BioNTech Announces Fourth Quarter and Full Year 2024 Financial Results and Corporate Update

   -- Advanced oncology pipeline including more than 20 active Phase 2 and 
      Phase 3 clinical trials with a strategic focus on two priority pan-tumor 
      programs: next-generation immunomodulator candidate BNT327 and mRNA 
      cancer immunotherapies 
   -- Multiple data readouts expected in 2025 and 2026 aimed at providing 
      clinical proof of BioNTech's pipeline strategy and advancing the Company 
      towards becoming a diversified multi-product oncology portfolio company 
      by 2030 
   -- Completed acquisition of Biotheus securing full control of 
      next-generation immunomodulator candidate BNT327, a bispecific antibody 
      targeting PD-L1 and VEGF-A1 
   -- Successfully launched JN.1- and KP.2-adapted COVID-19 vaccines across 
      different countries and regions and maintained global market leadership 
   -- Fourth quarter and full year 2024 revenues of EUR1.2 billion and 
      EUR2.8 billion**, respectively 
   -- Full year 2024 net loss of EUR0.7 billion and diluted loss per share of 
      EUR2.77 ($3.00)1 
   -- Cash and cash equivalents plus security investments of EUR17.4 billion as 
      of December 31, 20242 
   -- Expects 2025 total revenues between EUR1.7 billion and EUR2.2 billion 

Conference call and webcast scheduled for March 10, 2025, at 8:00 a.m. EDT (1:00 p.m. CET)

MAINZ, Germany, March 10, 2025 (GLOBE NEWSWIRE) -- BioNTech SE (Nasdaq: BNTX, "BioNTech" or "the Company") today reported financial results for the three months and full year ended December 31, 2024, and provided an update on its corporate progress.

"From the very beginning, BioNTech's vision has been to translate our science into survival and become an immunotherapy powerhouse. In 2024, we made significant progress towards our vision through important oncology pipeline advancements, including the initiation of global Phase 3 clinical trials for our anti-PD-L1/VEGF-A bispecific antibody candidate BNT327 and key data updates from our mRNA cancer immunotherapy programs," said Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech. "We expect 2025 to be a data-rich year with multiple important updates from our priority programs, which we believe have disruptive potential and could improve the standard of care, if successfully developed and approved."

Financial Review for Fourth Quarter and Full Year 2024 Financial Results

 
 
in millions 
EUR, except       Fourth       Fourth 
per share         Quarter      Quarter    Full Year  Full Year 
data               2024         2023         2024       2023 
                -----------  -----------  ---------  --------- 
Total revenues      1,190.0      1,479.0    2,751.1    3,819.0 
                -----------  -----------  ---------  --------- 
Net profit / 
 (loss)               259.5        457.9    (665.3)      930.3 
                -----------  -----------  ---------  --------- 
Diluted 
 earnings / 
 (loss) per 
 share                 1.08         1.88     (2.77)       3.83 
                -----------  -----------  ---------  --------- 
 

Total revenues reported were EUR1,190.0 million for the three months ended December 31, 2024, compared to EUR1,479.0 million for the comparative prior year period. For the year ended December 31, 2024, revenues were EUR2,751.1 million, compared to EUR3,819.0 million for the comparative prior year period. The decrease in revenues was primarily driven by lower sales of the Company's COVID-19 vaccines due to reduced market demand. In addition, write-downs by BioNTech's collaboration partner Pfizer Inc. ("Pfizer") significantly reduced the Company's gross profit share which negatively influenced its revenues.

Cost of sales were EUR243.5 million for the three months ended December 31, 2024, compared to EUR179.1 million for the comparative prior year period. For the year ended December 31, 2024, cost of sales were EUR541.3 million, compared to EUR599.8 million for the comparative prior year period. Cost of sales were influenced by COVID-19 vaccine sales and inventory write-downs and scrapping.

Research and development ("R&D") expenses were EUR611.8 million for the three months ended December 31, 2024, compared to EUR577.8 million for the comparative prior year period. For the year ended December 31, 2024, R&D expenses were EUR2,254.2 million, compared to EUR1,783.1 million for the comparative prior year period. R&D expenses were mainly influenced by advancing clinical studies for the Company's late-stage oncology product candidates. Further contributions to the increase came from higher personnel expenses resulting from an increase in headcount.

