Revenue growth of 17.7% year-over-year in 2025Q3, coupled with an 84.8% gross margin, suggests the company is effectively scaling its core commercial vaccine operations.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 330.51M | 277.25M | 232.28M | 722.68M | 439.44M | 46.55M | 35.22M | 8.2M | 327K | 11.04M | 4.05M | 11.03M | 11.25M | 9.71M | 21.61M | 23.95M | 40.32M | 37.09M | 14.09M | 4.85M | 14.65M | 14.81M | 826K | 1.43M |
| Revenue Growth % | 26.73% | 19.36% | -67.86% | 64.45% | 844% | 32.18% | 329.6% | 2407.03% | -97.04% | 172.67% | -63.29% | -1.95% | 15.82% | -55.06% | -9.75% | -40.6% | 8.69% | 163.21% | 190.76% | -66.93% | -1.06% | 1693.22% | -42.12% | - |
| Cost of Goods Sold | 55.62M | 49.45M | 50.17M | 262.15M | 173.57M | 13.91M | 19.39M | 21.8M | 1.19M | 0 | 0 | 0 | 0 | 0 | 299K | 980K | 980K | 980K | 1M | 698K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 17.83% | 21.6% | 36.27% | 39.5% | 29.88% | 55.05% | 265.87% | 365.14% | - | - | - | - | - | 1.38% | 4.09% | 2.43% | 2.64% | 7.12% | 14.4% | - | - | - | - |
| Gross Profit | 274.9M | 227.8M | 182.12M | 460.53M | 265.87M | 32.64M | 15.83M | -13.6M | -867K | 11.04M | 4.05M | 11.03M | 11.25M | 9.71M | 21.32M | 22.97M | 39.34M | 36.11M | 13.09M | 4.15M | 14.65M | 14.81M | 826K | 1.43M |
| Gross Margin % | 83.17% | 82.17% | 78.4% | 63.73% | 60.5% | 70.12% | 44.95% | -165.87% | -265.14% | 100% | 100% | 100% | 100% | 100% | 98.62% | 95.91% | 97.57% | 97.36% | 92.88% | 85.6% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 25.09% | -60.45% | 73.22% | 714.53% | 106.2% | 216.41% | -1468.4% | -107.85% | 172.67% | -63.29% | -1.95% | 15.82% | -54.43% | -7.21% | -41.61% | 8.93% | 175.91% | 215.47% | -71.69% | -1.06% | 1693.22% | -42.12% | - |
| Operating Expenses | 264.46M | 231.92M | 219.15M | 177.01M | 131.38M | 107.86M | 150.67M | 139.72M | 93.55M | 121.75M | 109.12M | 102.34M | 77.74M | 77.31M | 69.19M | 71.54M | 55.43M | 61.21M | 85.19M | 65.65M | 37.15M | 31.67M | 18.59M | 20.09M |
| OpEx % of Revenue | - | 83.65% | 94.34% | 24.49% | 29.9% | 231.71% | 427.82% | 1704.33% | 28608.26% | 1102.51% | 2694.4% | 927.69% | 690.95% | 795.86% | 320.12% | 298.7% | 137.49% | 165.02% | 604.45% | 1354.45% | 253.46% | 213.83% | 2250.61% | 1407.57% |
| Selling, General & Admin | 179.71M | 170.37M | 152.95M | 131.41M | 100.16M | 79.26M | 74.99M | 64.77M | 27.37M | 37.26M | 22.18M | 17.76M | 26.87M | 28.16M | 17.57M | 16.88M | 15.74M | 15.46M | 18.29M | 14.84M | 9.26M | 8.54M | 4.21M | 4.12M |
| SG&A % of Revenue | - | 61.45% | 65.84% | 18.18% | 22.79% | 170.26% | 212.91% | 790.07% | 8369.11% | 337.38% | 547.65% | 161.01% | 238.81% | 289.93% | 81.29% | 70.48% | 39.05% | 41.69% | 129.8% | 306.09% | 63.17% | 57.68% | 509.56% | 288.79% |
| Research & Development | 73.78M | 61.55M | 54.89M | 46.6M | 32.23M | 28.61M | 62.33M | 74.95M | 64.99M | 84.49M | 86.94M | 84.58M | 50.87M | 49.15M | 51.32M | 53.68M | 38.71M | 44.77M | 65.89M | 50.12M | 27.89M | 23.13M | 14.38M | 15.96M |
| R&D % of Revenue | - | 22.2% | 23.63% | 6.45% | 7.33% | 61.45% | 176.98% | 914.26% | 19874.01% | 765.13% | 2146.74% | 766.68% | 452.14% | 505.93% | 237.45% | 224.13% | 96.01% | 120.7% | 467.52% | 1033.96% | 190.29% | 156.15% | 1741.04% | 1118.78% |
| Other Operating Expenses | 1000K | 0 | 11.31M | -1M | -1M | 0 | 13.36M | -70K | -486K | 0 | 317K | 433K | -348K | -293K | 299K | 980K | 980K | 980K | 1M | 698K | 0 | 0 | 0 | 0 |
