Q2 FY2026
Filed Aug 4, 2026Second-quarter revenues declined to €105.6 million as COVID-19 vaccine demand softened; BioNTech lowered 2026 revenue guidance to €1,600 – €1,900 million while advancing six pivotal trials and maintaining €16.6 billion in cash, cash equivalents and security investments.
Second-quarter revenue, operating results and net loss deteriorated from the prior-year period, and the Company reduced its 2026 revenue outlook due to softer COVID-19 vaccine demand and delayed milestone-related revenue. The balance sheet remains substantial, adjusted R&D guidance was lowered, and the oncology pipeline advanced.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, second quarter 2026other | €105.6 million | – | – |
| Revenue, year-to-date 2026other | €223.7 million | – | – |
| Cost of sales, second quarter 2026other | €97.0 million | – | – |
| Cost of sales, year-to-date 2026other | €168.4 million | – | – |
| R&D expenses, second quarter 2026other | €551.0 million | – | – |
| Adjusted R&D expenses, second quarter 2026non-GAAP | €477.1 million | – | – |
| R&D expenses, year-to-date 2026other | €1,108.0 million | – | – |
| Adjusted R&D expenses, year-to-date 2026non-GAAP | €1,004.2 million | – | – |
| Sales and marketing expenses, second quarter 2026other | €40.1 million | – | – |
| Sales and marketing expenses, year-to-date 2026other | €68.0 million | – | – |
| General and administrative expenses, second quarter 2026other | €157.7 million | – | – |
| General and administrative expenses, year-to-date 2026other | €280.6 million | – | – |
| SG&A expenses, second quarter 2026other | €197.8 million | – | – |
| Adjusted SG&A expenses, second quarter 2026non-GAAP | €197.8 million | – | – |
| SG&A expenses, year-to-date 2026other | €348.6 million | – | – |
| Other operating expenses, second quarter 2026other | €248.1 million | – | – |
| Other operating income, second quarter 2026other | €40.2 million | – | – |
| Other operating result, second quarter 2026other | negative €207.9 million | – | – |
| Adjusted other operating result, second quarter 2026non-GAAP | negative €23.3 million | – | – |
| Other operating expenses, year-to-date 2026other | €281.3 million | – | – |
| Other operating income, year-to-date 2026other | €57.0 million | – | – |
| Other operating result, year-to-date 2026other | negative €224.3 million | – | – |
| Adjusted other operating result, year-to-date 2026non-GAAP | negative €32.3 million | – | – |
| Operating loss, second quarter 2026other | €948.1 million | – | – |
| Adjusted operating loss, second quarter 2026non-GAAP | €689.6 million | – | – |
| Operating loss, year-to-date 2026other | €1,625.6 million | – | – |
| Adjusted operating loss, year-to-date 2026non-GAAP | €1,329.8 million | – | – |
| Finance income, second quarter 2026other | €97.3 million | – | – |
| Finance expenses, second quarter 2026other | €7.9 million | – | – |
| Loss before tax, second quarter 2026other | €858.7 million | – | – |
| Adjusted loss before tax, second quarter 2026non-GAAP | €600.2 million | – | – |
| Income taxes, second quarter 2026other | €37.9 million | – | – |
| Net loss, second quarter 2026other | €820.8 million | – | – |
| Adjusted net loss, second quarter 2026non-GAAP | €562.3 million | – | – |
| Diluted loss per share, second quarter 2026other | €3.24 | – | – |
| Adjusted diluted loss per share, second quarter 2026non-GAAP | €2.22 | – | – |
| Finance income, year-to-date 2026other | €217.9 million | – | – |
| Finance expenses, year-to-date 2026other | €19.1 million | – | – |
| Loss before tax, year-to-date 2026other | €1,426.8 million | – | – |
| Adjusted loss before tax, year-to-date 2026non-GAAP | €1,131.0 million | – | – |
| Income taxes, year-to-date 2026other | €74.1 million | – | – |
| Net loss, year-to-date 2026other | €1,352.7 million | – | – |
| Adjusted net loss, year-to-date 2026non-GAAP | €1,056.9 million | – | – |
| Diluted loss per share, year-to-date 2026other | €5.34 | – | – |
| Adjusted diluted loss per share, year-to-date 2026non-GAAP | €4.17 | – | – |
| Net cash flows from operating activities, second quarter 2026other | €10.5 million | – | – |
| Net cash flows from operating activities, year-to-date 2026other | negative €410.5 million | – | – |
| Net cash flows from investing activities, second quarter 2026other | negative €100.1 million | – | – |
| Net cash flows from investing activities, year-to-date 2026other | €2,550.5 million | – | – |
| Net cash flows used in financing activities, second quarter 2026other | €108.5 million | – | – |
| Net cash flows used in financing activities, year-to-date 2026other | €82.1 million | – | – |
2026 FY Guidance (August 2026) outlook
- Revenue€1,600 – €1,900 million
- NoteAdjusted R&D expenses: €2,000 – €2,300 million
- NoteAdjusted SG&A expenses: €700 – €800 million
- NoteThe Company expects the majority of 2026 revenues to be realized in the second half of the year, specifically in the third quarter.
