PCVX: Beyond the Frontline - It’s Never Too Early to Step on the GAS; Why Now Is the Time to Understand VAX-A1

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PCVX: Beyond the Frontline - It’s Never Too Early to Step on the GAS; Why Now Is the Time to Understand VAX-A1

July 13, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com PCVX: Beyond the Frontline - It’s Never Too Early

617 859 4637 to Step on the GAS; Why Now Is the Time to

Evan Wang

evan.wang@guggenheimpartners.com Understand VAX-A1

212 651 9756

Colleen Garvey, Ph.D. In our "Beyond the Frontline" series, we go deeper on pipeline programs where our

colleen.garvey@guggenheimpartners.com analysis leads to a meaningfully different view than consensus. 617 859 4664

Alana Lelo, Ph.D. Key Message: With PCVX's Group A Strep (GAS) vaccine VAX-A1 now in the clinic,

alana.lelo@guggenheimpartners.com we are publishing a detailed overview of why we're optimistic about its prospect

212 518 9955 as PCVX’s next multibillion-dollar global vaccine. PCVX is utilizing a differentiated

Zach Dunn, Ph.D. approach with VAX-A1, enabled by the same platform technology that produced VAX-31,

zach.dunn@guggenheimpartners.com and we're optimistic that its design can address both the historical safety concerns and

617 859 4603 distinguish it from competition like GSK’s GSK4424989, which is just several months

ahead. While we found that direct comparisons of the Phase 1s in adults will likely be

difficult given the immunologically exposed younger adult study populations, we believe

supportive safety data and evidence of immunogenicity in adults would allow PCVX to

advance relatively quickly toward a Phase 2 proof-of-efficacy program in a relatively smallPCVX BUY group of school-aged children (pre-K and kindergarten). While our near-term focus is

Vaxcyte, Inc. absolutely on the upcoming VAX-31 Phase 3 readout in adults in 4Q, we think it's never