| Operating Income | 10.44M | -4.12M | -37.03M | 283.52M | 134.49M | -75.22M | -134.84M | -153.32M | -96M | -110.71M | -105.07M | -91.31M | -66.49M | -67.6M | -47.58M | -47.59M | -15.12M | -24.12M | -71.09M | -64.98M | -22.49M | -16.86M | -17.76M | -18.66M |
| Operating Margin % | 3.16% | -1.49% | -15.94% | 39.23% | 30.6% | -161.59% | -382.87% | -1870.2% | -29359.33% | -1002.51% | -2594.4% | -827.69% | -590.95% | -695.86% | -220.12% | -198.7% | -37.49% | -65.02% | -504.45% | -1340.68% | -153.46% | -113.83% | -2150.61% | -1307.57% |
| Operating Income Growth % | - | 88.87% | -113.06% | 110.82% | 278.79% | 44.22% | 12.05% | -59.7% | 13.28% | -5.36% | -15.07% | -37.33% | 1.64% | -42.08% | 0.03% | -214.85% | 37.33% | 66.07% | -9.4% | -188.94% | -33.39% | 5.09% | 4.8% | - |
| EBITDA | 18.68M | 3.93M | -29.75M | 290.19M | 141.54M | -65.89M | -113.31M | -138.84M | -91.57M | -108.45M | -103.71M | -89.91M | -65.16M | -66.39M | -45.98M | -45.19M | -12.28M | -21.29M | -70.46M | -63.45M | -19.36M | -13.59M | -17.19M | -17.98M |
| EBITDA Margin % | 5.65% | 1.42% | -12.81% | 40.15% | 32.21% | -141.54% | -321.74% | -1693.53% | -28002.14% | -982.07% | -2560.69% | -814.97% | -579.16% | -683.44% | -212.71% | -188.7% | -30.45% | -57.39% | -499.96% | -1309.08% | -132.09% | -91.73% | -2080.87% | -1260.06% |
| EBITDA Growth % | 957.18% | 113.21% | -110.25% | 105.02% | 314.83% | 41.85% | 18.38% | -51.62% | 15.57% | -4.57% | -15.35% | -37.98% | 1.85% | -44.4% | -1.73% | -268.09% | 42.33% | 69.78% | -11.05% | -227.78% | -42.47% | 20.95% | 4.41% | - |
| D&A (Non-Cash Add-back) | 8.24M | 8.05M | 7.28M | 6.67M | 7.06M | 9.34M | 21.53M | 14.48M | 4.44M | 2.26M | 1.36M | 1.4M | 1.33M | 1.21M | 1.6M | 2.4M | 2.84M | 2.83M | 632K | 1.53M | 3.13M | 3.27M | 576K | 678K |
| EBIT | -33.89M | 37.65M | 2.39M | 301.03M | 88.7M | -56.18M | -135.62M | -149.56M | -95.15M | -112.44M | -106.22M | -90.69M | -66.49M | -67.6M | -46.64M | -55.65M | -15.12M | -24.12M | -71.09M | -60.8M | -22.49M | -16.86M | -17.76M | -18.66M |
| Net Interest Income | 23.13M | 29.67M | 25.24M | 1.18M | -11.04M | -17.8M | -13.61M | -5.51M | 1.34M | 755K | -367K | 156K | 116K | -2.06M | -1.85M | -1.57M | 54K | -7.42M | 2.45M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 29.54M | 36.46M | 31.99M | 7.91M | 140K | 1.26M | 3.37M | 3.83M | 1.34M | 755K | 205K | 191K | 116K | 291K | 103K | 85K | 112K | 1.74M | 4.17M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.41M | 6.79M | 6.76M | 6.73M | 11.18M | 19.06M | 16.98M | 9.34M | 0 | 0 | 572K | 35K | 0 | 2.35M | 1.96M | 1.65M | 124K | 9.16M | 1.72M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -51.05M | 34.98M | 32.66M | 10.78M | -56.97M | -18K | -17.76M | -5.58M | 851K | -1.74M | -1.72M | 589K | -232K | -2.35M | -1.02M | -9.72M | -12K | -2.42M | 2.45M | 3.19M | 1.94M | 889K | -274K | 0 |
| Pretax Income | -40.61M | 30.86M | -4.37M | 294.3M | 77.52M | -75.24M | -152.6M | -158.9M | -95.15M | -112.44M | -106.79M | -90.72M | -66.72M | -69.95M | -48.6M | -57.31M | -30.57M | -20.83M | -59.97M | -52.05M | -20.55M | -15.97M | -18.04M | 0 |
| Pretax Margin % | -12.29% | 11.13% | -1.88% | 40.72% | 17.64% | -161.63% | -433.29% | -1938.27% | -29099.08% | -1018.24% | -2636.89% | -822.35% | -593.01% | -720.08% | -224.84% | -239.28% | -75.81% | -56.15% | -425.54% | -1073.9% | -140.26% | -107.82% | -2183.78% | - |
