What happened
Shares of Dynavax Technologies (DVAX 4.06%) couldn't escape the claws of the bear on Tuesday. The biotech stock closed 0.4% lower on the day, despite encouraging quarterly results published this morning.
So what
For its fourth quarter of 2021, Dynavax took in total revenue of just over $195 million, nearly 10 times the $19.6 million in the same quarter the previous year. GAAP net income came in just under $100 million, or $0.80 a share, representing a dramatic change from the $15.5 million loss of the year-ago quarter.
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While those numbers are impressive at first glance, they actually represent a mixed quarter for the biotech as far as analyst estimates are concerned. On one hand, professionals following the stock were anticipating nearly $209 million on the top line, but their collective estimate for per-share net profit was merely $0.69.
Dynavax's notable growth was due almost entirely to revenue from CpG 1018, its adjuvant that's used in vaccines. An adjuvant is effectively a booster substance that helps stimulate an immune response against a targeted antigen. CpG 1018 is used in coronavirus vaccines approved in various jurisdictions around the world.
Now what
For the entirety of 2022, Dynavax is guiding for CpG 1018 net product revenue of $550 million at the minimum, which would be well above the $375 million the product earned last year.
Selling, general, and administrative expenses should cost the company $120 million to $140 million, and research and development spending is anticipated to be $55 million to $70 million. Those figures for 2021 were just over $100 million and $32 million, respectively.
The company did not proffer any profitability estimates.
