Slide 1: VAX-31 OPUS-1 Pivotal Phase 3 Adult Trial: Topline Results
October 5, 2026 VAX-31 OPUS-1 Pivotal Phase 3 Adult Trial: Topline Results Exhibit 99.2
Slide 2: Vaxcyte Leadership Team on Today's Call
October 5, 2026 Strong Track Record in Vaccines and Biopharma Grant Pickering, MBA Chief Executive Officer, Director & Co-Founder Andrew Guggenhime, MBA President & Chief Financial Officer Jim Wassil, MS, MBA Executive VP, Chief Operating Officer & Chief Scientific Officer Luis Jodar, PhD Chief Medi
Slide 3: Forward-Looking Statements
Forward-Looking Statements October 5, 2026 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the potential benefits of Vaxcyte’s carrier-sparing pla
Slide 4: Agenda
October 5, 2026 Introduction and results overview Agenda OPUS-1 Study and TOPLINE results Trial Design, Disposition and Demographics Tolerability and Safety Data Immunogenicity in Adults Aged ≥50 Years and 18-49 Years Vax-31 PROGRAM Next Steps
Slide 5: Introduction and Results Overview
Introduction and Results Overview October 5, 2026
Slide 6: Pneumococcal Vaccine Market is Large, Durable and Poised for Significant Growth
October 5, 2026 Combined $8.5B Market Expected to Grow to ~$12B by 2030¹ Driven Primarily by Adult Market Expansion Pneumococcal Vaccine Market is Large, Durable and Poised for Significant Growth Future Market 2030: ~$12B Pediatric market is large, well-established, and highly durable Total Market T
Slide 7: VAX-31 is Designed to Expand Protection with Broadest Disease Coverage in Adults
VAX-31 is Designed to Expand Protection with Broadest Disease Coverage in Adults IPD² (Adults ≥50) IPD = Invasive Pneumococcal Disease; SoC = standard of care; ST = serotype. (1) Immune responses elicited by 20C are expected to be highly cross-reactive with 20B. PCV21 includes 20A and VAX-31 include
Slide 8: OPUS-1 Inaugurates a More Stringent Noninferiority Standard
LBCI >1 OPUS-1 Inaugurates a More Stringent >0.667 Noninferiority Standard, Setting a New Bar for Adult PCV Clinical Studies October 5, 2026 OPA GMR: LBCI >0.5 LBCI >0.667 Immune Response Standards for OPA GMRs OPA = opsonophagocytic activity; GMR = geometric mean ratio; NI = noninferiority; ST = se
Slide 9: OPUS-1 Phase 3 Study: Statistical Framework to Define Success
October 5, 2026 OPUS-1 Phase 3 Study: Statistical Framework to Define Success 11 serotypes shared by all 3 vaccines Noninferiority vs PCV20 and/or PCV21 (OPA GMR: LBCI >0.667)¹ 9 serotypes shared with PCV20 only Noninferiority vs PCV20 (OPA GMR: LBCI >0.667) 8 serotypes shared with PCV21 only Noninf
Slide 10: OPUS-1 Topline Results: VAX-31 Met All Primary Immunogenicity Endpoints and Safety Objectives
October 5, 2026 OPUS-1 Phase 3 Topline Results: VAX-31 Met All Primary Immunogenicity Endpoints and Safety Objectives (1) Groups 1 and 4: one-sided Hochberg-adjusted p-value <0.025 against at least one comparator, as prespecified in the protocol. (2) The 32 assessments include 31 vaccine serotypes a
Slide 11: OPUS-1 Study and Topline Results
OPUS-1 Study and Topline Results October 5, 2026
Slide 12: Trial Design, Disposition and Demographics
Trial Design, Disposition and Demographics October 5, 2026
Slide 13: OPUS-1 Phase 3 Pivotal, Randomized, Double-Blind, Active-Controlled Trial
