BioNTech SE(BNTX) - 2022 Q1 - Quarterly Report

Executive Summary & 2022 Outlook Q4 and Full Year 2021 Highlights BioNTech achieved significant financial results in Q4 and full-year 2021, driven by global deliveries of its COVID-19 vaccine, and announced capital return initiatives while expanding its clinical pipeline Key Financial Data for Q4 and Full Year 2021 | Metric | Q4 2021 (billion EUR) | Full Year 2021 (billion EUR) | | :--- | :--- | :--- | | Revenues | 5.53 | 19.00 | | Net Profit | 3.17 | 10.30 | | Diluted EPS (€) | 12.18 | 39.63 | - The company expects to authorize a share repurchase program of up to $1.5 billion over the next two years and proposes a special cash dividend of €2.00 per share[3] - In 2021, approximately 2.6 billion doses of COMIRNATY/BNT162b2 were delivered to over 165 countries and regions, with more than 1 billion doses supplied to low- and middle-income countries[3] - BioNTech's 2022 COVID-19 vaccine revenue guidance is reaffirmed at €13 billion to €17 billion[3] - The oncology clinical pipeline has expanded to 16 clinical programs, with nine clinical trials initiated, including four randomized Phase 2 trials[3] CEO Statement The CEO reflects on 2021's achievements with the first approved mRNA vaccine and outlines future investments in mRNA immunotherapies, cell therapies, and infectious diseases to improve global health - 2021 was an exceptional year for BioNTech, marking a significant impact on human health and the global economy with its first approved mRNA-based vaccine[4] - The company plans to build on its 2021 success by rapidly advancing multiple programs, including mRNA immunotherapies, cell therapies, and bispecific antibodies[4] - BioNTech is investing in its second growth pillar, infectious diseases, and plans to advance influenza and shingles vaccine candidates with its partner Pfizer[4] - The company also plans significant investments in regenerative medicine and autoimmune diseases to develop further therapeutic innovations for high unmet medical needs[4] Key Financial Results & Outlook BioNTech reported strong financial performance for Q4 and full-year 2021, driven by COVID-19 vaccine revenues, and plans significant R&D investment increases and capital returns for 2022 Key Financial Data for Q4 and Full Year 2021 | Metric | Q4 2021 (million EUR) | Q4 2020 (million EUR) | Full Year 2021 (million EUR) | Full Year 2020 (million EUR) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 5,532.5 | 345.4 | 18,976.7 | 482.3 | | Net Profit | 3,166.2 | 366.9 | 10,292.5 | 15.2 | | Diluted EPS (€) | 12.18 | 1.43 | 39.63 | 0.06 | - R&D expenses for the 2022 financial year are estimated to be between €1.4 billion and €1.5 billion, an increase of approximately 50% compared to 2021[5] - A share repurchase program of up to $1.5 billion is planned, along with a proposed special cash dividend of €2.00 per share[5] FY 2022 BioNTech COVID-19 Vaccine Revenue Guidance | Metric | Amount (billion EUR) | | :--- | :--- | | Estimated BioNTech COVID-19 Vaccine Revenues | 13 - 17 | FY 2022 Planned Expenses and Capital Expenditures | Metric | Amount (million EUR) | | :--- | :--- | | R&D Expenses | 1,400 - 1,500 | | SG&A Expenses | 450 - 550 | | Capital Expenditures | 450 - 550 | - The estimated annual effective income tax rate for the BioNTech Group in fiscal year 2022 is expected to be approximately 28%[9] Capital Allocation Framework BioNTech's capital allocation framework leverages its COVID-19 vaccine success to drive a multi-platform strategy, focusing on R&D, M&A, infrastructure, and capital returns to shareholders - R&D Activities: Develop next-generation COVID-19 vaccines and expand the pipeline into autoimmune, inflammatory, cardiovascular, neurodegenerative diseases, and regenerative medicine[10] - M&A and Business Development: Strengthen technology platforms and digital capabilities through strategic collaborations and acquisitions to enhance infrastructure and manufacturing[11] - Corporate and Infrastructure: Scale the organization, expand presence in key global regions (Europe, US, Asia, Africa), invest in key technology manufacturing, and deploy pandemic preparedness capabilities[11] - Capital Return to Shareholders: Authorize a share repurchase program of up to $1.5 billion and propose a special cash dividend of €2.00 per share at the 2022 Annual General Meeting[11][13][14] Detailed Financial Results (Q4 & FY 2021) Revenues BioNTech's revenues surged in Q4 and full-year 2021, primarily driven by strong