- NoteThe Company expects to recognize the €613 million Bristol Myers Squibb Company collaboration revenue in the third quarter.
Capital returns
- In May 2026, BioNTech entered into a share repurchase program under which the Company may purchase ADSs in the amount of up to $1.0 billion until and including May 6, 2027.
- During the second quarter of 2026, 1,693,056 ADSs were repurchased at an average price of $89.50 (€77.85), for total consideration of $151.6 million (€131.8 million).
- Shares outstanding as of June 30, 2026, were 251,204,366, excluding 7,823,121 shares held in treasury.
What drove it
- Quarterly and year-to-date revenue decreases were primarily driven by lower demand from BioNTech’s COVID-19 vaccines.
- R&D expenses were driven by development of immuno-oncology and antibody-drug conjugate programs, particularly pumitamig and gotistobart, impairment losses of intangible assets, and the inclusion of CureVac operations.
- SG&A expense growth reflected pre-launch activities and commercial build-up, CureVac operations, and global process-scaling and ERP infrastructure initiatives.
- BioNTech initiated five new global pumitamig pivotal trials in the first half of 2026 and initiated a Phase 3 trial of elfetabart drozuntecan in May 2026.
- The Company lowered adjusted R&D expense guidance based on R&D resource optimization, continued cost discipline, and prioritization of its late-stage clinical pipeline.
Concerns
- The Company reduced 2026 revenue guidance due to softer than anticipated global COVID-19 vaccine demand, use of existing vaccine inventory in Germany during the 2026 vaccination season, and milestone-related revenue from an out-licensed R&D program no longer expected in 2026.
- Second-quarter IFRS operating loss was €948.1 million and net loss was €820.8 million.
- Other operating result was negative €207.9 million in the second quarter, primarily driven by higher expenses connected with pipeline prioritization.
- The Company expects the majority of 2026 revenues in the second half, specifically the third quarter, increasing the importance of seasonal COVID-19 vaccine demand and recognition of collaboration revenue.
What to watch
- Third-quarter realization of the expected €613 million Bristol Myers Squibb Company collaboration revenue.
- COVID-19 vaccine demand in the 2026 vaccination season and the impact of German inventory use.
- Multiple pumitamig novel-novel combination data readouts expected in 2026.
- First interim analysis from Stage 2 of the gotistobart Phase 3 trial expected in 2026.
- Primary analysis for the DYNASTY-Breast02 trial of trastuzumab pamirtecan expected in the fourth quarter 2026.
- BioNTech Third Quarter 2026 Financial Results and Corporate Update scheduled for November 3, 2026.
- Guido Oelkers is expected to take office as Chief Executive Officer by February 1, 2027, at the latest.
Balance sheet and cash flow
- Cash, cash equivalents and security investments as of June 30, 2026, were €16,634.2 million.
- Cash and cash equivalents were €9,741.0 million, current security investments were €5,035.1 million, and non-current security investments were €1,858.1 million as of June 30, 2026.
