BioNTech SE
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.
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: about EUR 16.2 billion in cash and securities, about EUR 17.7 billion of equity, no meaningful financial debt, and no going-concern indication in the interim report for the period ended September 30, 2026 — even without any revenue, the cash would cover about seven to eight years of the planned research budget on paper (our own calculation). The negative third-quarter operating cash flow despite a profit is explained mainly by a EUR 489.1 million rise in receivables and similar items; over nine months the company is loss-making anyway. But green is out of reach because the decisive operating question is open: the vaccine business keeps shrinking, and more than half of the strongest quarter's revenue was license money. The new business exists as a pipeline with mixed late-stage data, not as revenue. On top of that comes a leadership change in which the founding couple clears the bridge. 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 less a growing business than a very large cash pile with an expensive research laboratory attached. The balance sheet is exceptional — about EUR 16.2 billion in cash and securities, about EUR 17.7 billion of equity, little financial debt (September 30, 2026). The operating business keeps shrinking: more than half of third-quarter 2026 revenue was out-licensing, without which the quarter would not have been profitable; vaccine revenue fell 35 percent, and the first nine months show a EUR 1,168.2 million loss. Whether the pivotal trials turn into a second viable business will be decided by readouts, some of which are still ahead — and, from February 2027, by a board without the founding couple. Not investment advice.
Balance sheet and liquidity
About EUR 16.2 billion in cash and security investments against about EUR 17.7 billion of equity and about EUR 20.2 billion of total assets (September 30, 2026), with little financial debt. On paper, that covers about seven to eight years of the planned adjusted research budget of EUR 2.0 to 2.3 billion even without any revenue (our own calculation).
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 (Form 20-F for 2025, Item 4.B). The EUR 613.0 million for 2026 was recognized as revenue in the third quarter of 2026 (Form 6-K as of September 30, 2026, Note 3).
Current business
Third-quarter 2026 vaccine revenue of EUR 554.3 million against EUR 853.3 million (down 35 percent); more than half of quarterly revenue was out-licensing (EUR 683.0 million), more than net income of EUR 184.5 million. First nine months of 2026: a EUR 1,168.2 million loss and EUR 540.3 million of operating cash outflow (Form 6-K as of September 30, 2026).
Quality of guidance
2026 revenue guidance fell from EUR 2.0–2.3 billion (March 2026) to EUR 1.6–1.9 billion (August 4, 2026); on November 3, 2026 only the low end was raised to EUR 1.7 billion. The new midpoint of EUR 1.8 billion is about EUR 350 million below the March midpoint.
Leadership and ownership
The founding couple is leaving operational leadership: Guido Oelkers takes office by February 1, 2027, Özlem Türeci moves to a new founders' company, and whether BioNTech contributes to it is open as of September 30, 2026. Ugur Sahin sold 858,209 directly held shares between September 3 and October 9, 2026 under a trading plan established on June 3, 2026 and holds about 15.8 percent through Medine GmbH. AT Impf GmbH held 40.3 percent as of December 31, 2025 and 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, a contingent liability without a provision as of September 30, 2026; in the first nine months of 2026, EUR 124.8 million of restructuring costs, EUR 140.6 million of impairments on property, plant and equipment and EUR 318.5 million on intangible assets; plus, since October 2026, a patent lawsuit by Translate Bio and Sanofi. Bearable against EUR 16.2 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. On November 8, 2026 the analysis was updated with the interim report for the third quarter of 2026 (filed November 3, 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. Figures come from the annual reports for 2025 and 2023, the interim reports for the periods ended June 30 and September 30, 2026, and the second- and third-quarter 2026 earnings releases. No public transcript of the November 3, 2026 earnings call was available through November 8, 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 calculation uses 247,928,180 shares x EUR 81.24 (the documented third-quarter 2026 buyback price, $93.23 per ADS); the market value from fundamental data (about $23.3 billion) is as of August 12, 2026.
Ugur Sahin's share sales come from his Form 4 filings, which foreign private issuer insiders have had to file since March 18, 2026; proceeds and percentage are our own calculations from share counts and reported prices, and from the share count as of September 30, 2026.
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.
