Announcement • Mar 23

Vaxcyte Inc Completes Enrollment Of OPUS-1 And OPUS-2 Phase 3 Trials Evaluating VAX-31 For The Prevention Of Invasive Pneumococcal Disease And Pneumonia In Adults

Vaxcyte, Inc. announced the completion of enrollment in the VAX-31 OPUS-1 Phase 3 pivotal, noninferiority trial with approximately 4,000 participants and the OPUS-2 Phase 3 trial evaluating VAX-31 concomitantly administered with a seasonal influenza vaccine in approximately 1,300 participants. The Phase 3 program evaluating VAX-31, the Company’s next-generation 31-valent pneumococcal conjugate vaccine (PCV) candidate, for the prevention of invasive pneumococcal disease (IPD) and pneumonia in adults was finalized in consultation and alignment with the U.S. Food and Drug Administration (FDA) and is intended to generate a broad and robust dataset to support a planned Biologics License Application (BLA) submission. Topline safety, tolerability and immunogenicity data from OPUS-1 Phase 3 study are expected in Fourth Quarter of 2026. Results from the OPUS-2 and OPUS-3 trials are expected in the first half of 2027. The pivotal Phase 3 study of VAX-31 is now fully enrolled with approximately 4,000 adults. The randomized, double-blind, active-controlled trial is evaluating the safety, tolerability and immunogenicity of the VAX-31 High Dose, the adult formulation being evaluated in the OPUS Phase 3 program, in healthy, pneumococcal-naïve U.S. adults aged 50 years and older, with a separate cohort of adults aged 18-49 years. In this formulation, all serotypes are dosed at 3.3 mcg, except serotypes 1, 5 and 22F, which are dosed at 4.4 mcg. The study is being conducted at approximately 50 sites across the United States. Adults aged =50 years: Participants in this age group were randomized 1:1:1 to receive a single dose of VAX-31, Capvaxive (PCV21) or Prevnar 20 (PCV20) on Day 1. Adults aged 18-49 years: Participants in this age group were randomized 3:1 to receive a single dose of VAX-31 or PCV20 on Day 1, with PCV20 serving as the safety comparator. For all participants, safety and tolerability will be assessed for six months following initial vaccination of VAX-31, PCV21 or PCV20. Primary immunogenicity objectives: Noninferiority of VAX-31 compared with PCV21 and/or PCV20 for the 28 serotypes shared with either or both comparator vaccines in adults aged 50 years and older (criterion: lower bound (LB) of the two-sided 95% confidence interval (CI) of the OPA GMR is >0.667). Superiority of VAX-31 compared with PCV21 or PCV20 for the three serotypes unique to VAX-31 (2, 7C and 20C) and for serotype 20B in adults aged 50 years and older (criterion: LB of the two-sided 95% CI of the OPA GMR is >2.0). Noninferiority of VAX-31 immune responses in adults aged 18-49 years compared with those in adults aged 50-64 years (criterion: LB of the two-sided 95% CI of the OPA GMR is >0.667). Key secondary immunogenicity objectives: Noninferiority of VAX-31 compared with both PCV21 and PCV20 for the 11 serotypes common to all three vaccines in adults aged 50 years and older (criterion: LB of the two-sided 95% CI of the OPA GMR is >0.5). Statistically greater immune responses elicited by VAX-31 compared with those elicited by PCV21 or PCV20 for the 28 shared serotypes in adults aged 50 years and older (criterion: LB