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Buy Day today: Poor (58) Mixed market breadth · today: CPI (July)
BNTX

BioNTech SE

Healthcare · Biotechnology · listed since 2019

92.80$ +0.0% vs. previous close Closing price · As of: Aug 12, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Open questions

The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.

Why this colour

There is no basis for red: EUR 16,634.2 million in cash and securities, EUR 17,757.5 million of equity, no meaningful financial debt, and no going-concern indication in the interim report for the period ended June 30, 2026 — at this rate of cash burn the runway extends far beyond ten years. But green is out of reach because the decisive operating question is open, and it is a big one: the legacy COVID-19 vaccine business is shrinking faster than planned, annual guidance had to be cut by roughly one fifth on August 4, 2026, and a third of what remains is a contractual payment rather than a product sale. The new business exists as a pipeline, not as revenue. On top of that comes a leadership change in which both founders clear the bridge and one board seat is still unfilled. Yellow here means: solid substance, an unproven business model for the years after the vaccine. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

BioNTech today is a very large savings account with an expensive research laboratory attached. The balance sheet is exceptional — EUR 16,634.2 million in cash and securities, EUR 17,757.5 million of equity, virtually no financial debt (June 30, 2026). The operating business keeps shrinking: EUR 223.7 million of revenue against a EUR 1,352.7 million loss in the first half of 2026, plus annual guidance cut on August 4, 2026, of which EUR 613 million is a contractual payment. Whether 14 pivotal trials turn into a second viable business will be decided by readouts that are still ahead — and, from February 2027, by a board without either founder. Not investment advice.

Balance sheet and liquidity

EUR 16,634.2 million in cash and security investments against EUR 17,757.5 million of equity and EUR 20,342.6 million of total assets (June 30, 2026), with virtually no financial debt. Even at the first-half 2026 rate of cash burn (EUR 410.5 million), that funds many years of research without a capital increase.

Bristol Myers Squibb partnership

For pumitamig, Bristol Myers Squibb paid $1.5 billion upfront, committed $2.0 billion in non-contingent anniversary payments through 2028, and offered up to $7.6 billion in milestones; profits and losses are shared equally (Form 20-F for 2025, Item 4.B).

Current business

Second-quarter 2026 revenue of EUR 105.6 million against EUR 260.8 million a year earlier, and EUR 223.7 million for the first half; a net loss of EUR 1,352.7 million and an operating cash outflow of EUR 410.5 million over the same period (Form 6-K for the period ended June 30, 2026).

Quality of guidance

2026 revenue guidance was cut on August 4, 2026 from EUR 2.0–2.3 to EUR 1.6–1.9 billion; EUR 613 million of that is a Bristol Myers Squibb contractual payment due in the third quarter, not a product sale. Roughly EUR 1.0 to 1.3 billion is left for the actual product business.

Leadership and ownership

Both founders are leaving operational leadership: Guido Oelkers was appointed Chief Executive Officer on August 3, 2026 (taking office by February 1, 2027), and Özlem Türeci moves to a new company of her own, with her successor still unnamed. AT Impf GmbH held 40.3 percent as of December 31, 2025 and, per the annual report, exercises de facto control.

Legacy items and clean-up costs

Up to EUR 450 million of European Commission repayment exposure from CureVac's 2020 contract (Form 20-F for 2025, Item 3.D); plus, in the first half of 2026, EUR 105.0 million of restructuring costs, EUR 96.1 million of impairments on property, plant and equipment (of which EUR 87.0 million on Marburg and Idar-Oberstein) and EUR 126.9 million on intangible assets. Bearable against EUR 16.6 billion of liquidity, but unbudgeted.

Worth Noting

BNTX reached our research list through two announcements within 48 hours: the appointment of a new chief executive on August 3, 2026 and the cut to 2026 revenue guidance on August 4, 2026.

The SEC treats BioNTech as a foreign private issuer: an annual report on Form 20-F instead of a Form 10-K, and interim reports on Form 6-K instead of Form 10-Q. All figures in this analysis come from the annual report for 2025 (filed March 10, 2026), the annual report for 2023 (2021 and 2022 figures) and the interim report for the period ended June 30, 2026 (filed August 4, 2026).