Stock Watch
This analysis is as of November 8, 2026. Stock Watch will tell you what's changed at BNTX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 83.90 $ to 119.30 $ · Last price: 87.20 $ (As of: November 10, 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
Performance
Technical Indicators
Calculated from the price history · as of 11/11/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| BioNTech SE BNTX | 21.9 | – | 110.8 | 76.7 | -806.6 | 0.2 | -17.0 |
| Vertex Pharmaceuticals Inc VRTX | 138.6 | 32.6 | 27.5 | 54.8 | 38.1 | 9.6 | 30.1 |
| Moderna Inc MRNA | 99.5 | – | 4.6 | -66.0 | -131.1 | -39.2 | 996.2 |
| Regeneron Pharmaceuticals Inc REGN | 95.2 | 23.1 | 14.3 | 51.2 | 20.7 | 1.0 | 40.6 |
| argenx NV ARGX | 60.4 | 37.1 | 27.6 | 59.8 | 32.0 | 89.6 | 12.6 |
| BeiGene, Ltd. ONC | 48.0 | 75.7 | 29.5 | 89.4 | 19.1 | 40.2 | 28.8 |
| Revolution Medicines Inc RVMD | 40.2 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 228.1 |
| Royalty Pharma Plc RPRX | 38.3 | 37.6 | 24.0 | 99.8 | 100.3 | 5.1 | 81.8 |
| Genmab AS GMAB | 33.7 | 42.5 | 28.6 | 92.7 | 35.2 | -82.7 | 94.7 |
| Median of companies shown | 48.0 | 37.4 | 27.5 | 59.8 | 20.7 | 1.0 | 40.6 |
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 →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year €M
Revenue Operating income Net income
| Fiscal Year | Revenue (€M) | EBIT (€M) | Net Income (€M) | EPS (€) | Operating Cash Flow (€M) | Equity (€M) | Total Assets (€M) |
|---|---|---|---|---|---|---|---|
| 2017 | 62 | -61 | -86 | -0.38 | -53 | -49 | 375 |
| 2018 | 128 | -54 | -48 | -0.21 | -58 | 266 | 653 |
| 2019 | 109 | -182 | -179 | -0.85 | -199 | 493 | 798 |
| 2020 | 482 | -82 | 15 | 0.06 | -14 | 1,372 | 2,319 |
| 2021 | 18,977 | 15,284 | 10,293 | 39.63 | 890 | 11,894 | 15,831 |
| 2022 | 17,311 | 12,643 | 9,434 | 37.77 | 13,577 | 20,056 | 23,279 |
| 2023 | 3,819 | 690 | 930 | 3.83 | 5,371 | 20,246 | 23,006 |
| 2024 | 2,751 | -1,314 | -665 | -2.77 | 208 | 19,411 | 22,530 |
| 2025 | 2,757 | -624 | -1,091 | -4.51 | 438 | 19,216 | 21,979 |
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.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (€) | EPS Range (€) | Revenue Estimate (€M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -5.21 | -6.11 – -4.45 | 1,847 | -984.4% | 8 |
| 12/31/2027 | -4.97 | -7.69 – -3.45 | 1,826 | 4.5% | 10 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
BioNTech besitzt seit Juli 2023 die KI-Firma InstaDeep und führt im Zwischenbericht zum 30.09.2026 weiterhin eigene KI- und Machine-Learning-Dienste im Wettbewerb mit anderen Anbietern — das hält die Einstufung „verkauft“. Zugleich kündigt derselbe Bericht an, InstaDeep ins Kerngeschäft zu integrieren und die KI-Entwicklung künftig auf eigene Zwecke auszurichten; endet das externe Geschäft, ist die Einstufung auf „nutzt“ zu prüfen.
View the full file — quotes, sources, reviewed filings
„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.
6-K · 2026-11-03 · View SEC filing
„For InstaDeep, we plan to integrate its expertise and capabilities directly into BioNTech’s core business. Moving forward, AI development at BioNTech will focus on supporting BioNTech’s strategic goals, operational processes, and innovation priorities."
Bei InstaDeep planen wir, dessen Know-how und Fähigkeiten direkt in das Kerngeschäft von BioNTech zu integrieren. Künftig wird sich die KI-Entwicklung bei BioNTech darauf konzentrieren, die strategischen Ziele, betrieblichen Abläufe und Innovationsprioritäten von BioNTech zu unterstützen.
