Analysis Of SCI-B-VAC's Overwhelming Phase III Clinical Data Suggests VBI Vaccines' Share Price Is Materially Undervalued
Jan. 28, 2020 12:58 PM ET|
Summary
VBIV just released results from its Phase III study comparing its "SCI-B-VAC" Hepatitis B vaccine against Engerix-B from GlaxoSmithKline ("GSK") that was first approved in 1989.
SCI-B-VAC generates 3+X the anti-bodies than Engerix-B (3 dose regimen/7.5X via 2 dose). VBIV will file for US/EU approval in 2H2020 and find a partner to sell SCI-B-VAC (assuming approved).
Engerix-B does just under $1Billion/year in revenues and, as a practical matter, is the standard of care in Hepatitis B vaccination.
A second Hepatitis B vaccine for adults 18 and older called HEPLISAV-B from Dynavax recorded $10MM in Q32019 revenues. Dynavax believes peak US HEPLISAV-B revenues could be $500MM.
VBIV has noted it will price 3 dose SCI-B-VAC regimen consistent with Engerix-B which is approximately 20% below HEPLISAV-B's WAC/dose 2 dose regimen.