| Income Tax | 2.79M | 3.55M | 2.02M | 1.14M | 808K | 0 | 0 | 0 | 0 | 0 | -476K | 0 | -116K | 0 | 0 | 0 | 0 | -3.29M | 372K | -8.75M | 0 | 0 | -686K | -621K |
| Effective Tax Rate % | -6.87% | 11.49% | -46.3% | 0.39% | 1.04% | 0% | 0% | 0% | 0% | 0% | 0.45% | 0% | 0.17% | 0% | 0% | 0% | 0% | 15.8% | -0.62% | 16.81% | 0% | 0% | 3.8% | - |
| Net Income | -43.4M | 27.31M | -6.39M | 293.16M | 76.71M | -75.24M | -152.6M | -158.9M | -95.15M | -112.44M | -106.79M | -90.72M | -66.72M | -69.95M | -48.6M | -57.31M | -30.57M | -20.83M | -59.97M | -52.05M | -20.55M | -15.97M | -17.35M | -18.04M |
| Net Margin % | -13.13% | 9.85% | -2.75% | 40.56% | 17.46% | -161.63% | -433.29% | -1938.27% | -29099.08% | -1018.24% | -2636.89% | -822.35% | -593.01% | -720.08% | -224.84% | -239.28% | -75.81% | -56.15% | -425.54% | -1073.9% | -140.26% | -107.82% | -2100.73% | -1264.05% |
| Net Income Growth % | -311.94% | 527.44% | -102.18% | 282.15% | 201.96% | 50.69% | 3.96% | -66.99% | 15.38% | -5.29% | -17.72% | -35.97% | 4.62% | -43.94% | 15.2% | -87.5% | -46.74% | 65.27% | -15.21% | -153.23% | -28.7% | 7.96% | 3.8% | - |
| Net Income (Continuing) | -43.4M | 27.31M | -6.39M | 293.16M | 76.71M | -75.24M | -152.6M | -158.9M | -95.15M | -112.44M | -106.79M | -90.72M | -66.72M | -69.95M | -48.6M | -57.31M | -15.13M | -26.54M | -68.65M | -52.05M | -20.55M | -15.97M | -17.35M | -18.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.63M | 8.34M | 2.02M | 0 | 0 | 14.73M | 0 |
| EPS (Diluted) | -0.32 | 0.20 | -0.05 | 1.97 | 0.57 | -0.78 | -2.10 | -2.55 | -1.81 | -2.92 | -3.25 | -3.45 | -3.40 | -4.10 | -3.88 | -6.95 | -7.57 | -5.23 | -15.09 | -16.10 | -7.93 | -7.54 | -96.24 | -106.04 |
| EPS Growth % | -395.34% | 503.23% | -102.52% | 245.61% | 173.08% | 62.86% | 17.65% | -40.88% | 38.01% | 10.15% | 5.8% | -1.47% | 17.07% | -5.67% | 44.17% | 8.19% | -44.74% | 65.34% | 6.27% | -103.03% | -5.17% | 92.17% | 9.24% | - |
| EPS (Basic) | - | 0.21 | -0.05 | 2.32 | 0.62 | -0.75 | -2.10 | -2.55 | -1.81 | -2.92 | -3.25 | -3.45 | -3.40 | -4.10 | -3.88 | -6.95 | -7.57 | -5.23 | -15.09 | -16.10 | -7.93 | -7.54 | -96.88 | -106.04 |
| Diluted Shares Outstanding | 136.47M | 133.34M | 128.73M | 150.8M | 133.01M | 100.75M | 72.02M | 62.36M | 52.61M | 38.51M | 32.88M | 26.29M | 19.63M | 17.05M | 12.51M | 8.25M | 4.04M | 3.98M | 3.97M | 3.23M | 2.59M | 2.12M | 180.3K | 170.1K |
| Basic Shares Outstanding | 117.31M | 130.05M | 128.73M | 126.4M | 116.26M | 100.75M | 72.02M | 62.36M | 52.61M | 38.51M | 32.88M | 26.29M | 19.63M | 17.05M | 12.51M | 8.25M | 4.04M | 3.98M | 3.97M | 3.23M | 2.59M | 2.12M | 179.1K | 170.1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Pipeline diversification execution risk
According to recent financial disclosures, DVAX achieved a 17.7% year-over-year revenue increase in 2025Q3, signaling that the commercial rollout of HEPLISAV-B is gaining traction as the company moves past the volatile, adjuvant-heavy revenue profile that characterized its pandemic-era financial performance in previous fiscal periods.
The current growth trajectory appears to be supported by the ACIP universal recommendation, which is successfully expanding the addressable market for adult Hepatitis B vaccination. Investors should monitor whether this momentum can be sustained without the lumpy, non-recurring adjuvant supply contracts that previously inflated top-line figures.