of the two-sided 95% CI of the OPA GMR is >1.0). Superiority of VAX-31 compared with PCV20 for the eight serotypes common to VAX-31 and PCV21 but not included in PCV20 in adults aged 50 years and older (criterion: LB of the two-sided 95% CI of the OPA GMR is >2.0). Superiority of VAX-31 compared with PCV21 for the nine serotypes common to VAX-31 and PCV20 but not included in PCV21 in adults aged 50 years and older (criterion: LB of the two-sided 95% CI of the OPA GMR is >2.0). VAX-31 serotypes (31): 1, 2, 3, 4, 5, 6A, 6B, 7C, 7F, 8, 9N, 9V, 10A, 11A, 12F, 14, 15A, 15B, 16F, 17F, 18C, 19A, 19F, 20C, 22F, 23A, 23B, 23F, 31, 33F, 35B. Serotypes common to VAX-31, PCV21 and PCV20 (11): 3, 6A, 7F, 8, 10A, 11A, 12F, 15B, 19A, 22F, 33F. Serotypes common to VAX-31 and PCV20 but not in PCV21 (9): 1, 4, 5, 6B, 9V, 14, 18C, 19F, 23F. Serotypes common to VAX-31 and PCV21 but not in PCV20 (8): 9N, 15A, 16F, 17F, 23A, 23B, 31, 35B. Serotypes unique to VAX-31 (3): 2, 7C, 20C (20B is also being evaluated). OPUS-2 Phase 3 study, which is now fully enrolled with approximately 1,300 adults, is a randomized, double-blind, placebo-controlled clinical trial designed to evaluate the safety, tolerability and immunogenicity of VAX-31 when administered either concomitantly with or one month following administration of a licensed seasonal influenza vaccine in pneumococcal-naïve, healthy U.S. adults aged 50 years and older. The results of this descriptive study are intended to inform the design of a potential post-licensure outcomes study that further evaluates VAX-31 in concomitant use with an influenza vaccine and to provide supportive evidence as part of the broader Phase 3 dataset. The study is being conducted at approximately 25 sites in the United States. Participants were randomized 1:1 into one of two groups: Concomitant Administration Group: Participants received a seasonal influenza vaccine administered open-label and concomitantly with VAX-31 administered blinded on Day 1, followed by a blinded placebo injection at Month 1. Sequential Administration Group: Participants received a seasonal influenza vaccine administered open-label with a blinded placebo injection on Day 1, followed by VAX-31 administered blinded at Month 1. This sequential dosing approach allows for evaluation of immune responses to VAX-31 when administered alone, while preserving blinding and controlling for vaccination timing. For all participants, safety and tolerability will be assessed for six months following initial vaccination. Primary immunogenicity objectives: Assessing serotype-specific immune responses (opsonophagocytic activity (OPA) geometric mean titers (GMTs) and geometric mean fold rises (GMFRs)) elicited by VAX-31 across all 31 serotypes and serotype 20B in pneumococcal-naïve adults aged 50 years and older. Comparing strain-specific immune responses (hemagglutination inhibition (HAI) GMTs) elicited by a seasonal influenza vaccine when co-administered with VAX-31 to those elicited by a seasonal influenza vaccine alone. Secondary immunogenicity objective: Comparing immunoglobulin G (IgG) antibody responses (IgG geometric mean concentrations (GMCs)) elicited by VAX-31 across all 31 serotypes and serotype 20B when VAX-31 is co-administered with a seasonal influenza vaccine to those elicited by VAX-31 alone.

