对SCI-B-VAC压倒性的第三阶段临床数据的分析表明，VBI疫苗的

StephenW

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.


摘要

VBIV刚刚公布了其第三阶段研究的结果，该研究比较了1989年首次批准的葛兰素史克公司的“ SCI-B-VAC”乙型肝炎疫苗针对Engerix-B的疫苗。

与Engerix-B相比，SCI-B-VAC可产生3 + X的抗体（3剂方案/7.5X，2剂）。 VBIV将在2H2020申请美国/欧盟批准，并找到销售SCI-B-VAC的合作伙伴（假设已批准）。

Engerix-B每年的收入接近10亿美元，实际上，这是乙肝疫苗接种的标准护理。

Dynavax的第二种针对18岁及以上成年人的乙型肝炎疫苗HEPLISAV-B在2019年第三季度的收入为1000万美元。 Dynavax认为，美国HEPLISAV-B的最高收入可能为500MM。

VBIV指出，它将按照与Engerix-B一致的3剂量SCI-B-VAC方案定价，这比HEPLISAV-B的WAC /第2剂量方案低约20％。

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