BioNTech SE (Nasdaq: BNTX) has announced its financial results for the third quarter and the first nine months of 2024, alongside updates on its corporate initiatives.
During this period, the company successfully launched its variant-adapted COVID-19 vaccines and advanced its oncology pipeline, including the initiation of later-stage trials and significant updates on its PD-L1 x VEGF-A bispecific antibody candidate BNT327/PM8002 and mRNA cancer vaccine portfolio. “These achievements underscore the potential of our multi-platform technology and guide our strategy towards innovative proprietary combinations,” stated Prof. Ugur Sahin, M.D., CEO and Co-Founder of BioNTech. “We are dedicated to progressing our late-stage oncology candidates toward potential registration, positioning us to fulfill our vision of becoming a leading global immunotherapy company.”
Financial Overview for Q3 and Nine Months of 2024
For the third quarter of 2024, BioNTech reported revenues of €1,244.8 million, a significant increase from €895.3 million in the same quarter of the previous year. For the nine-month period ending September 30, 2024, revenues totaled €1,561.1 million, down from €2,340.0 million year-over-year. The increased revenues in Q3 2024 were largely due to earlier approvals for its variant-adapted COVID-19 vaccines compared to last year.
Cost of sales was €178.9 million for Q3 2024, up from €161.8 million in Q3 2023. For the first nine months, cost of sales was €297.8 million, compared to €420.7 million for the same period in 2023.
Research and development (R&D) expenses rose to €550.3 million in Q3 2024, compared to €497.9 million in Q3 2023, with total R&D expenses for the nine months reaching €1,642.4 million, up from €1,205.3 million in the previous year. The increase was primarily due to advancing clinical trials for late-stage oncology candidates.
Sales, general and administrative (SG&A) expenses for Q3 2024 were €150.5 million, slightly down from €153.5 million in the prior year. For the nine months, SG&A expenses were €466.9 million, compared to €415.4 million in 2023.
Other operating results showed a loss of €354.6 million for Q3 2024, compared to a loss of €9.0 million for the same period in the prior year. For the nine-month period, this resulted in a loss of €616.9 million, up from €134.4 million in 2023, primarily due to provisions for contractual disputes.
Income taxes reflected an income of €39.4 million for Q3 2024, in contrast to a tax expense of €66.8 million in Q3 2023. Over the nine months, the company reported a tax income of €54.1 million, compared to €50.5 million in tax expenses for the same period last year.
Net profit for Q3 2024 was €198.1 million, compared to €160.6 million in Q3 2023. However, for the first nine months of 2024, the company reported a net loss of €924.8 million, compared to a net profit of €472.4 million for the same period in the prior year.
As of September 30, 2024, BioNTech’s cash and cash equivalents, along with security investments, totaled €17,839.8 million, including €9,624.6 million in cash, €7,078.0 million in current securities, and €1,137.2 million in non-current securities.
Diluted earnings per share for Q3 2024 were €0.81, compared to €0.66 for the same quarter last year. For the first nine months, loss per share was €3.83, compared to earnings of €1.94 for the prior year period.
Shares outstanding as of September 30, 2024, were 239,739,752, excluding 8,812,448 shares held in treasury.
“Our successful launch of the variant-adapted COVID-19 vaccines, which received earlier approvals, significantly boosted our revenues in the third quarter,” stated Jens Holstein, CFO of BioNTech. “With our disciplined approach to costs and strong financial position, we remain focused on assets that promise a fast path to market and substantial value for both patients and shareholders.”
2024 Financial Year Guidance
BioNTech anticipates that its revenues for the full 2024 financial year will be at the low end of its previously provided guidance range of €2.5 billion to €3.1 billion. This outlook reflects various assumptions and expectations, including COVID-19 vaccine uptake and pricing, inventory write-downs by collaboration partner Pfizer, and anticipated revenues from pandemic preparedness contracts and other service businesses within the BioNTech Group. The company continues to be largely dependent on revenue generated in its collaboration partner’s territories throughout 2024.