6-K · 2026-11-03 · View SEC filing
„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
„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 2026-11-03 · 6-K 2026-11-03 · 6-K 2026-08-04 · 6-K 2026-08-04 · 20-F/A 2026-07-30 · 6-K 2026-05-05 · 20-F 2026-03-10
Rated on November 8, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -45.8%
- More than 10% revenue growth is expected for the coming year -61.2%
- Share count grows by less than 3% a year -1.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 10.0%
- Gross margin at 40% or higher and without meaningful erosion 77.6%
- Goodwill from acquisitions does not grow faster than revenue 1.7%
- Net debt below twice EBITDA 14,567 m net cash
- Operating cash flow covers the profits of the last three years 6,843 m
- Return on capital at 15% or higher, or up versus two years ago -3.1%
- Insiders hold at least 10% or are net buyers 57.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 60.8%
- Exp. sales growth 3Y > 5% -18.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -18.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -6.3%
- ROCE > 15% -3.1%
- Expected return > 10% -17.5%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 9, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 36,209 | 95.37 | 3,453,372 |
| Oct 8, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 27,000 | 92.31 | 2,492,483 |
| Oct 7, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 24,000 | 95.86 | 2,300,633 |
| Oct 6, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 21,000 | 96.81 | 2,032,995 |
| Oct 5, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 72,000 | 97.23 | 7,000,646 |
| Oct 2, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 17,000 | 96.72 | 1,644,323 |
| Oct 1, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 17,000 | 97.46 | 1,656,745 |
| Sep 30, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 32,000 | 98.12 | 3,139,850 |
| Sep 29, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 34,000 | 98.26 | 3,340,809 |
| Sep 28, 2026 | Sahin Ugur | Chief Executive Officer | Sell | 34,000 | 98.47 | 3,347,919 |
The company
About the Company
BioNTech SE befasst sich zusammen mit seinen Tochtergesellschaften mit der Entwicklung und Vermarktung von Immuntherapien in Deutschland. Das Unternehmen bietet BNT162, einen mRNA-Impfstoff zur Behandlung des SARS-CoV-2-Virus, an. Es entwickelt zudem Onkologiewirkstoffe in Phase-III-Studien, darunter Gotistobart bei metastasiertem nichtkleinzelligem Lungenkrebs, Pumitamig bei kleinzelligem Lungenkrebs und fortgeschrittenem/metastasiertem dreifach negativem Brustkrebs sowie Trastuzumab Pamirtecan bei metastasiertem Brustkrebs sowie in Kombination mit Epirubicin und Cyclophosphamid; und Wirkstoffe in Phase-2/3-Studien, wie BNT113 bei humanem Papillomvirus und Plattenepithelkarzinom des Kopf-Hals-Bereichs sowie Pumitamig bei metastasiertem kolorektalem und nichtkleinzelligem Lungenkrebs. Darüber hinaus befasst sich das Unternehmen mit der Entwicklung von Onkologiewirkstoffen in Phase-II-Studien, darunter BNT116 bei fortgeschrittenem nichtkleinzelligem Lungenkrebs, BNT326/YL202 bei multiplen soliden Tumoren und fortgeschrittenem/metastasiertem Brustkrebs, Autogene Cevumeran bei fortgeschrittenem kolorektalem Karzinom sowie Gotistobart bei platinresistentem Eierstockkrebs, sowie Pumitamig bei Glioblastom, hepatozellulärem Karzinom, malignem Pleuramesotheliom, neuroendokrinen Neoplasien und metastasiertem duktalem Pankreaskarzinom. Ferner entwickelt es BNT166, das sich in Phase-II-Studien gegen das Mpox-Virus befindet; sowie Wirkstoffe gegen Infektionskrankheiten in Phase-1/2-Studien, darunter BNT162 + BNT161 gegen SARS-CoV-2 und Influenza, BNT164 gegen Tuberkulose, BNT165 gegen Malaria sowie BNT166 gegen Mpox. Das Unternehmen wurde 2008 eingetragen und hat seinen Hauptsitz in Mainz, Deutschland.
- Employees
- 7,807
- Headquarters
- Mainz, Germany
- Address
- An der Goldgrube 12, 55131 Mainz, Germany
- Phone
- 49 6131 9084
- Website
- biontech.de
- IPO Date
- 10/10/2019
- ISIN
- US09075V1026
Management
| Name | Title | Birth Year |
|---|---|---|
| Ugur Sahin M.D. | Co-Founder, CEO & Chair of the Management Board | 1965 |
| Ozlem Tureci M.D. | Co-Founder, Chief Medical Officer & Member of Management Board | 1967 |
| Ramon Zapata-Gomez | CFO & Member of Management Board | 1974 |
| Sierk Pötting Ph.D. | MD, COO & Member of Management Board | 1973 |
| James Timothy Patrick Ryan Ph.D. | Chief Legal & Business Officer and Member of the Management Board | 1975 |
| Annemarie Hanekamp | Chief Commercial Officer & Member of Management Board | 1980 |
| Kylie Jimenez | Chief People Officer & Member of Management Board | 1976 |
| Lisa Birringer | Senior Vice President of Global Financial Reporting & Accounting | – |
| Douglas Maffei Ph.D. | Vice President of Strategy & Investor Relations | – |
| Jasmina Alatovic | Vice President Corporate Communications | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: November 10, 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.