6 Month Safety Follow-Up OPUS-1 Phase 3 Pivotal, Randomized, Double-Blind, Active-Controlled Clinical Trial in Adults Aged 18 and Older (n=4,047*) October 5, 2026 Adults aged ≥50 years (n=3,572) Adults aged 18-49 years (n=475) Screen Blood Sample Screen Randomize (3:1) Month 1 Month 6 Day 1 Blood Sa
Slide 14: ~97% of Vaccinated Subjects Included in Immunogenicity Evaluable Population
~97% of Vaccinated Subjects Included in Immunogenicity Evaluable Population Study Disposition October 5, 2026 ≥50 YEARS 18-49 YEARS* Total Enrolled1 N = 3,572 Total Enrolled1 N = 475 VAX-31 N = 1,194 PCV20 N = 1,195 PCV21 N = 1,183 N = 1,194 N = 1,195 N = 1,183 N = 1,147 N = 1,162 N = 1,151 VAX-31 N
Slide 15: Population Demographics in Adults Aged 50 Years and Older
Population Demographics in Adults Aged 50 Years and Older October 5, 2026 VAX-31 PCV20 PCV21 Safety Immunogenicity Safety Immunogenicity Safety Immunogenicity Number of Subjects 1194 1147 1195 1162 1183 1151 Median Age, Years (range) 60.0 (50, 97) 60.0 (50, 97) 60.0 (50, 86) 60.5 (50, 86) 60.0 (50,
Slide 16: Population Demographics in Adults Aged 18-49
Well-Balanced Across Cohorts and Similar for the Safety and Immunogenicity Populations Population Demographics in Adults Aged 18-49 October 5, 2026 18-49 YEARS SAFETY POPULATION VAX-31 RECIPIENTS (IEP) VAX-31 PCV20 18-49 Years 50-64 Years Number of Subjects 354 120 348 763 Median Age, Years (range)
Slide 17: Tolerability and Safety Data
Tolerability and Safety Data October 5, 2026
Slide 18: Local and Systemic Solicited AEs in Adults Aged 50 Years and Older
Local and Systemic Solicited AEs in Adults Aged 50 Years and Older October 5, 2026 VAX-31 was Well-Tolerated and Consistent with PCV20 and PCV21, Majority of AEs Resolved Within 48 Hours AEs = adverse events. Grade 1 Grade 2 Grade 3 VAX-31 PCV20 PCV21 ADULTS ≥50 YEARS
Slide 19: Local and Systemic Solicited AEs Similar to PCV20 in Adults Aged 18-49
Local and Systemic Solicited AEs Similar to PCV20 in Adults Aged 18-49 October 5, 2026 AEs = adverse events. VAX-31 was Well-Tolerated and Consistent with PCV20, Majority of AEs Resolved Within 48 Hours Grade 1 Grade 2 Grade 3 VAX-31 PCV20 ADULTS 18-49 YEARS
Slide 20: Overall Safety Profile Similar to PCV20 and PCV21
Overall Safety Profile Similar to PCV20 and PCV21 October 5, 2026 AEs = adverse events; MAAE = medically attended adverse event; NOCI = new onset of chronic illness; SAE = serious adverse event; Discontinuation = subject discontinued from the study due to an AE. (1) All four deaths were assessed as
Slide 21: Immunogenicity Data In Adults Aged ≥50 Years and 18-49 Years
Immunogenicity Data In Adults Aged ≥50 Years and 18-49 Years October 5, 2026
Slide 22: VAX-31 vs PCV20 & PCV21 on Common 11 STs
VAX-31/PCV20 VAX-31/PCV21 11 STs in Common With PCV20 and PCV21 October 5, 2026 VAX-31 vs PCV20 & PCV21 on Common 11 STs ST = serotype; OPA = opsonophagocytic activity; GMR = geometric mean ratio; LBCI = lower bound of the 2-sided 95% CI. (1) SAP criterion: lower bound of the 95% CI of the OPA GMR >
Slide 23: STs in Common With Only PCV20 and Only PCV21
9 STs in Common With Only PCV20 and 8 STs Common With Only PCV21 October 5, 2026 ST = serotype; OPA = opsonophagocytic activity; GMR = geometric mean ratio; LBCI = lower bound of the 2-sided 95% CI. VAX-31 vs PCV20: Shared 9 STs GMR: Met 9 of 9 ST OPA GMR Comparisons vs PCV20 and 8 of 8 vs PCV21 Per
Slide 24: Unique VAX-31 STs and 20B
