Vaxcyte (PCVX) Wells Fargo 21st Annual Healthcare Conference summary

Company overview and technology

• Focuses on vaccine development using a proprietary cell-free protein synthesis platform enabling site-specific conjugation and production of difficult proteins.

• Lead pipeline includes pneumococcal conjugate vaccines, advancing from 24-valent to 31-valent formulations, and a group B strep vaccine.

• Technology allows broader vaccine coverage and improved immune responses compared to existing products.

• Upcoming clinical readouts are expected over the next year.

Regulatory and market landscape

• Regulatory and policy environment for vaccines is increasingly constructive, with recent approvals reflecting positive momentum.

• Pneumococcal conjugate vaccines remain affirmed as critical for both adult and infant populations.

• Major pharmaceutical companies continue to invest in vaccine businesses, signaling confidence in the sector.

Unmet need and competitive dynamics in pneumococcal vaccines

• Pneumococcal bacteria have about 100 serotypes, requiring vaccines with expanding coverage due to serotype replacement.

• Current vaccines are limited by carrier suppression, but the new technology enables more conjugates without immune response compromise.

• VAX-31 offers broader coverage (up to 95%) and better immune responses than current standards (Prevnar 20 and CAPVAXIVE).

• Market share historically follows broader coverage, with liability concerns reinforcing physician preference for the most comprehensive vaccine.