Q1 2024 Dynavax Technologies Corp Earnings Call Transcript
Key Points
- Dynavax Technologies Corp (DVAX) reported a 10% year-over-year growth in HEPLISAV-B net product revenue for Q1 2024.
- The company reaffirmed its full-year 2024 net product revenue guidance for HEPLISAV-B to be in the range of $265 million to $280 million.
- Dynavax Technologies Corp (DVAX) is seeing positive market share growth, achieving an estimated 41% market share in Q1 2024, up from 37% in the same period last year.
- The company is advancing its innovative vaccine pipeline, including the initiation of a Phase 1/2 trial for its shingles vaccine candidate and long-term follow-up data for its Phase 1 Tdap trial.
- Dynavax Technologies Corp (DVAX) maintains a strong financial position with $724 million in cash, cash equivalents, and marketable securities, sufficient to support its current pipeline assets and organic business growth.
- The US hepatitis B vaccine market experienced a slight decrease during Q1 2024 due to an extended cough, cold, and flu season, which reduced vaccination opportunities.
- Despite growth, the company reported a net loss of $9 million in Q1 2024, although this was an improvement from a $24 million loss in the prior year period.
- There was a noted decrease in HEPLISAV-B's market share in the retail segment from 58% in Q4 to 55% in Q1, attributed to purchasing patterns of large customers.
- Selling, general, and administrative expenses increased to $44 million in Q1 2024 from $37 million in the prior year period, driven by increased headcount and strategic growth investments.
- The company faces ongoing challenges with the seasonality of vaccine sales, particularly due to significant respiratory vaccine activity in Q4 and Q1 each year.
Good day, ladies and gentlemen, and welcome to the Dynavax Technologies first quarter 2024 financial results conference call. As a reminder, this call is being recorded. At the end of the company's prepared remarks, we'll open the call for questions and provide specific participation instructions at that time.
I would now like to turn the call over to Paul Cox, Vice President, Investor Relations and Corporate Communications. Please begin, sir.
Thank you for participating in today's call. Joining me from Dynavax are Ryan Spencer, Chief Executive Officer; Donn Casale, Chief Commercial Officer; Rob Janssen, Chief Medical Office; and our Interim Head of Finance, Rita O'Connor.
Earlier today, Dynavax released financial results for the first quarter ended March 31, 2024. Copies of the press release and the supplementary slide presentation are available on Dynavax's website.
Before we begin, I advise you that we will be making forward-looking statements today
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