- Lease liabilities, loans and borrowings were €258.9 million in non-current liabilities and €57.2 million in current liabilities as of June 30, 2026.
- Total assets were €20,342.6 million, total equity was €17,757.5 million, and total liabilities were €2,585.1 million as of June 30, 2026.
- Net cash flows from operating activities were €10.5 million for the second quarter of 2026 and negative €410.5 million year-to-date.
- Purchase of property, plant and equipment was €54.6 million for the second quarter of 2026 and €111.4 million year-to-date.
- Share repurchase program cash outflow was €129.2 million for the second quarter of 2026 and year-to-date.
Analysis
BioNTech reported second-quarter 2026 revenue of €105.6 million, compared to €260.8 million in the second quarter of 2025. Year-to-date revenue was €223.7 million, compared to €443.6 million. The Company attributed both declines primarily to lower demand for its COVID-19 vaccines. It now expects most 2026 revenue in the second half, specifically in the third quarter, when it also expects to recognize €613 million of Bristol Myers Squibb collaboration revenue.
The lower revenue base coincided with higher operating spending and a wider loss. IFRS R&D expense was €551.0 million in the quarter, compared with €509.1 million, while SG&A expense was €197.8 million, compared with €137.4 million. IFRS operating loss was €948.1 million, compared with €501.1 million, and IFRS net loss was €820.8 million, compared with €386.6 million. Adjusted R&D expense was €477.1 million, with impairment losses of intangible assets excluded from the adjusted measure.
Spending reflects the oncology buildout. BioNTech cited immuno-oncology and ADC development, particularly pumitamig and gotistobart, CureVac operations, pre-launch and commercial-build activities, and ERP infrastructure investment. The Company also cited cost reductions from pipeline prioritization and greater cost discipline. It lowered the adjusted R&D expense range to €2,000 – €2,300 million while maintaining adjusted SG&A expense guidance of €700 – €800 million.
The revenue outlook was cut to €1,600 – €1,900 million from the March range of €2,000 – €2,300 million. BioNTech cited softer than anticipated global COVID-19 vaccine demand, anticipated use of existing vaccine inventory in Germany, and milestone-related revenue from an out-licensed R&D program that is no longer expected in 2026. The outlook places material weight on third-quarter vaccine and collaboration revenue realization.
Liquidity remains a central support for the pipeline strategy. Cash, cash equivalents and security investments were €16,634.2 million as of June 30, 2026. Year-to-date operating cash flow was negative €410.5 million, and the Company spent €129.2 million under its new repurchase program. Alongside the financial reset, BioNTech highlighted six pivotal trial initiations in the first half, additional expected 2026 data readouts, and a planned CEO transition by February 1, 2027, at the latest.
Management, verbatim
In the first half of 2026, we made important progress in turning our mission into reality. We significantly advanced our late-stage oncology pipeline, with six pivotal trials initiated; we pioneered the generation of first-in-class global Phase 2 data for an investigational PD-L1xVEGF bispecific antibody in first-line non-small cell lung cancer across PD-L1 expression levels and histologies; and we demonstrated at medical congresses that our novel-novel combination therapy strategy is gaining momentum.
Prof. Ugur Sahin, M.D., Chief Executive Officer and Co-Founder of BioNTech
We are revising our full-year 2026 financial guidance in light of recently emerged external developments.
Ramón Zapata, Chief Financial Officer at BioNTech
Our capital allocation strategy is delivering results: our financial position is strong, our share repurchase program is well underway, and we continue to make meaningful progress across our pipeline.
Ramón Zapata, Chief Financial Officer at BioNTech
Not in the filing
stated, not guessed- Gross profit was not reported.
- Gross margin was not reported.
- Revenue by operating segment was not reported.
- Free cash flow was not reported.
- A dividend amount was not reported.
- A tax rate was not reported.
- Guidance for gross margin, total operating expenses, and tax rate was not reported.
- Prior-quarter comparisons were not reported for the reported financial metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.