Unaudited Interim Condensed Consolidated Financial Statements Consolidated Financial Statements BioNTech reported increased revenues and reduced net loss for H1 2025, maintaining strong assets despite a shift to operating cash outflow Statements of Profit or Loss BioNTech's H1 2025 revenues increased to €443.6 million, with operating and net losses significantly reduced Consolidated Statements of Profit or Loss (Six Months Ended June 30) | Indicator | 2025 (in millions €) | 2024 (in millions €) | | :--- | :--- | :--- | | Revenues | 443.6 | 316.3 | | Cost of sales | (160.2) | (118.9) | | Research and development expenses | (1,034.7) | (1,092.1) | | General and administrative expenses | (224.6) | (287.9) | | Operating loss | (1,035.2) | (1,473.4) | | Loss before tax | (848.1) | (1,137.6) | | Net loss | (802.4) | (1,122.9) | | Basic and diluted loss per share | (3.33) | (4.67) | Statements of Financial Position As of June 30, 2025, BioNTech's total assets slightly decreased to €21.64 billion, primarily due to reduced current assets Consolidated Statements of Financial Position | Indicator | June 30, 2025 (in millions €) | December 31, 2024 (in millions €) | | :--- | :--- | :--- | | Total assets | 21,637.6 | 22,529.7 | | Cash and cash equivalents | 10,269.5 | 9,761.9 | | Total current assets | 15,929.1 | 18,803.5 | | Total liabilities | 3,132.5 | 3,118.6 | | Total equity | 18,505.1 | 19,411.1 | Statements of Cash Flows Net cash used in operating activities for H1 2025 was €634.2 million, a significant shift from prior year's inflow Consolidated Statements of Cash Flows (Six Months Ended June 30) | Activity | 2025 (in millions €) | 2024 (in millions €) | | :--- | :--- | :--- | | Net cash flows from / (used in) operating activities | (634.2) | 1,309.9 | | Net cash flows from / (used in) investing activities | 1,182.4 | (2,545.8) | | Net cash flows used in financing activities | (27.1) | (30.7) | | Net increase / (decrease) in cash and cash equivalents | 521.1 | (1,266.6) | Selected Explanatory Notes to the Financial Statements Notes detail BioNTech's increased revenues, Biotheus acquisition, BMS partnership, and ongoing IP litigations Note 3: Revenues from Contracts with Customers Total revenues for H1 2025 increased to €443.6 million, primarily driven by a 46% rise in COVID-19 vaccine revenues Disaggregation of Revenues (Six Months Ended June 30) | Revenue Stream | 2025 (in millions €) | 2024 (in millions €) | | :--- | :--- | :--- | | COVID-19 vaccine revenues | 286.3 | 196.1 | | Other revenues | 157.3 | 120.2 | | Total | 443.6 | 316.3 | - The increase in COVID-19 vaccine revenues was largely driven by a higher volume of doses sold compared to the prior year period3435 Note 4: Income and Expenses H1 2025 saw decreased R&D and G&A expenses, with other operating results significantly improving due to the absence of prior-year contractual dispute costs - Research and development expenses decreased by 5% for the six months ended June 30, 2025, mainly driven by the reprioritization of clinical trials towards focus programs39 - General and administrative expenses decreased by 22% for the six-month period, primarily due to a reduction in external services40 - The total other operating result improved by 90% for the six-month period, mainly because the prior year period included significant costs from contractual disputes (€239.1 million), which were not repeated in the current period41 Note 5: Business Combination BioNTech acquired Biotheus for €280.1 million on January 31, 2025, gaining full global rights to BNT327 - The acquisition of Biotheus closed on January 31, 2025, supporting BioNTech's oncology strategy by providing full global rights to the bispecific antibody BNT3274547 Biotheus Acquisition Purchase Price Allocation (in millions €) | Item | Fair Value | | :--- | :--- | | Total identifiable net assets at fair value | 295.1 | | Bargain from the acquisition | (15.0) | | Total consideration | 280.1 | | Details of Consideration | | | Upfront payment | 767.8 | | Contingent consideration (milestones) | 79.6 | | Payments in connection with pre-existing relationships | (567.3) | Note 8: Financial Assets and Financial Liabilities BioNTech formed a global strategic partnership with Bristol-Myers Squibb for BNT327, eligible for a $1.5 billion upfront payment - On June 2, 2025, BioNTech and Bristol-Myers Squibb (BMS) entered a global strategic partnership for the bispecific antibody BNT32764 - Under the BMS agreement, BioNTech is