demand for its COVID-19 vaccine, including gross profit share, sales milestones, and direct vaccine sales Total Revenues (million EUR) | Period | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 5,532.5 | 345.4 | 18,976.7 | 482.3 | - Q4 2021 commercial revenues included €4.5822 billion from gross profit share and €43.8 million from sales milestones[15] - Full-year 2021 commercial revenues included €14.3521 billion from gross profit share and €476.6 million from sales milestones[15] - Product sales revenue of €456.6 million (Q4) and €970.9 million (FY) was recognized for products manufactured by BioNTech for its partners, alongside €421.0 million (Q4) and €3.0072 billion (FY) from direct COVID-19 vaccine sales[15] Cost of Sales The company's cost of sales increased significantly in Q4 and full-year 2021, mainly related to COVID-19 vaccine sales and the gross profit share payable to Pfizer Cost of Sales (million EUR) | Period | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | Cost of Sales | 583.2 | 41.0 | 2,911.5 | 59.3 | - In Q4 and full-year 2021, €565.5 million and €2.8556 billion, respectively, of cost of sales were related to BioNTech's COVID-19 vaccine sales and included the gross profit share payable to Pfizer[16] Operating Expenses Research and Development Expenses R&D expenses rose in Q4 and full-year 2021 due to increased clinical trial activities for the BNT162 COVID-19 vaccine, higher personnel costs, and recognition of share-based payments Research and Development Expenses (million EUR) | Period | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 271.5 | 257.0 | 949.2 | 645.0 | - The increase was mainly driven by a rise in clinical trials for the BNT162 COVID-19 vaccine in 2021[18] - Higher wages, benefits, and social security expenses from increased headcount, along with recognition of share-based payments and inventor remuneration, also contributed to the growth[18] General and Administrative Expenses General and administrative expenses grew substantially in Q4 and full-year 2021, driven by increased personnel costs, share-based payments, consulting fees, and higher insurance premiums General and Administrative Expenses (million EUR) | Period | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | G&A Expenses | 130.9 | 35.9 | 285.8 | 94.0 | - The increase was primarily due to higher wages, benefits, and social security expenses from increased headcount, as well as share-based payments[19] - Increased expenses for purchased management consulting and legal services, along with higher insurance premiums due to increased business volume, were also contributing factors[19] - The company's M&A and business development transactions also led to an increase in general and administrative expenses[19] Income Taxes BioNTech recorded significant income tax expenses for Q4 and full-year 2021, a shift from the tax benefits in the prior year, resulting in a 31.6% effective tax rate for the full year Income Taxes (million EUR) | Period | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | Income Taxes | (1,547.7) | 161.3 | (4,753.9) | 161.0 | - The annual effective income tax rate for the year ended December 31, 2021, was 31.6%[20] Net Profit The company achieved substantial net profit growth in Q4 and full-year 2021, reflecting the immense success of its COVID-19 vaccine Net Profit (million EUR) | Period | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Profit | 3,166.2 | 366.9 | 10,292.5 | 15.2 | Cash, Cash Deposits and Trade Receivables As of year-end 2021, BioNTech held substantial cash and receivables, primarily from its gross profit share with Pfizer, a portion of which was collected post-period Cash and Receivables (million EUR) | Metric | As of December 31, 2021 | | :--- | :--- | | Cash and Cash Equivalents | 1,692.7 | | Cash Deposits | 375.2 | | Total Trade Receivables | 12,381.7 | - Of the outstanding trade receivables as of December 31, 2021, €4.6936 billion was received in cash on January 16, 2022[22] Shares Outstanding The total number of shares outstanding for BioNTech was 242,521,489 as of December 31, 2021 Number of Shares Outstanding | Metric | As of December 31, 2021 | | :--- | :--- | | Shares Outstanding | 242,521,489 | Program Updates COVID-19 Vaccine Program (BNT162b2) BNT162b2, the first approved mRNA product, achieved tremendous success in 2021, with ongoing global delivery, new formulation development, and expanded regulatory approvals to address the evolving pandemic - BNT162b2 is the first