3 Unique VAX-31 STs and 20B October 5, 2026 ST = serotype; OPA = opsonophagocytic activity; GMR = geometric mean ratio; LBCI = lower bound of the 2-sided 95% CI. (1) With Hochberg multiplicity analysis per protocol. (2) VAX-31 includes serotype 20C; 20B is being evaluated in clinical studies to demo
Slide 25: Immunobridging Comparison in 18-49-Year-Olds vs 50-64-Year-Olds
October 5, 2026 Met Prespecified Primary Endpoint Across All 32 STs¹ (OPA GMR With LBCI >0.667) ST = serotype; OPA = opsonophagocytic activity; GMR = geometric mean ratio; LBCI = lower bound of the 2-sided 95% CI. (1) The 32 assessments include 31 vaccine serotypes and cross-reactive 20B. GMR: GMR:
Slide 26: VAX-31 Met Noninferiority Criterion for 20/20 STs vs PCV20 and 17/19 vs PCV21
0.667 VAX-31 Met Noninferiority Criterion for 20/20 STs vs PCV20 and 17/19 STs vs PCV21 Comparator-Specific Assessments: VAX-31 Immune Responses vs PCV20 and PCV21 October 5, 2026 VAX-31 vs PCV20: Common 20 STs ST = serotype; OPA = opsonophagocytic activity; GMR = geometric mean ratio; LBCI = lower
Slide 27: VAX-31 Data Support Potential Best-in-Class Adult PCV Profile
VAX-31 Data Support Potential Best-in-Class Adult PCV Profile with Broadest Coverage Relative to SoC; Advancing Toward BLA Submission October 5, 2026 SoC = standard of care; BLA = Biologics License Application; ST = serotype. (1) % of IPD caused in individuals ≥50 yrs of age in the U.S. in 2022-2024
Slide 28: VAX-31 Program Next Steps
VAX-31 Program Next Steps October 5, 2026
Slide 29: OPUS Phase 3 Program Serves as Cornerstone of Planned BLA Submission
October 5, 2026 OPUS-1 PIVOTAL TRIAL (N=4,047) Topline results reported; complete data set to be published MANUFACTURING CONSISTENCY STUDY (e.g. lot-to-lot) (N=TBD) OPUS-2: CONCOMITANT ADMINISTRATION WITH SEASONAL INFLUENZA VACCINE (N=1,390) Enrollment complete; topline results anticipated 1H 2027 O
Slide 30: Foundation to Support Expected U.S. Commercial Launch
Establish commercial manufacturing readiness, including: Existing supply chain sufficient to meet demand for U.S. adult launch Expanding commercial-scale capacity to support future U.S. demand Foundation to Support Expected U.S. Commercial Launch October 5, 2026 Medical affairs and commercial infras
Slide 31: Pipeline of Vaccines with Multiple Near-Term Milestones
Announce safety, tolerability and immunogenicity data from the OPUS-2 and OPUS-3² trials in the first half of 2027 Pipeline of Vaccines with Multiple Near-Term Milestones October 5, 2026 Guidance as of October 5, 2026. OPUS-2 is a Phase 3 trial evaluating concomitant administration of VAX-31 with a
Slide 32: Vaxcyte
VAXCYTE pritecl humanbind
Slide 33: Appendix
Appendix October 5, 2026
Slide 34: VAX-31 Demonstrated Robust OPA GMT Immune Responses
VAX-31 Demonstrated Robust OPA GMT Immune Responses October 5, 2026 IgG = immunoglobulin G; GMT = geometric mean titer; OPA = opsonophagocytic activity; ST = serotype. (1) VAX-31 includes serotype 20C; 20B is being evaluated in clinical studies to demonstrate cross-protection. For further detail on
Slide 35: VAX-31 Demonstrated Robust IgG GMC Responses
VAX-31 Demonstrated Robust IgG GMC Responses October 5, 2026 IgG = immunoglobulin G; GMC = Geometric Mean Concentration; OPA = opsonophagocytic activity; ST = serotype. (1) VAX-31 includes serotype 20C; 20B is being evaluated in clinical studies to demonstrate cross-protection. For further detail on