Summary
- BioNTech’s Q2 2025 revenues more than doubled to 261 million euros ($302 million), primarily due to increased COVID-19 vaccine sales from its Pfizer partnership.
- Net loss for the quarter fell to 386.6 million euros, a significant improvement over last year’s Q2 net loss of 807.8 million euros.
- Full-year 2025 revenue guidance remains at 1.7–2.2 billion euros, down from 2.75 billion euros in 2024.
- Major oncology collaboration with Bristol Myers Squibb includes an upfront payment of $1.5 billion and further milestones up to $7.6 billion.
- BioNTech to acquire CureVac in a $1.25 billion all-share deal, aiming to strengthen its mRNA platform and resolve patent disputes.
- Variant-adapted COVID-19 vaccine approved in Europe, with deliveries to start August 2025.
- Company maintains strong liquidity, reporting 16.0 billion euros in cash and investments.
- R&D expenses dropped by 13% year-over-year after clinical reprioritization; total Q2 R&D spend was 509.1 million euros.
- BioNTech does not expect positive net income for the 2025 financial year.
The German biotech firm BioNTech announced on Monday that its second-quarter 2025 revenues had more than doubled to 261 million euros ($302 million), driven by a surge in COVID-19 vaccine sales thanks to its collaboration with U.S. pharmaceutical giant Pfizer. But while revenue soared, BioNTech’s guidance for full-year sales remains below previous years, reflecting industry headwinds as global pandemic demand tapers.
Why Did BioNTech’s Revenues Double in Q2 2025?
BioNTech’s stunning revenue growth in the second quarter stems almost entirely from its COVID-19 vaccine business. As reported by Ludwig Burger of Reuters, the German innovator’s revenues exceeded 261 million euros, more than doubling from the previous quarter. This boost primarily resulted from higher receipts related to its ongoing global COVID-19 vaccine collaboration with Pfizer.
According to Investing.com, BioNTech’s revenue for Q2 beat analyst expectations by almost 90%, with consensus forecasts sitting at 137.9 million euros prior to the results. The company attributed this strong performance to renewed vaccine demand, likely connected to the latest emerging variants and new regulatory approvals in global markets.
How Did BioNTech’s Losses Narrow Despite Aggressive Investment?
Despite achieving a substantial revenue increase, BioNTech continued to post a net loss in Q2. As detailed by GlobeNewswire and StockTitan, the net loss came to 386.6 million euros (1.60 euros per share), a 52% improvement compared to a Q2 2024 loss of 807.8 million euros.
Reuters noted that expenses tied to a past vaccine royalty settlement with the U.S. National Institutes of Health had weighed heavily on the 2024 results, but those costs dropped this quarter. Additionally, as reported by StockTitan, clinical trial reprioritizations led to a 13% reduction in R&D expenses year-over-year, contributing to the reduced loss. Still, BioNTech maintained its warning that it does not expect 2025 to yield a net profit, given continued heavy investment into R&D and new product launches.
What Is the Bristol Myers Squibb Collaboration?
As highlighted by StockTitan and confirmed by Investing.com, BioNTech entered a landmark global co-development agreement with Bristol Myers Squibb (BMS) in June 2025, focused on BNT327, a bispecific antibody for cancer therapies. BMS provided a $1.5 billion upfront payment, with milestone payments poised to reach up to $7.6 billion, further cementing BioNTech’s financial position and pipeline potency.
Prof. Ugur Sahin, CEO and co-founder of BioNTech, emphasized in the company’s official statement:
“We entered into a collaboration with BMS to accelerate and expand the development of our PD-L1xVEGF-A bispecific antibody candidate BNT327 and announced a strategic transaction to acquire CureVac to complement our own capabilities and proprietary technologies in mRNA design, delivery formulations, and mRNA manufacturing. These transformative transactions contribute to our mission of delivering truly transformative options for patients in need.”
Why Is BioNTech Acquiring CureVac?
In June 2025, BioNTech announced it intends to acquire German competitor CureVac for $1.25 billion in stock. As Reuters’ Ludwig Burger noted, this deal aims to strengthen BioNTech’s mRNA design, formulation, and manufacturing expertise while also resolving pending intellectual property disputes between the two companies. The CureVac acquisition and the BMS partnership collectively showcase BioNTech’s strategic evolution into a multiproduct biotech giant with a deep oncology pipeline.
How Did Market Analysts React to BioNTech’s Guidance?
BioNTech maintained its 2025 revenue outlook of 1.7–2.2 billion euros, despite the Q2 revenue surge. Multiple outlets, including Investing.com, Marketscreener, and Yahoo Finance, highlighted that this guidance falls short of analyst estimates (FactSet consensus: 1.98 billion euros) and is down compared to 2.75 billion euros booked in 2024. This cautious guidance reflects continued uncertainty regarding future COVID-19 vaccine demand.
Although full-year revenue could be weighted toward late 2025—especially as new vaccine deliveries in Europe are set to begin in August—the flat outlook and ongoing losses dampened some investor enthusiasm. However, as Investing.com noted, BioNTech’s stock price is up 36.98% over the past 12 months, indicating market confidence in its long-term strategy.
What’s New in BioNTech’s Vaccine Business?
According to official company statements cited by StockTitan and Reuters, BioNTech received approval from the European Commission for a new variant-adapted COVID-19 vaccine, with deliveries planned from August 2025 onward. This is set to bolster the back half of BioNTech’s fiscal year revenue, especially as regulators worldwide encourage updated vaccinations.
What Was Said at the BioNTech Earnings Call?
At BioNTech’s earnings call, Prof. Ugur Sahin, M.D., focused on the company’s transition:
“In the second quarter, we took significant steps to advance BioNTech into a multiproduct biotechnology company by strengthening the two pillars of our oncology strategy. The collaborations and acquisitions announced this quarter contribute directly to our mission of delivering transformative options for patients.”
How Is BioNTech Positioned Financially?
BioNTech remains financially robust. The company closed Q2 with 16.0 billion euros in cash and investments, providing ample runway for its ambitious oncology and vaccine ambitions. R&D expenses for Q2 totaled 509.1 million euros, reflecting the company’s aggressive stance on pipeline development even as it seeks greater cost discipline.
What Risks Remain for BioNTech?
As reported by Ainvest and corroborated by other outlets, investor concerns persist around the falling revenue trajectory for COVID-19 vaccines, the possibility of further inventory write-downs, and the risk that BioNTech’s oncology pipeline could take years to turn profitable. Management indicated that up to 15% of inventory might face write-downs due to fluctuating demand patterns.
What Is BioNTech’s Long-Term Strategy?
BioNTech is prioritizing late-stage development and commercialization readiness for oncology and further investments in its innovative mRNA vaccine technologies, fueled by recent deals and steady R&D discipline. The company continues to evaluate new corporate development opportunities, seeking to sustain growth in a post-pandemic landscape.