Yeasts are distinguished by a growing track record as expression platforms for the production of pharmaceuticals. Commercially available, yeast-derived, recombinant pharmaceuticals include, among others, insulin, the anti-coagulant hirudin, interferon-alpha-2a, and various vaccines against the hepatitis B virus and papillomavirus infections. The vaccines are produced in either bakers yeast (Saccharomyces cerevisiae), or the methylotrophic species Hansenula polymorpha and Pichia pastoris. In this article, we focus on a production process for hepatitis B vaccines in methylotrophs. Methylotrophs provide highly balanced production of both the membrane and the protein component of a recombinant viral particle. A brief outlook is given for the development of yeast strains designed for the production of other vaccine candidates.