approved mRNA product and has been administered to over 1 billion people worldwide[26] Commercial Updates As of early March 2022, BioNTech and Pfizer have delivered over 3.1 billion doses of BNT162b2 to over 170 countries, with approximately 1.3 billion doses supplied to low- and middle-income countries - As of early March 2022, over 3.1 billion doses of BNT162b2 have been delivered to more than 170 countries and regions worldwide[27] - As of early March 2022, approximately 1.3 billion doses have been delivered to low- and middle-income countries[27] - As of mid-March 2022, BioNTech and Pfizer have signed orders for approximately 2.4 billion vaccine doses for 2022[27] - A new vaccine formulation was launched that can be stored for 10 weeks at refrigerator temperatures (2°C to 8°C) and for 12 hours at 2°C to 30°C after first puncture, which has been delivered to over 50 countries[28] - An agreement was reached with the European Commission for an additional 200+ million vaccine doses, bringing the total doses delivered to EU member states in 2022 to over 650 million[29][31] Manufacturing Updates BioNTech and Pfizer's global COVID-19 vaccine supply chain and manufacturing network includes 20 production facilities across four continents, ensuring global vaccine supply - The global COVID-19 vaccine supply chain and manufacturing network includes 20 production facilities across four continents[32] Clinical Development and Research Updates The company continues clinical development and research for its COVID-19 vaccine, including expanding vaccination to younger populations, evaluating booster doses, and developing Omicron-based vaccine candidates - In the pivotal Phase 3 trial in adolescents 12 to 16 years of age, 100% vaccine efficacy was observed from 7 days to 4 months after the second dose[36] - The trial for children 6 months to under 5 years of age was amended to include a third 3 µg dose, with data expected in April 2022[37] - A clinical trial for an Omicron-based vaccine has been initiated to evaluate safety, tolerability, and immunogenicity, with data expected in April 2022[40] - A combination of a bivalent Omicron vaccine and BNT162b2 is also being evaluated[40] Regulatory Updates BioNTech and Pfizer's COVID-19 vaccine has received multiple global regulatory approvals, including expanded Emergency Use Authorizations (EUA) for booster doses and primary series in various age groups - The U.S. FDA expanded the EUA to include a booster dose for individuals 18 years and older, later extending it to those 16+ and 12+[42][44] - The European Commission approved the vaccine for children 5 to under 12 years of age, based on 90.7% vaccine efficacy in a Phase 3 trial[43] - The U.S. FDA expanded the EUA to include a third primary series dose for immunocompromised individuals aged 5 to under 12[45] - The U.S. FDA requested the initiation of a rolling submission for a three-dose primary series in children 6 months to under 5 years of age[47] - The European Commission approved BNT162b2 as a booster dose for adolescents 12 to under 18 years of age[48] - The EU product information was updated to include the use of the vaccine during pregnancy and breastfeeding[49] - The U.S. FDA expanded the EUA to include a second booster dose for individuals 50 years and older and certain immunocompromised individuals 12 years and older[49] Additional Infectious Disease Programs Infectious diseases represent a long-term growth pillar for BioNTech, which aims to become a leader in mRNA vaccines by advancing a pipeline targeting influenza, shingles, malaria, and other high-need diseases - Infectious diseases are a long-term growth pillar for BioNTech, with the goal of becoming a leader in the field of mRNA infectious disease vaccines[50] - The company is advancing an mRNA vaccine and therapy pipeline against multiple high-need indications, including influenza, shingles, malaria, tuberculosis, HSV 2, and HIV[50] Influenza Vaccine Program BioNTech is collaborating with Pfizer to develop an mRNA-based influenza vaccine, with Phase 1 data for BNT161 expected in the first half of 2022 and a new saRNA study planned - Phase 1 clinical trial data for BNT161 (modified mRNA vaccine) are expected in the first half of 2022[51] - A clinical study of a self-amplifying mRNA (saRNA) influenza vaccine is planned to evaluate safety, tolerability, and immunogenicity[53] Shingles Vaccine Program BioNTech and Pfizer have signed a new global agreement to co-develop the first mRNA-based