Announcement • Jan 23

Vaxcyte, Inc. Advances Adult and Infant Programs for VAX-31, a Potential Best-In-Class, Next-Generation Pneumococcal Conjugate Vaccine

Vaxcyte, Inc. provided updates on the continued advancement of VAX-31, the Company’s next-generation 31-valent pneumococcal conjugate vaccine (PCV) candidate, across its adult and infant clinical programs. For the VAX-31 adult indication, the first participants have been dosed in a Phase 3 trial evaluating VAX-31 when administered concomitantly with a licensed seasonal influenza vaccine in pneumococcal-naïve adults aged 50 years and older (OPUS-2 trial). Additionally, Vaxcyte plans to initiate a separate Phase 3 trial in the first quarter of 2026 evaluating VAX-31 in adults who have previously received a pneumococcal vaccine (OPUS-3 trial). For the VAX-31 infant indication, the Company has completed enrollment in its Phase 2 dose-finding study evaluating VAX-31 in healthy infants. VAX-31 Adult Indication: Vaxcyte is advancing a comprehensive Phase 3 adult clinical program for VAX-31 to support a planned BLA submission. The announced Phase 3 clinical studies, which were finalized in consultation and alignment with the FDA, include the pivotal, noninferiority trial evaluating VAX-31 for the prevention of invasive pneumococcal disease (IPD) and pneumonia in adults (OPUS-1, enrolling); a trial evaluating VAX-31 when administered concomitantly with a licensed seasonal influenza vaccine in pneumococcal-naïve adults (OPUS-2, enrolling); and a trial in adults who have previously received a pneumococcal vaccine (OPUS-3, not yet enrolling). Across these three studies, approximately 6,000 adults are expected to be enrolled in total, of whom approximately 3,400 will receive VAX-31, with the intent to generate a broad and robust safety, tolerability and immunogenicity dataset. Vaxcyte is also planning for a manufacturing consistency study (e.g., a lot-to-lot study). About OPUS-2, the Adult Phase 3 Trial of VAX-31 Concomitantly Administered with a Seasonal Influenza Vaccine (n~1,300) This Phase 3 study is a randomized, double-blind, placebo-controlled clinical trial designed to evaluate the safety, tolerability and immunogenicity of VAX-31 when administered either concomitantly with or one month following administration of a licensed seasonal influenza vaccine in pneumococcal-naïve, healthy U.S. adults aged 50 years and older. The study is expected to enroll approximately 1,300 participants at approximately 25 sites in the United States. The results of this descriptive study are intended to inform the design of a potential post-licensure outcomes study that further evaluates VAX-31 in concomitant use with an influenza vaccine and to provide supportive evidence as part of the broader Phase 3 dataset. Participant Overview: Participants will be randomized 1:1 into one of two groups: Concomitant Administration Group (n~650): Participants receive a seasonal influenza vaccine administered open-label and concomitantly with VAX-31 administered blinded on Day 1, followed by a blinded placebo injection at Month 1. Sequential Administration Group (n~650): Participants receive a seasonal influenza vaccine administered open-label with a blinded placebo injection on Day 1, followed by VAX-31 administered blinded at Month 1. This sequential dosing approach allows for evaluation of immune responses to VAX-31 when administered alone, while preserving blinding and controlling for vaccination timing. For all participants, safety and tolerability will be assessed for six months following initial vaccination. Immunogenicity Analyses Primary immunogenicity objectives: Month 1: Assessing serotype-specific immune responses (opsonophagocytic activity (OPA) geometric mean titers (GMTs) and geometric mean fold rises (GMFRs)) elicited by VAX-31 across all 31 serotypes and serotype 20B in pneumococcal-naïve adults aged 50 years and older. Month 2: Comparing strain-specific immune responses (hemagglutination inhibition (HAI) GMTs) elicited by a seasonal influenza vaccine when co-administered with VAX-31 to those elicited by a seasonal influenza vaccine alone. Secondary immunogenicity objective: Comparing immunoglobulin G (IgG) antibody responses (IgG geometric mean concentrations (GMCs)) elicited by VAX-31 across all 31 serotypes and serotype 20B when VAX-31 is co-administered with a seasonal influenza vaccine to those elicited by VAX-31 alone. About OPUS-3, the VAX-31 Adult Phase 3 Trial in Subjects Who Have Previously Received a Pneumococcal Vaccine (n~720): This Phase 3 study is a randomized, double-blind, active-controlled, descriptive clinical trial designed to evaluate the safety, tolerability and immunogenicity of a single dose of VAX-31 in approximately 720 healthy U.S. adults aged 50 years and older with a history of prior pneumococcal vaccination at least six months prior. The study will be conducted at approximately 30 sites in the United States.Participant Overview: Approximately 720 participants will be assigned to one of three groups (~240 each) based on prior pneumococcal vaccination history, comprising adults who have previously received 1) Pneumovax 23 (PPSV23), 2) Prevnar 20 (PCV20) or 3) other licensed pneumococcal vaccines, alone or in combination. Participants in each group will be randomized 3:1 to receive VAX-31 or PCV20, the active comparator, on Day 1. For all participants, safety and tolerability will be assessed for six months following initial vaccination.Immunogenicity Analyses. Primary immunogenicity objective: Month 1: Assessing serotype-specific immune responses (OPA GMTs and GMFRs) elicited by VAX-31 across all 31 serotypes and serotype 20B in adults who have previously received a licensed pneumococcal vaccine or a combination of licensed pneumococcal vaccines. Secondary immunogenicity objective: Describing serotype-specific IgG antibody responses (IgG GMCs and GMFRs) elicited by VAX-31 across all 31 serotypes and serotype 20B.

