CureVac(US:CVAC)2025-11-24 14:24Revenue Performance - CureVac reported revenues of €54.1 million for Q3 2025 and €56.3 million for the first nine months, representing year-over-year decreases of 89% compared to €493.9 million and €520.7 million in the same periods of 2024[12] - The decline in revenue was primarily due to the absence of a €480.4 million one-time revenue recognized in Q3 2024 from a license agreement with GlaxoSmithKline[13] - Revenue for the three months ended September 30, 2024, was €493,902 thousand, a significant increase compared to €54,134 thousand in 2025[30] - Other operating income significantly increased to €321,982 thousand for the nine months ended September 30, 2025, compared to €6,792 thousand in 2024[30] Profitability - The operating profit for Q3 2025 was €310.2 million, compared to €368.4 million in Q3 2024, influenced by a positive one-time effect of $420 million from the U.S. Settlement Agreement[17] - Net profit for Q3 2025 was €273.2 million, down from €338.0 million in Q3 2024[19] - Operating profit for the nine months ended September 30, 2024, was €221,441 thousand, while it decreased to €193,735 thousand in 2025[30] - Net profit for the period for the three months ended September 30, 2024, was €338,043 thousand, compared to €273,229 thousand in 2025[30] Earnings Per Share - Basic earnings per share for Q3 2025 were €1.21, compared to €1.51 in the prior-year quarter[21] - Basic earnings per share for the three months ended September 30, 2024, was €1.51, down from €1.21 in 2025[30] Cash and Assets - As of September 30, 2025, CureVac had cash and cash equivalents of €416.1 million, down from €481.7 million at year-end 2024, confirming a cash runway into 2028[7] - Cash and cash equivalents decreased from €550,862 thousand at the end of the period in 2024 to €416,090 thousand in 2025[33] - Total assets increased from €802,827 thousand on December 31, 2024, to €1,138,619 thousand on September 30, 2025[32] - Total equity rose from €696,608 thousand on December 31, 2024, to €871,230 thousand on September 30, 2025[32] Research and Development - Research and development expenses increased due to manufacturing-related costs being recorded as R&D rather than cost of sales, partially offset by cost reductions from a strategic restructuring initiated in July 2024[20] - Research and development expenses for the three months ended September 30, 2024, were €49,979 thousand, compared to €38,254 thousand in 2025[30] Regulatory and Legal Matters - The German Federal Cartel Office granted clearance for the planned transaction with BioNTech, with the offer period for BioNTech's public exchange offer for CureVac shares set to expire on December 3, 2025[3] - CureVac received Clinical Trial Application clearance from the European Medicines Agency for its CVHNLC squamous non-small cell lung cancer candidate[3] - The company is contesting findings from Deloitte's audit report regarding its Advance Purchase Agreement with the European Commission for its first-generation COVID-19 vaccine candidate[24]