shingles vaccine candidate, with clinical trials planned to start in the second half of 2022 - A global agreement was signed with Pfizer to develop the first mRNA-based shingles vaccine candidate[54] - Clinical trials are planned to start in the second half of 2022[55] Malaria Vaccine Program BioNTech plans to develop an mRNA malaria vaccine candidate aimed at preventing malaria and related mortality, with clinical trials scheduled to begin in the second half of 2022 - The company plans to develop an mRNA vaccine candidate to prevent malaria and related mortality[56] - Clinical trials for the mRNA malaria vaccine are planned to start in the second half of 2022[56] Tuberculosis Vaccine Program (BNT164) Since 2019, BioNTech has collaborated with the Bill & Melinda Gates Foundation to develop the tuberculosis vaccine candidate BNT164, with clinical trials planned for the second half of 2022 - The company has been collaborating with the Bill & Melinda Gates Foundation since 2019 to develop a tuberculosis vaccine candidate[57] - Clinical trials for the tuberculosis vaccine candidate are planned to start in the second half of 2022[58] HSV 2 Vaccine Program BioNTech is developing an HSV 2 vaccine candidate in collaboration with the University of Pennsylvania, with clinical trials expected to start in the second half of 2022 - An HSV 2 vaccine candidate is being developed in collaboration with the University of Pennsylvania[59] - Clinical trials are expected to start in the second half of 2022[59] Oncology Pipeline BioNTech's immuno-oncology strategy employs a diverse toolkit of complementary approaches, advancing 16 product candidates into 20 ongoing clinical trials in 2021 - BioNTech's oncology pillar includes mRNA therapeutic vaccines, CAR-T immunotherapies, cell therapies, individualized neoantigen specific immunotherapies, RiboMabs, next-generation checkpoint immunomodulators, anti-tumor antibodies, and small molecules[61] - The company has a library of over 300 proprietary or known shared antigens and has developed predictive algorithms for efficient identification of individualized neoantigens[62] - In 2021, the company advanced four immuno-oncology programs into randomized Phase 2 studies and initiated five first-in-human trials, bringing the clinical pipeline to 16 product candidates in 20 ongoing clinical trials[63] mRNA Programs BioNTech's mRNA oncology programs include FixVac, iNeST, and RiboMabs, which utilize proprietary mRNA backbones and delivery technologies to develop off-the-shelf and individualized cancer treatments - FixVac product candidates use the company's proprietary immunogenic mRNA backbone encoding cancer-specific shared antigens and are administered intravenously using the RNA-LPX delivery formulation[64] - iNeST is an individualized cancer immunotherapy targeting patient-specific neoantigens present in tumors, developed in collaboration with Genentech[70][71] - RiboMab product candidates BNT141 and BNT142 encode antibodies targeting cancer cells, leveraging optimized mRNA technology to overcome limitations of recombinant antibodies[74] FixVac FixVac is BioNTech's off-the-shelf mRNA vaccine program, with BNT111 entering a Phase 2 trial and receiving FDA Fast Track designation, and BNT116 advancing into clinical development for NSCLC - In 2021, two FixVac programs, BNT111 (for anti-PD1 refractory/relapsed melanoma) and BNT113 (for HPV16+ PDL1+ head and neck cancer), entered Phase 2 trials[65] - BNT111 received FDA Fast Track designation and Orphan Drug Designation for the treatment of advanced melanoma[68] - The collaboration with Regeneron for BNT116 was expanded, with a first-in-human clinical trial for advanced non-small cell lung cancer (NSCLC) expected to start in the second half of 2022[69] Individualized Neoantigen Specific Immunotherapy (iNeST) iNeST is an individualized cancer immunotherapy developed with Genentech, with its lead candidate, autogene cevumeran, having initiated a Phase 2 trial for adjuvant colorectal cancer - autogene cevumeran (BNT122) is BioNTech's lead iNeST product candidate, developed in collaboration with Genentech[71] - A randomized Phase 2 trial of autogene cevumeran has been initiated in the adjuvant treatment of ctDNA-positive, surgically resected Stage II (high-risk)/Stage III colorectal cancer[72] - A data update from the randomized Phase 2 trial of autogene cevumeran combined with pembrolizumab in 1L metastatic melanoma is expected in the second half of 2022[73] RiboMabs RiboMabs