BioNTech SE (BNTX)

Price$103.76Cached quoteAs of 2026-09-05 01:08 UTC

AI: Fair-priced

Price checkThe shares look fair-priced because cash limits downside, while oncology success is already partly expected.

The current quote implies a total stock-market value of roughly $28 billion. At June 30, BioNTech held €16.6 billion of cash and securities and €2.6 billion of total liabilities, leaving about €14.0 billion of net liquid resources. After current currency translation, that covers roughly 58% of market value. June book equity, the accounting value left after liabilities, was about €17.8 billion, so the stock is near 1.4 times book value. Investors are paying about $12 billion beyond net liquid resources for the operating business and pipeline, a meaningful but not extreme premium. Reuters+3Investing.com+3SEC+3

Big picturePandemic profits are gone, and current cash generation depends on partnerships and seasonal vaccine sales.

BioNTech’s earnings are highly cyclical, meaning results swing sharply with vaccine demand and partnership timing. Revenue reached €19.0 billion in 2021 and €17.3 billion in 2022, then fell to €3.8 billion in 2023 and about €2.8 billion in both 2024 and 2025. Net income moved from €10.3 billion in 2021 to a €1.1 billion loss in 2025. Free cash flow, cash left after operations and capital spending, was about negative €79 million in 2024 and positive €281 million in 2025, while first-half 2026 operating cash flow was negative €411 million. SEC

Business strengthBioNTech can fund years of research, but recent deals and share issuance must earn returns.

BioNTech’s financial position gives it unusual staying power: June cash and securities were €16.6 billion against €2.6 billion of total liabilities, and near-term assets were nearly eight times near-term liabilities. How management uses shareholder money is mixed. Shares outstanding rose about 4.7% in 2025, largely because 10.5 million shares were issued for CureVac. A new $1 billion buyback began in June 2026, with 1.69 million shares repurchased by quarter-end. The Bristol Myers Squibb pumitamig deal also brings $2 billion of contracted anniversary payments through 2028, possible payments tied to development and sales targets, and shared development costs and profits. SEC+4SEC+4SEC+4

What could change the storyLate-stage cancer results can create major value, while failed trials would expose the earnings gap.

The strongest upside case is successful cancer-drug launches. BioNTech had 14 ongoing pivotal trials in August, meaning late-stage studies intended to support approval, and pumitamig showed confirmed lung-cancer response rates of 57.1% in non-squamous and 68.4% in squamous disease among 40 evaluable patients. The strongest downside case is that tumor shrinkage does not translate into longer survival or approvals. With 2026 revenue guided to €1.6–€1.9 billion against €2.0–€2.3 billion of planned research spending, repeated failures would consume cash. The current valuation assumes at least one substantial oncology franchise emerges before vaccine and partnership income weaken further. BioNTech+1

AI: News

Sales outlook cutBioNTech cut 2026 sales guidance as COVID demand weakened, increasing near-term dependence on oncology progress.

On August 4, BioNTech lowered 2026 revenue guidance to €1.6–€1.9 billion from €2.0–€2.3 billion. Second-quarter revenue fell to €105.6 million from €260.8 million a year earlier, while the net loss widened to €820.8 million. Management cited softer global COVID-19 vaccine demand, existing German inventory, and delayed milestone revenue. It also lowered planned research spending. Reuters reported the shares down 5.5% after the update, consistent with investors marking down near-term vaccine cash generation. BioNTech+1

Pumitamig lung dataPumitamig showed encouraging lung-cancer responses, but the small early dataset still leaves major approval risk.

On May 30, BioNTech and Bristol Myers Squibb reported interim lung-cancer data for pumitamig. Among 40 evaluable patients, confirmed response rates, meaning tumors shrank enough to meet preset criteria, were 57.1% in non-squamous and 68.4% in squamous disease. The lower dose produced 63.6% and 72.7%, respectively. Severe or worse treatment-related side effects occurred in 48.8% of patients, with 23.3% attributed to pumitamig itself. The data supported late-stage testing, but the small sample and lack of mature survival results keep approval risk high. BioNTech

Rival cancer-vaccine winA rival’s late-stage cancer-vaccine win lifted BioNTech by validating the broader personalized messenger RNA approach.