Reporting currency euro, listing currency U.S. dollar: metrics that mix market value with balance sheet figures (Altman Z-score, net current asset value per share, cash per share) are deliberately left blank in our in-house stock scanner. The market value from fundamental data (about $23.3 billion, as of August 12, 2026) was cross-checked against 251,204,366 shares x $89.50 (the documented second-quarter 2026 buyback price); the deviation is about 4 percent.

Not to be confused with CureVac N.V., part of BioNTech since December 2025, nor with Moderna, Inc. (Nasdaq: MRNA), the U.S. competitor using the same technology with a considerably smaller cash pile.

Read the Full Deep Dive BioNTech: 16.6 Billion Euros in the Bank — and Both Founders Are Leaving the Bridge BioNTech is the company Germany trusted in 2020. Five years later its filings with the U.S. securities regulator, the SEC, tell a colder story: 223.7 million euros of revenue in the first half of 2026, a loss of 1,352.7 million euros — and guidance cut on August 4, 2026 from 2.0–2.3 to 1.6–1.9 billion euros. One day earlier the Supervisory Board had appointed a new chief executive: co-founder Ugur Sahin steps down, co-founder Özlem Türeci moves to a new company of her own. What remains is 16,634.2 million euros in cash and securities against a market value of roughly 19.6 billion euros at the company's own second-quarter buyback price. Not investment advice — just the question of what you actually pay for when almost the entire price is cash. Read the analysis →

Stock Watch

This analysis is as of August 12, 2026. Stock Watch will tell you what's changed at BNTX since then.

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Price history

Chart

Interactive price chart (TradingView).

Last price: 92.80 $ (As of: August 12, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 23.3$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. 3.00%
Perf. 3M ?Price performance over the last 3 months. -0.60%
Perf. 6M ?Price performance over the last 6 months. –
YTD Performance (%) ?Price performance since the start of the year (Year to Date). –
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -6.6%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 1.1
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 7.6
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 38.9

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -806.6%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -9.3%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 87.4%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.01
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. –
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 4 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). -59.50%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). -43.20%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 0.20%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. -61.20%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. -934.50%

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. E (24 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Biotechnology

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
BioNTech SE BNTX 23.3 – – – -806.6 0.2 –
Vertex Pharmaceuticals Inc VRTX 134.0 32.2 23.3 54.4 38.1 9.6 41.4
Regeneron Pharmaceuticals Inc REGN 82.8 19.9 12.7 44.5 20.7 1.0 46.8
Revolution Medicines Inc RVMD 42.8 – -9.7 -151,691.8 0.0 -100.0 492.4
Royalty Pharma Plc RPRX 31.9 31.3 19.7 115.0 100.3 5.1 63.1
Alnylam Pharmaceuticals Inc ALNY 29.4 55.1 23.0 79.7 23.0 65.2 -49.2
Insmed Inc INSM 28.7 – -6.0 81.8 -65.5 66.7 17.4
Roivant Sciences Ltd ROIV 24.7 – 0.7 -8,159.0 -14,675.1 -71.6 215.6
Moderna Inc MRNA 24.0 – 4.6 -66.0 -131.1 -39.2 137.8
Median of companies shown 29.4 31.7 8.7 49.4 0.0 1.0 55.0

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (€M)
2024: Q3 · 1,244.8 €M Q3 2024: Q4 · 1,190.0 €M Q4 2025: Q1 · 182.8 €M Q1 2025: Q2 · 260.8 €M Q2 2025: Q3 · 1,518.9 €M Q3 2025: Q4 · 898.9 €M Q4 2026: Q1 · 120.0 €M Q1 2026: Q2 · 107.3 €M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales (€M) Sales YoY (%) Net Margin (%) OCF (€M) FCF (€M)
2024: Q3 0.81 20.90 1,245 39.00 15.90 -688 -779
2024: Q4 1.08 -43.20 1,190 -19.50 21.80 -501 -602
2025: Q1 -1.73 -22.70 183 -2.60 -227.50 -822 -1,472
2025: Q2 -1.60 52.40 261 102.60 -148.20 132 -436
2025: Q3 -0.12 -114.80 1,519 22.00 -1.90 855 811
2025: Q4 -0.33 -130.60 899 -24.50 -33.60 299 238
2026: Q1 -1.95 -12.70 120 -34.30 -450.40 -428 -486
2026: Q2 -3.03 -89.40 107 -58.80 -777.30 11 -45

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 2 of our scanner strategies — each hit links to the scanner.