are BioNTech's mRNA antibody programs, with BNT141 entering a Phase 1/2 trial for Claudin-18.2 positive tumors and BNT142 planned for a Phase 1 trial in the first half of 2022 - BNT141, which encodes a secreted antibody targeting Claudin-18.2, initiated a Phase 1/2 clinical trial in January 2022 for patients with Claudin-18.2 positive tumors[76][77] - BNT142, which encodes a bispecific antibody targeting CD3 and Claudin-6, is planned to start a Phase 1 clinical trial in the first half of 2022[78] Antibodies BioNTech's antibody program, in collaboration with Genmab, includes next-generation checkpoint immunomodulators, with BNT311/GEN1046 having initiated a Phase 2 trial for NSCLC - BioNTech is collaborating with Genmab to develop two bispecific antibody checkpoint immunomodulators, BNT311 and BNT312[79] - A Phase 2 trial of BNT311/GEN1046 in relapsed/refractory metastatic NSCLC was initiated in December 2021, with 10 expansion cohorts ongoing[80][81] - The Phase 1/2 trial of BNT312/GEN1042 in solid tumors is ongoing, with expansion cohorts in melanoma, NSCLC, pancreatic cancer, and head and neck cancer currently enrolling[81] Cell Therapies BioNTech's cell therapy program is led by the CAR-T candidate BNT211, which targets CLDN6+ solid tumors and has shown a tolerable safety profile and preliminary clinical activity in a Phase 1/2 trial - BNT211 is BioNTech's first CAR-T product candidate, targeting CLDN6+ solid tumors and combined with a CAR-T cell amplifying RNA vaccine (CARVac)[83] - Phase 1/2 trial data for BNT211 showed a tolerable safety profile and preliminary clinical activity, with 9 of 10 evaluable patients showing initial disease control, including 4 partial responses and 5 with stable disease[85][86] - A further data update from the Phase 1/2 trial is expected in the second half of 2022[86] Corporate & ESG Updates Corporate Updates BioNTech announced several corporate updates in early 2022, including collaborations with InstaDeep, Crescendo Biologics, and Medigene AG to enhance its R&D and digital transformation capabilities - A collaboration with InstaDeep designed, developed, and successfully tested an AI-based Early Warning System (EWS) for real-time analysis and prediction of high-risk SARS-CoV-2 variants[87][89] - A multi-target discovery collaboration was established with Crescendo Biologics Ltd to develop novel immunotherapies for cancer and other diseases[90] - An asset purchase and option agreement and a multi-target research collaboration were signed with Medigene AG to develop novel T cell receptor (TCR) immunotherapies, with BioNTech holding exclusive worldwide development and commercialization rights[91] Environmental, Social, and Governance (ESG) Overview The company is committed to social responsibility and environmental protection, with plans for mRNA manufacturing in Africa, modular "BioNTainer" solutions, and science-based emissions reduction targets - BioNTech plans to begin construction of advanced mRNA manufacturing sites in Africa and Asia in 2022 to establish sustainable local supply[93] - The "BioNTainer" turnkey manufacturing solution was introduced, a modular unit for scalable mRNA vaccine production, with the first BioNTainer expected to arrive in Africa in the second half of 2022[94] - The Management Board's variable compensation is linked to the achievement of ESG goals, including maintaining a "Prime" rating from the ISS ESG rating agency[95][96] - Climate protection targets aligned with the Science Based Targets initiative (SBTi) were set: an absolute reduction of 42% in Scope 1 and Scope 2 GHG emissions by 2030 (from a 2021 baseline)[97] - The company has committed to supplying over 2 billion doses of its COVID-19 vaccine to low- and middle-income countries by the end of 2022[98] Upcoming Investor and Analyst Events BioNTech has scheduled its Annual General Meeting for June 1, 2022, and a Capital Markets Day for June 29, 2022 - The Annual General Meeting will be held on June 1, 2022[99] - The company will host a Capital Markets Day for analysts and investors on June 29, 2022[99] About BioNTech BioNTech is a next-generation immunotherapy company pioneering novel therapies for cancer and other serious diseases, leveraging a broad suite of platforms to develop a diverse pipeline of product candidates - BioNTech is a next-generation immunotherapy company dedicated to novel therapies for cancer and other serious diseases[100] - The company utilizes computational discovery and therapeutic drug