On August 19, Moderna and Merck announced that their personalized messenger RNA cancer vaccine succeeded in a late-stage melanoma trial. BioNTech was not involved, so the result says nothing directly about its own candidates. Still, major financial outlets reported BioNTech shares rising about 20% that day. The likely read-through is platform validation: investors became more willing to assign value to personalized messenger RNA cancer vaccines, including BioNTech’s programs. The size of the move may also reflect sector momentum rather than company-specific evidence. The Wall Street Journal+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	€2.87B	€2.75B	€3.82B	€17.31B	€18.98B	€482.3M	€108.6M	€127.6M	€61.6M
Gross profit	€2.23B	€2.21B	€3.22B	€14.32B	€16.07B	€423.0M	€91.2M	€113.9M	€52.3M
Gross margin	77.64%	80.32%	84.29%	82.70%	84.66%	87.70%	84.00%	89.27%	84.87%
Research & development	€2.10B	€2.25B	€1.78B	€1.54B	€949.2M	€645.0M	€226.5M	€143.0M	€85.5M
Operating expenses	€3.63B	€3.52B	€2.53B	€1.67B	€781.4M	€505.4M	€272.7M	€167.7M	€113.6M
Operating income	−€1.40B	−€1.31B	€690.4M	€12.64B	€15.28B	−€82.4M	−€181.5M	−€53.9M	−€61.3M
Operating margin	−48.95%	−47.77%	18.08%	73.03%	80.54%	−17.08%	−167.13%	−42.21%	−99.48%
EBITDA	−€1.02B	−€1.02B	€873.8M	€12.77B	€15.36B	−€43.7M	−€147.6M	−€31.9M	−€50.7M
EBITDA margin	−35.61%	−36.94%	22.88%	73.75%	80.94%	−9.06%	−135.91%	−24.98%	−82.39%
Net income	−€1.14B	−€665.3M	€930.3M	€9.43B	€10.29B	€15.2M	−€179.2M	−€48.3M	−€86.0M
Net profit margin	−39.59%	−24.18%	24.36%	54.50%	54.24%	3.15%	−165.01%	−37.83%	−139.53%
Basic EPSper basic share	-€4.70	-€2.77	€3.87	€38.78	€42.18	€0.06	-€0.85	-€0.25	-€0.51
Diluted EPSper diluted share	-€4.70	-€2.77	€3.83	€37.77	€39.63	€0.06	-€0.85	-€0.25	-€0.51

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BNTX
Holder	Shares held
FMR LLC	7.57M
PRIMECAP MANAGEMENT CO/CA/	3.77M
Dodge & Cox	3.68M
FLOSSBACH VON STORCH SE	2.23M
T. Rowe Price Investment Management, Inc.	2.07M
BlackRock, Inc.	1.85M
Temasek Holdings (Private) Ltd	1.51M
BNP PARIBAS FINANCIAL MARKETS	1.32M
Logos Global Management LP	1.02M
GSK plc	889.82K
Assenagon Asset Management S.A.	846.53K
FIRST TRUST ADVISORS LP	791.47K
Davern Capital Partners, LP	754.55K
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	744.2K
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	677.71K
Long Focus Capital Management, LLC	624K
BAILLIE GIFFORD & CO	592.38K
GOLDMAN SACHS GROUP INC	589.9K
VICTORY CAPITAL MANAGEMENT INC	539.79K
FRANKLIN RESOURCES INC	539.59K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$5.53M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 22, 2026Form 4 · 10b5-1	Poetting SierkChief Operating Officer	SellOrdinary Shares · indirect	50.0K	$110.56	$5.53M	399.4K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat23 days ago
BioNTech reports longer survival in exploratory lung-cancer trial stage
BioNTech ($BNTX) and OncoC4 reported updated results for gotistobart in previously treated advanced squamous non-small cell lung cancer. Median overall survival reached 18.5 months versus 10 months with docetaxel in the non-pivotal first st ...
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BioNTech SE (BNTX)

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BioNTech reports longer survival in exploratory lung-cancer trial stage