Sales, general and administrative ("SG&A")(3) expenses, in total, amounted to EUR132.1 million for the three months ended December 31, 2024, compared to EUR142.3 million for the comparative prior year period. For the year ended December 31, 2024, SG&A expenses were EUR599.0 million, compared to EUR557.7 million for the comparative prior year period. SG&A expenses were mainly influenced by the setup and enhancement of commercial IT platforms and personnel expenses resulting from an increase in headcount.

Other operating results amounted to negative EUR54.0 million during the three months ended December 31, 2024, compared to negative EUR53.6 million for the comparative prior year period. For the year ended December 31, 2024, other operating result amounted to negative EUR670.9 million compared to negative EUR188.0 million for the prior year period. The decrease was mainly due to the settlement of contractual disputes and related expenses to such disputes and other litigations. The amounts for contractual disputes are net of the related reimbursements expected to be received.

Income taxes were accrued with an amount of EUR41.7 million in tax expenses for the three months ended December 31, 2024, compared to EUR205.3 million in accrued tax expenses for the comparative prior year period. For the year ended December 31, 2024, income taxes were realized with an amount of EUR12.4 million in tax income for the year ended December 31, 2024, compared to EUR255.8 million of accrued tax expenses for the comparative prior year period.

Net profit was EUR259.5 million for the three months ended December 31, 2024, compared to EUR457.9 million net profit for the comparative prior year period. For the year ended December 31, 2024, net loss was EUR665.3 million, compared to a net profit of EUR930.3 million for the comparative prior year period.

Cash and cash equivalents plus security investments(2) as of December 31, 2024, reached EUR17,359.2 million, comprising of EUR9,761.9 million in cash and cash equivalents, EUR6,536.2 million in current security investments and EUR1,061.1 million in non-current security investments.

Diluted earnings per share was EUR1.08 for the three months ended December 31, 2024, compared to EUR1.88 for the comparative prior year period. For the year ended December 31, 2024, diluted loss per share was EUR2.77, compared to diluted earnings per share of EUR3.83 for the comparative prior year period.

Shares outstanding as of December 31, 2024, were 239,970,804, excluding 8,581,396 shares held in treasury.

"Through strategic investments in our priority programs like our next-generation immunomodulator candidate BNT327, we strive to meaningfully improve treatments for patients," said Jens Holstein, CFO of BioNTech. "Our strong financial position enables us to fuel our R&D activities and to prepare for multiple product launches in the coming years. With our targeted investments we aim to create long-term value for the benefit of BioNTech's stakeholders."

2025 Financial Year Guidance(4)

 
Total revenues for the 2025 financial    EUR1,700 million - EUR2,200 
 year                                     million 
-------------------------------------    --------------------------- 
 

BioNTech expects its revenues for the full 2025 financial year to be in the range of EUR1,700 - EUR2,200 million and revenue phasing similar to 2024, primarily concentrated in the last three to four months, driving the full year revenue figure. The revenue guidance assumes: relatively stable vaccination rates, pricing levels and market share compared to 2024; estimated inventory write-downs and other charges by BioNTech's collaboration partner Pfizer that negatively influence BioNTech's revenues; anticipated revenues from a pandemic preparedness contract with the German government; and anticipated revenues from the BioNTech Group service businesses.

Planned 2025 Financial Year Expenses and Capex

 
R&D expenses                            EUR2,600 million - 
                                         EUR2,800 million 
----------------------------------      ----------------------- 
SG&A expenses                           EUR650 million - EUR750 
                                         million 
                                        ----------------------- 
Capital expenditures for operating      EUR250 million - EUR350 
 activities                              million 
                                        ----------------------- 
 

BioNTech expects to continue to focus investments on R&D and scaling the business for late-stage development and commercial readiness in oncology, while continuing to be cost disciplined. Strategic capital allocation will remain a key driver of the Company's trajectory. As part of BioNTech's strategy, the Company may continue to evaluate appropriate corporate development opportunities with the aim of driving sustainable long-term growth and create future value.

The full audited consolidated financial statements as of and for the year ended December 31, 2024, can be found in BioNTech's Annual Report on Form 20-F filed today with the United States Securities and Exchange Commission ("SEC") and available at www.sec.gov.

Endnotes

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