Biotechs earnings growth	24.7%
Revenue growth rate	71.0%
Future return on equity	n/a
Analyst coverage	Good
Last updated	07 May 2026

Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	241	-1,257	-793	-845	6
12/31/2027	27	-1,313	-1,099	-1,038	6
12/31/2026	N/A	-1,140	-1,058	-868	7
3/31/2026	N/A	-947	-815	-770	N/A
12/31/2025	N/A	-767	-713	-656	N/A
9/30/2025	N/A	-657	-621	-542	N/A
6/30/2025	N/A	-547	-564	-460	N/A
3/31/2025	N/A	-510	-594	-460	N/A
12/31/2024	N/A	-464	-572	-453	N/A
9/30/2024	N/A	-508	-616	-470	N/A
6/30/2024	N/A	-497	-582	-467	N/A
3/31/2024	N/A	-437	-483	-408	N/A
12/31/2023	N/A	-402	-365	-297	N/A
9/30/2023	N/A	-300	-245	-233	N/A
6/30/2023	N/A	-265	-220	-214	N/A
3/31/2023	N/A	-245	-199	-191	N/A
12/31/2022	N/A	-223	-176	-171	N/A
9/30/2022	N/A	-174	-163	-156	N/A
6/30/2022	N/A	-143	-153	-146	N/A
3/31/2022	N/A	-118	-144	-136	N/A
12/31/2021	N/A	-100	-128	-121	N/A
9/30/2021	N/A	-92	-87	-81	N/A
6/30/2021	N/A	-87	-70	-66	N/A
3/31/2021	N/A	-83	-48	-46	N/A
12/31/2020	N/A	-89	-48	-47	N/A
9/30/2020	N/A	-83	-52	-50	N/A
6/30/2020	N/A	-73	-48	-47	N/A
3/31/2020	N/A	-64	-53	-51	N/A
12/31/2019	N/A	-50	N/A	-47	N/A
12/31/2018	N/A	-29	N/A	-30	N/A

Data	Last Updated (UTC time)
Company Analysis	2026/05/07 18:59
End of Day Share Price	2026/05/07 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Jason Matthew Gerberry	BofA Global Research
Thomas Shrader	BTIG
Carter Gould	Cantor Fitzgerald & Co.

Vaxcyte Future Growth

Future criteria checks 2/6

Key information

Recent future growth updates

Price target increased by 11% to US$102

Price target increased by 11% to US$102

Price target decreased by 9.7% to US$119

Price target decreased by 14% to US$128

Price target increased by 27% to US$131

Price target increased by 7.8% to US$71.14

Recent updates

Vaxcyte Completes Phase 3 Enrollment for VAX-31 and Plans Phase 1 Launch for VAX-A1

Vaxcyte's Manufacturing-Backed Vaccine Platform Is Redefining The PCV Market

Vaxcyte, Inc., Annual General Meeting, Jun 15, 2026

Vaxcyte Inc Completes Enrollment Of OPUS-1 And OPUS-2 Phase 3 Trials Evaluating VAX-31 For The Prevention Of Invasive Pneumococcal Disease And Pneumonia In Adults

Vaxcyte, Inc. Publishes Positive Phase 1/2 Adult Data For VAX-31 Pneumococcal Conjugate Vaccine Candidate

Future Late Stage Vaccine Programs And Manufacturing Capacity Will Drive Long Term Opportunity

Executive VP & COO notifies of intention to sell stock

Executive VP & COO notifies of intention to sell stock

Late Stage Vaccine Programs And New Manufacturing Capacity Will Underpin Long Term Upside

Late Stage Vaccine Trials And Manufacturing Buildout Will Shape Balanced Long Term Outlook

Vaxcyte, Inc. has completed a Follow-on Equity Offering in the amount of $408.1 million.

