

Dynavax sells mainly into U.S. healthcare distribution channels, where HEPLISAV-B is purchased through vaccine...

  • U.S. vaccine distribution channelsprimary

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

  • Healthcare providersprimary

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

  • Pharmaceutical and biotechnology partnerssecondary

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

  • Government and defense customerssecondary

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

  • International commercialization partnersemerging

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

Dynavax’s revenue base is concentrated in the United States, where HEPLISAV-B is commercialized and where most product...

  • •United States is the core commercial market for HEPLISAV-B
  • •Non-U.S. product revenue is currently limited
  • •Germany has been used as a partnered market entry example
  • •DoD-related other revenue is U.S.-based
  • •Future international growth likely depends on partners

Dynavax is focused on maximizing HEPLISAV-B utilization, expanding its vaccine portfolio, and monetizing CpG 1018...

01
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.

02
Broaden the vaccine pipelinemedium-term

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

03
Expand CpG 1018 collaborationsmedium-term

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

Dynavax is highly dependent on the commercial success of HEPLISAV-B, so adoption, pricing, and competitive pressure can...

high

Dependence on HEPLISAV-B

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

Scope
Commercial vaccine sales
Materiality
high
high

Commercial execution risk

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

Scope
U.S. commercialization
Materiality
high
high

Supply and manufacturing disruption

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

Scope
Product supply chain
Materiality
high
medium

Partner dependence for expansion

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

Scope
Germany and other non-U.S. markets
Materiality
medium
medium

Reimbursement and payer pressure

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

Scope
U.S. vaccine market
Materiality
medium
Net product revenue estimates
Affects HEPLISAV-B net revenue and gross-to-net margin
Seasonality
Quarterly revenue and margin volatility
Reserve adjustments
Can create one-time uplift in reported sales
Other revenue recognition
Affects comparability of total revenue

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: 28.4.2026