Company: DVAX
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001029142-25-000071
Chunk: 388

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 388
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 Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

Revenues 

Revenues consist of amounts earned from product sales and other revenues. Product revenue, net, consists of sales of HEPLISAV-B.

Revenue from HEPLISAV-B product sales is recorded at the net sales price, which includes estimates of product returns, chargebacks, discounts, rebates and other fees. Overall, product revenue, net, reflects our best estimates of the amount of consideration to which we are entitled based on the terms of the contract.

Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known.

The following is a summary of our revenues (in thousands, except for percentages):

 Three Months EndedMarch 31,Increase from 2024 to 2025 Revenues:20252024$ % HEPLISAV-B$64,959 $47,845 $17,114 36 %Total product revenue, net64,959 47,845 17,114 36 %Other revenue3,205 2,945 260 9 %Total revenues$68,164 $50,790 $17,374 34 %

(1) Other revenue primarily includes revenue from our agreement with the DoD.

HEPLISAV-B product revenue increased by $17.1 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Approximately $10.1 million of the increase in product revenue was due to higher volume, largely driven by continued improvement in market share, particularly in the integrated delivery networks and retail segments, and growth in the U.S. hepatitis-B vaccine market. Increases in net sales price contributed approximately $8.1 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. There were no non-U.S. sales for the three months ended March 31, 2025, compared to approximately $1.1 million for the three months ended March 31, 2024.

Cost of Sales – Product

Cost of sales - product consists primarily of raw materials, certain fill, finish and overhead costs and any inventory adjustment charges for HEPLISAV-B. 

The following is a summary of