Heplisav-B, which was approved by the FDA in 2018, saw a large drop in sales in Q2 2020. The sales for Q2 2020 were $2.4M which is very low compared to Q1 2020 which was about $10.5M. Also, it is important to note that Q2 2019 sales were $8.3M. The CEO stated in the Q2 investor call that the drop-in sales was due to the COVID-19 pandemic and a reduction in inventory levels. He also explained that there appeared to be a rebound in the market at the end of Q2 2020 and believes the drug will begin to do well again in the coming quarter.
It was already disappointing that Heplisav-B sales from 2019 trajectory seemed to be capping off at $50M a year. Now it appears that DVAX will be fortunate to get back to $25M in 2021. Hopefully, its COVID-19 partners will save the day for DVAX. Otherwise, it will be hard for them to sustain a $500M market cap. Are you bullish or bearish on DVAX?