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Dec 31, 2021
Dynavax Q4 2021 Earnings Report
Reported record revenue driven by CpG 1018 adjuvant sales and increased HEPLISAV-B sales.
Key Takeaways
Dynavax reported record total revenue for 2021, driven by significant growth in CpG 1018 adjuvant and HEPLISAV-B sales. The company achieved its first profitable year and ended the year with a strong cash position, enabling investments in its pipeline.
Total revenues for the fourth quarter of 2021 were $195.1 million, compared to $19.6 million for 2020.
HEPLISAV-B product revenue, net was $17.2 million for the fourth quarter of 2021 compared to $11.5 million for the fourth quarter of 2020.
CpG 1018 product revenue, net was $177.4 million in the fourth quarter of 2021 compared to $1.6 million in the fourth quarter of 2020.
GAAP net income was $99.8 million in the fourth quarter of 2021, compared to GAAP net loss in the fourth quarter of $15.5 million in the fourth quarter of 2020.
Forward Guidance
In 2022, Dynavax anticipates CpG 1018 adjuvant net product revenues of at least $550 million, SG&A expenses between approximately $120 - $140 million, Research and development expenses to be between approximately $55 - $70 million and interest expense of approximately $7 million.
Positive Outlook
- Full year CpG 1018 adjuvant net product revenues of at least $550 million
- Gross margin of approximately 50% for CpG 1018 adjuvant net product revenues
Challenges Ahead
- Selling, general and administrative expenses to be between approximately $120 - $140 million
- Research and development expenses to be between approximately $55 - $70 million
- Interest expense of approximately $7 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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