As reported in quarterly filings, DVAX maintained a robust gross margin of 84.8% in 2025Q3, reflecting the inherent efficiency of its specialized manufacturing process and the high-value nature of the CpG 1018 adjuvant technology integrated into its core commercial vaccine product offerings.
The stability of these margins suggests that the company possesses significant pricing power and operational control over its production costs. Maintaining this level of profitability is critical as the firm scales its commercial infrastructure to compete in the broader adult immunization market.
Based on the most recent income statement data, DVAX demonstrated improved operating leverage in 2025Q3, with operating income reaching $21.3M, a notable shift from the negative operating margins observed in earlier quarters as the company successfully scales its commercial footprint relative to fixed overhead.
The ability to convert gross profit into operating income suggests that the company is beginning to realize efficiencies from its dedicated sales force. Continued monitoring of SG&A as a percentage of revenue is warranted to ensure that marketing spend remains disciplined as the company pursues further market penetration.
Analysis of recent financial statements indicates that DVAX continues to utilize stock-based compensation, with $12.4M recorded in 2025Q3, which remains a significant non-cash expense that investors must reconcile when evaluating the true underlying profitability and cash-generating capacity of the company's core commercial operations.
While net income has turned positive, the persistent level of stock-based compensation suggests that reported EPS may be somewhat flattered by accounting treatments. Analysts should focus on the relationship between cash flow from operations and net income to determine the sustainability of these earnings.
Despite recent gains, the company faces significant competitive risks, as evidenced by the potential for mRNA-based platforms to disrupt the traditional adjuvanted vaccine market, which could challenge the long-term terminal value of the HEPLISAV-B franchise if clinical adoption rates fail to meet aggressive market expectations.
Short-term volatility in quarterly revenue recognition, particularly regarding wholesaler inventory levels, may mask underlying demand trends. Investors should remain cautious regarding the company's ability to successfully diversify its pipeline, as failure to launch a second commercial product could leave the firm overly reliant on a single asset.
Quick answers to the most common questions about buying DVAX stock.
For fiscal year 2024, Dynavax Technologies Corporation (DVAX) reported total revenue of $277.2M. This represents a 19328.6% increase compared to $1.4M in 2002.
Dynavax Technologies Corporation (DVAX) is profitable, generating $27.3M in net income for the fiscal year ending 2024 with a net profit margin of 9.9%.
Dynavax Technologies Corporation (DVAX) reported an operating income of $-4.1M, resulting in an operating profit margin of -1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Dynavax Technologies Corporation (DVAX) generated $227.8M in gross profit for the year, representing a gross profit margin of 82.2%. This demonstrates the company's core pricing power and production efficiency.