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings –
Price Target (average) –
Distance to price –

No price target is available for this stock.

AI classification

AI Rating

Sells AI

BioNTech besitzt seit Juli 2023 die KI-Firma InstaDeep und führt deren externes Geschäft im Jahresbericht als eigene zahlungsmittelgenerierende Einheit („CGU External Business of InstaDeep“) — KI- und Machine-Learning-Dienste sind damit eine belegte Umsatzquelle an Dritte, nicht nur ein internes Werkzeug.

View the full file — quotes, sources, reviewed filings
„Following our acquisition of InstaDeep Ltd., or InstaDeep, we also face competition in the rapidly growing and developing artificial intelligence, or AI, industry."

Nach unserer Übernahme von InstaDeep Ltd. stehen wir zusätzlich im Wettbewerb in der rasch wachsenden und sich entwickelnden Branche der künstlichen Intelligenz (KI).

20-F · 2026-03-10 · View SEC filing

„We face significant competition from other companies with respect to our AI and machine learning services, along with an evolving regulatory landscape."

Bei unseren KI- und Machine-Learning-Diensten stehen wir in starkem Wettbewerb mit anderen Unternehmen, bei zugleich sich wandelndem Regulierungsumfeld.

20-F · 2026-03-10 · View SEC filing

„If demand for the services developed by InstaDeep does not continue, or if we are unable to improve our AI and machine learning technology in a timely, effective and competitive manner, we may not be able realize the expected outcomes from the InstaDeep acquisition."

Falls die Nachfrage nach den von InstaDeep entwickelten Diensten nicht anhält oder wir unsere KI- und Machine-Learning-Technologie nicht rechtzeitig, wirksam und wettbewerbsfähig verbessern können, werden wir die erwarteten Ergebnisse der InstaDeep-Übernahme möglicherweise nicht erreichen.

20-F · 2026-03-10 · View SEC filing

Filings Reviewed: 6-K 2026-08-04 · 6-K 2026-08-04 · 6-K 2026-08-03 · 20-F/A 2026-07-30 · 6-K 2026-05-05 · 20-F 2026-03-10 · 20-F 2025-03-10

Rated on August 12, 2026 · How the Rating Is Built

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Apr 22, 2026 Sierk Poetting COO Sell 50,000 110.56 5,528,000

View all insider transactions →

The company

About the Company

BioNTech SE, together with its subsidiaries, engages in the development and commercialization of immunotherapies in Germany. The company offers BNT162, an mRNA vaccine for the treatment of SARS-CoV-2 virus. It also develops oncology drugs under Phase III clinical trial, including Gotistobart for metastatic non-small cell lung cancer, Pumitamig for small cell lung cancer and advanced/metastatic triple-negative breast cancer, and Trastuzumab pamirtecan for metastatic breast cancer and epirubicin and cyclophosphamide; and drugs under Phase 2/3 clinical trial, such as BNT113 for human papillomavirus and head and neck squamous cell carcinoma, as well as Pumitamig for metastatic colorectal and non-small cell lung cancer. In addition, the company engages in the development of oncology drugs under Phase II clinical trial comprising BNT116 for advance non-small cell lung cancer, BNT326/YL202 for multiple solid tumors and advanced/metastatic breast cancer, Autogene cevumeran for advance colorectal cancer, and Gotistobart for platinum-resistant ovarian cancer, as well as Pumitamig for glioblastoma, hepatocellular carcinoma, malignant pleural mesothelioma, neuroendocrine neoplasms, and metastatic pancreatic ductal adenocarcinoma. Further, it develops BNT166 which is Phase II clinical trial for mpox virus; and infectious diseases drugs under Phase 1/2 clinical trial, which include BNT162 + BNT161 for SARS-CoV-2 and influenza, BNT164 for tuberculosis, BNT165 for malaria, and BNT166 for mpox. The company was incorporated in 2008 and is headquartered in Mainz, Germany.

IPO Year
2019

Data as of: August 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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