Vaxcyte, Inc. Q4 FY2021 earnings call

• Made significant advancements across business focused on eradicating bacterial infections. • Advanced pipeline, demonstrated novel vaccine platform potential, and onboarded expertise. • VAX-24 lead 24-valent vaccine candidate advanced, with first participants dosed in Phase 1/2 study, anticipating top line results by year end. • Strategy to overcome limitations of current pneumococcal vaccines using advanced chemistry and synthetic techniques. • VAX-XP PCV candidate with expanded coverage in development, VAX-A1 for group A Strep infections in IND enabling activities, VAX-PG for periodontal disease progressing towards nominating final candidate by end of 2021. • Strengthened balance sheet with $115 million follow-on offering, providing resources to fund operations for at least 12 months past VAX-24 Phase 1/2 top line results.

No detailed segment performance with revenue contribution % provided as the transcript does not break down financials by specific product segments in that manner.

• Expect substantial increase in 2022 expenses, particularly in R&D, due to advancing VAX-24 into clinic, scaling manufacturing for Phase 3, and IND enabling for VAX-XP. • Cash runway sufficient to fund operations for at least 12 months past anticipated VAX-24 Phase 1/2 top line results by year end. • Anticipate submitting adult VAX-XP IND application following VAX-24 Phase 1/2 top line results. • Guidance on VAX-A1 IND submission timing in second half of 2022. • Intend to nominate final VAX-PG candidate by end of 2021.

• Forward-looking statements subject to various risks and uncertainties, including benefits of vaccine candidates, development process and timing, demand, cash and funding sufficiency. • Actual results may differ materially from forward-looking statements. • Investors should read risk factors in Vaxcyte's Form 10-K for the year ended December 31, 2021, and subsequent SEC reports.

Q: What would management view as a highly positive outcome from its Phase 1 adult vaccine study and key parameters for success?

A: In Phase 1/2, phase 1 is safety analysis, phase 2 is comparison of immunogenicity between VAX-24 and PCV 20. Expect geometric mean ratio at least as good if not better on a serotype-by-serotype basis. FDA requires at least half the serotype response as standard of care to move to Phase 3.

Q: How do you think you will effectively compete with larger companies in this space and market playout for VAX-24 and VAX-XP?

A: Precedent of broader spectrum vaccines usurping lesser valent ones. VAX-24 could get preferred recommendation due to incremental coverage over PCV 20 and ability to remove Pneumovax from regimen. VAX-24 and VAX-XP have natural progression in market, VAX-24 could get adult approval first then infant, VAX-XP could follow. For fourfold rise, based on regulatory precedent from PCV20 and PCV15 approvals.

Q: Any potential impacts on the upcoming VAX-24 trial based on COVID season?

A: No significant impact as trial is on safety and immunogenicity, not infection rate, and healthy cohort is large enough to not be affected by COVID season.