One of the more up-and-down coronavirus stocks, Dynavax Technologies (DVAX -0.66%), had quite the up day on Friday. The company's shares had levitated by almost 18% late in the session after it delivered its latest set of quarterly figures.
For its second quarter, the results of which were published immediately after market hours on Thursday, Dynavax booked total revenue of $256.5 million. That was nearly five times as much as it earned in the same quarter of last year.
The bulk of this was due to its still-hot product, the CpG 1018 adjuvant, which is used in coronavirus vaccines. An adjuvant is a substance that enhances the immune response produced by a vaccine. Net sales of CpG 1018 were nearly $223 million for the quarter, well above the $39 million in the year-ago period. Dynavax's remaining sales came from its hepatitis B vaccine, Heplisav-B.
On the bottom line, the company's GAAP net income improved even more dramatically, shooting to just under $129 million ($0.87 per share) from less than $5 million in Q2 2021.
Both headline numbers pounded analysts' consensus estimates into the dirt. On average, prognosticators following the biotech were anticipating only $151 million on the top line, and a mere $0.23 per share for net income.
Dynavax updated its selected guidance for 2022, saying that it expects net product revenue for CpG 1018 in the range of $550 million to $600 million. Research and development expenses should total $50 million to $60 million, and selling, general, and administrative expenses are expected to be between $130 million and $140 million. The company did not provide any forecasts for profitability.