eligible for a $1.5 billion upfront payment, $2.0 billion in non-contingent anniversary payments through 2028, and up to $7.6 billion in milestone payments64 Note 11: Contingent Liabilities BioNTech faces numerous intellectual property disputes related to its Comirnaty vaccine, classified as contingent liabilities without provisions - The company faces an increasing number of intellectual property, product-related, and shareholder disputes, but has recorded no provision for any of them as of June 30, 2025, deeming them contingent liabilities83848586 - Key ongoing legal proceedings include patent infringement lawsuits from Alnylam, CureVac, Moderna, Arbutus/Genevant, GSK, and Promosome, all related to the Comirnaty vaccine8992104117 Note 13: Events after the Reporting Period Key management changes include a new CFO and CSO departure, with new patent infringement lawsuits filed by GlaxoSmithKline post-period - Ramón Zapata was appointed to the Management Board as Chief Financial Officer, effective July 1, 2025129 - Ryan Richardson will step down as Chief Strategy Officer on September 30, 2025130 - After the reporting period, GlaxoSmithKline filed new patent infringement lawsuits in Ireland (July 7, 2025) and the Unified Patent Court (July 23, 2025) concerning Comirnaty133134 Operating and Financial Review and Prospects Operating Results BioNTech focuses on its oncology pipeline and next-gen COVID-19 vaccine, reporting a 40% revenue increase and reduced net loss for H1 2025 - The company's primary focus is on oncology, with a strategy to address the full continuum of cancer by combining complementary treatment modalities like mRNA immunotherapies, targeted antibodies, and cell therapies142164 - BioNTech is preparing for the 2025/2026 vaccination season with an LP.8.1-adapted monovalent COVID-19 vaccine, following recommendations from the WHO, EMA, and FDA153155156 - Key oncology pipeline updates include: - iNeST (autogene cevumeran): First data from the Phase 2 trial in adjuvant colorectal cancer is expected in late 2025 or early 2026 - FixVac (BNT111): The Phase 2 trial in advanced melanoma met its primary endpoint of improved Objective Response Rate (ORR) - BNT327 (bispecific antibody): Multiple Phase 2 and Phase 3 trials are ongoing globally across various solid tumors, including lung cancer and breast cancer168176181 Financial Performance Comparison (Six Months Ended June 30) | Indicator | 2025 (in millions €) | 2024 (in millions €) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenues | 443.6 | 316.3 | +40% | | Research and development expenses | 1,034.7 | 1,092.1 | -5% | | General and administrative expenses | 224.6 | 287.9 | -22% | | Net loss | (802.4) | (1,122.9) | +29% (improvement) | Liquidity and Capital Resources BioNTech maintained a strong liquidity position of €16.0 billion as of June 30, 2025, prioritizing R&D and global expansion - As of June 30, 2025, the company held a total of €15,989.3 million in cash, cash equivalents, and security investments290 Summary of Cash Flows (Six Months Ended June 30) | Activity | 2025 (in millions €) | 2024 (in millions €) | | :--- | :--- | :--- | | Operating activities | (634.2) | 1,309.9 | | Investing activities | 1,182.4 | (2,545.8) | | Financing activities | (27.1) | (30.7) | - The capital allocation strategy focuses on advancing the oncology pipeline, developing next-gen COVID-19 vaccines, building a global development organization, and enhancing capabilities through acquisitions and infrastructure investments288289 Risk Factors BioNTech faces significant risks including declining COVID-19 vaccine demand, patent litigations, clinical development uncertainties, and manufacturing challenges - A significant risk is the expected decrease in demand for the COVID-19 vaccine, which will impact revenue that is currently heavily dependent on these sales312315 - The company faces numerous patent litigations from competitors like Moderna, CureVac, and others, which could result in substantial liabilities and negatively affect operations314612 - Clinical development involves a lengthy, expensive, and uncertain process, and the novel nature of mRNA drug development carries substantial regulatory risks due to limited regulatory experience316447461 - Manufacturing of novel and complex mRNA-based products presents challenges in scaling, product release, shelf life, and supply chain management, which could delay or halt production316522
BioNTech SE(BNTX) - 2025 Q2 - Quarterly Report