Vaxcyte, Inc. Doses First Participants in OPUS-3 Phase 3 Trial Evaluating VAX-31 in Adults Previously Vaccinated with Lower-Valency Pneumococcal Vaccines

Vaxcyte, Inc. to Report Q4, 2025 Results on Feb 24, 2026

New minor risk - Shareholder dilution

Price target increased by 11% to US$102

Vaxcyte, Inc. has completed a Follow-on Equity Offering in the amount of $550 million.

Vaxcyte, Inc. Advances Adult and Infant Programs for VAX-31, a Potential Best-In-Class, Next-Generation Pneumococcal Conjugate Vaccine

Price target increased by 11% to US$102

Senior Vice President of Finance recently sold US$557k worth of stock

Vaxcyte, Inc. Doses First Participants in the OPUS Phase 3, Noninferiority Trial Evaluating VAX-31 for the Prevention of Invasive Pneumococcal Disease and Pneumonia in Adults

Vaxcyte, Inc. Advances VAX-31 Infant Phase 2 Dose- finding Study with First Participants Receiving VAX-31 Optimized Dose

Price target decreased by 9.7% to US$119

We're Not Very Worried About Vaxcyte's (NASDAQ:PCVX) Cash Burn Rate

Vaxcyte, Inc.(NasdaqGS:PCVX) dropped from Russell 2000 Growth Index

Vaxcyte, Inc. Appoints Dr. Olivier Brandicourt to Board of Directors

Vaxcyte, Inc., Annual General Meeting, Jun 12, 2025

Price target decreased by 14% to US$128

New minor risk - Share price stability

Vaxcyte: Plunge On FDA Top Regulator Resigning Generates Buying Opportunity

Vaxcyte Announces Positive Topline Results from VAX-24 Infant Phase 2 Dose-Finding Study

Executive VP & COO notifies of intention to sell stock

New minor risk - Shareholder dilution

President & CFO notifies of intention to sell stock

Vaxcyte, Inc. to Report Q4, 2024 Results on Feb 25, 2025

Vaxcyte, Inc. Advances to Second Stage of Ongoing Phase 2 Study Evaluating VAX-31 for Prevention of Invasive Pneumococcal Disease in Infants

Executive VP & COO notifies of intention to sell stock

President & CFO notifies of intention to sell stock

New major risk - Shareholder dilution

Vaxcyte Aims To Outshine Pfizer With Bold VAX-31 Strategy

Executive VP & COO notifies of intention to sell stock

President & CFO notifies of intention to sell stock

Co-Founder notifies of intention to sell stock

Vaxcyte, Inc. Initiates Phase 2 Study Evaluating Vax-31 for the Prevention of Invasive Pneumococcal Disease in Infants

President & CFO notifies of intention to sell stock

Vaxcyte, Inc. Provides Positive Regulatory Updates on VAX-31 Pediatric and Adult Programs

Co-Founder notifies of intention to sell stock

Insufficient new directors

President & CFO notifies of intention to sell stock

Co-Founder notifies of intention to sell stock

Executive VP & COO notifies of intention to sell stock

Vaxcyte: Stunning PCV Data Readout Suggests Vaccine Maker Is A Strong Buy

Vaxcyte, Inc. has completed a Follow-on Equity Offering in the amount of $1.299998 billion.

Executive VP & COO notifies of intention to sell stock

Vaxcyte, Inc. has filed a Follow-on Equity Offering.

New major risk - Revenue and earnings growth

Price target increased by 27% to US$131

Vaxcyte Reports Positive Topline Data from Phase 1/2 Study of VAX-31, its 31-Valent Pneumococcal Conjugate Vaccine Candidate, in Adults Aged 50 and Older

President & CFO notifies of intention to sell stock

President & CFO notifies of intention to sell stock

Vaxcyte Appoints John Furey to Board of Directors

President & CFO notifies of intention to sell stock

Independent Director notifies of intention to sell stock

President & CFO notifies of intention to sell stock

New major risk - Revenue and earnings growth

President & CFO notifies of intention to sell stock

Vaxcyte, Inc., Annual General Meeting, Jun 06, 2024

President & CFO notifies of intention to sell stock

New major risk - Revenue and earnings growth

Vaxcyte, Inc. Completes Enrollment of Phase 2 Study Evaluating VAX-24 for the Prevention of Invasive Pneumococcal Disease in Infants