platforms to rapidly develop novel biopharmaceuticals[100] - Its broad oncology pipeline includes individualized and off-the-shelf mRNA therapies, chimeric antigen receptor T cells, bispecific checkpoint immunomodulators, targeted cancer antibodies, and small molecules[100] - Based on its deep expertise in mRNA vaccine development and in-house manufacturing, BioNTech and its collaborators are developing multiple mRNA vaccine candidates for infectious diseases[100] - The company has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Genentech, Regeneron, Genevant, Fosun Pharma, and Pfizer[100] Forward-Looking Statements This press release contains forward-looking statements regarding BioNTech's expectations for revenues, R&D, clinical trials, and other factors, which are subject to significant risks and uncertainties detailed in its SEC filings - Forward-looking statements relate to BioNTech's expected revenues and net profit, COVID-19 vaccine sales, market competition, R&D programs, clinical trials, regulatory approvals, collaborations, the impact of the COVID-19 pandemic, manufacturing capacity, capital expenditures, and income taxes[101][103] - These statements are not promises or guarantees and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expectations[105] - Investors should consult the "Risk Factors" section in the company's Annual Report on Form 20-F filed with the SEC[105] Financial Statements Consolidated Statements of Profit or Loss BioNTech's consolidated statements of profit or loss show substantial growth in revenues and net profit for Q4 and full-year 2021, driven by commercial income, alongside increased operating and tax expenses Summary Consolidated Statements of Profit or Loss (million EUR) | Metric | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 5,532.5 | 345.4 | 18,976.7 | 482.3 | | Cost of Sales | (583.2) | (41.0) | (2,911.5) | (59.3) | | R&D Expenses | (271.5) | (257.0) | (949.2) | (645.0) | | Selling and Marketing Expenses | (17.9) | (6.7) | (50.4) | (14.5) | | G&A Expenses | (130.9) | (35.9) | (285.8) | (94.0) | | Operating Profit/(Loss) | 4,699.7 | 244.2 | 15,283.8 | (82.4) | | Income Taxes | (1,547.7) | 161.3 | (4,753.9) | 161.0 | | Profit/(Loss) for the Period | 3,166.2 | 366.9 | 10,292.5 | 15.2 | | Diluted EPS (€) | 12.18 | 1.43 | 39.63 | 0.06 | Consolidated Statements of Financial Position The company's total assets grew significantly as of December 31, 2021, driven by increased trade receivables and cash, with a corresponding rise in total equity reflecting strong profitability Summary Consolidated Statements of Financial Position (million EUR) | Metric | As of Dec 31, 2021 | As of Dec 31, 2020 | | :--- | :--- | :--- | | Assets | | | | Total Non-Current Assets | 758.5 | 651.7 | | Total Current Assets | 15,072.3 | 1,666.9 | | Total Assets | 15,830.8 | 2,318.6 | | Equity and Liabilities | | | | Total Equity | 11,893.7 | 1,371.8 | | Total Non-Current Liabilities | 455.5 | 340.8 | | Total Current Liabilities | 3,481.6 | 606.0 | | Total Liabilities | 3,937.1 | 946.8 | | Total Equity and Liabilities | 15,830.8 | 2,318.6 | - Trade and other receivables within current assets increased from €165.5 million in 2020 to €12.3817 billion in 2021[109] - Other financial liabilities within current liabilities increased from €74.1 million in 2020 to €1.1904 billion in 2021, and income tax liabilities grew from nil to €1.5689 billion[109] Consolidated Statements of Cash Flows BioNTech's consolidated cash flow statements for 2021 show net cash generated from operating activities of €889.7 million, with significant cash used in investing activities and a net increase in cash for the year Summary Consolidated Statements of Cash Flows (million EUR) | Metric | Q4 2021 | Q4 2020 | Full Year 2021 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | | Net cash flows from operating activities | (199.7) | 249.2 | 889.7 | (13.5) | | Net cash flows from investing activities | (466.8) | (99.8) | (566.1) | (144.8) | | Net cash flows from financing activities | (48.9) | 116.3 | 94.2 | 894.7 | | Net increase/(decrease) in cash | (715.4) | 265.7 | 417.8 | 736.4 | | Cash and cash equivalents at end of period | 1,692.7 | 1,210.2 | 1,692.7 | 1,210.2 | - For the full year 2021, the decrease/(increase) in trade and other receivables, contract assets and other assets was -€11.8081 billion, significantly impacting operating cash flow[111] - For the full year 2021, income taxes (received/(paid), net) amounted to -€3.4579 billion[111]