Q3 FY2026
Filed Nov 3, 2026BioNTech Announces Third Quarter 2026 Financial Results and Corporate Update
Third-quarter revenue declined to €1,289.2 million from €1,518.9 million as expected lower COVID-19 vaccine demand persisted, while IFRS net profit returned to €184.5 million. The company raised its full-year revenue guidance midpoint and maintained €16,163.8 million of cash, cash equivalents and security investments, but year-to-date losses widened and R&D investment increased behind late-stage oncology and ADC programs.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| FY 2026 revenues | €1,600 – €1,900 million | €1,512.9 million | n/a |
| FY 2026 adjusted R&D expenses | €2,000 – €2,300 million | €1,582.7 million | n/a |
| FY 2026 adjusted SG&A expenses | €700 – €800 million | €527.1 million | n/a |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third Quarter 2026 revenuesother | €1.29B | – | – |
| Year-to-date 2026 revenuesother | €1.51B | – | – |
| Third Quarter 2026 cost of salesother | €103.3M | – | – |
| Year-to-date 2026 cost of salesother | €271.7M | – | – |
| Third Quarter 2026 research and development expensesother | €748.1M | – | – |
| Third Quarter 2026 adjusted research and development expensesnon-GAAP | €578.5M | – | – |
| Year-to-date 2026 research and development expensesother | €1.86B | – | – |
| Year-to-date 2026 adjusted research and development expensesnon-GAAP | €1.58B | – | – |
| Third Quarter 2026 sales and marketing expensesother | €43.3M | – | – |
| Year-to-date 2026 sales and marketing expensesother | €111.3M | – | – |
| Third Quarter 2026 general and administrative expensesother | €135.2M | – | – |
| Year-to-date 2026 general and administrative expensesother | €415.8M | – | – |
| Third Quarter 2026 SG&A expensesother | €178.5M | – | – |
| Year-to-date 2026 SG&A expensesother | €527.1M | – | – |
| Third Quarter 2026 other operating resultother | negative €134.3 million | – | – |
| Third Quarter 2026 adjusted other operating resultnon-GAAP | negative €58.9 million | – | – |
| Year-to-date 2026 other operating resultother | negative €358.6 million | – | – |
| Year-to-date 2026 adjusted other operating resultnon-GAAP | negative €91.1 million | – | – |
| Third Quarter 2026 operating profitother | €125M | – | – |
| Third Quarter 2026 adjusted operating profitnon-GAAP | €381.4M | – | – |
| Year-to-date 2026 operating lossother | €1.50B | – | – |
| Year-to-date 2026 adjusted operating lossnon-GAAP | €948.3M | – | – |
| Third Quarter 2026 finance incomeother | €105.3M | – | – |
| Third Quarter 2026 finance expensesother | €8.3M | – | – |
| Year-to-date 2026 finance incomeother | €323.2M | – | – |
| Year-to-date 2026 finance expensesother | €27.4M | – | – |
| Third Quarter 2026 net profitother | €184.5M | – | – |
| Third Quarter 2026 adjusted net profitnon-GAAP | €440.9M | – | – |
| Year-to-date 2026 net lossother | €1.17B | – | – |
| Year-to-date 2026 adjusted net lossnon-GAAP | €615.9M | – | – |
| Third Quarter 2026 diluted profit per shareother | €0.73 | – | – |
| Third Quarter 2026 adjusted diluted profit per sharenon-GAAP | €1.76 | – | – |
| Year-to-date 2026 diluted loss per shareother | €4.63 | – | – |
| Year-to-date 2026 adjusted diluted loss per sharenon-GAAP | €2.44 | – | – |
| Third Quarter 2026 net cash flows used in operating activitiesother | €129.8M | – | – |
| Year-to-date 2026 net cash flows used in operating activitiesother | €540.3M | – | – |
| Cash, cash equivalents and security investments as of September 30, 2026other | €16.16B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
FY 2026 non-IFRS Guidance outlook
- Revenue€1,700 – €1,900 million
- NoteAdjusted R&D expenses: €2,000 – €2,300 million
- NoteAdjusted SG&A expenses: €700 – €800 million
Capital returns
- In May 2026, BioNTech entered into a share repurchase program pursuant to which the Company may purchase ADSs in the amount of up to $1.0 billion until and including May 6, 2027.
- Since the inception of the program through September 30, 2026, 5,037,452 ADSs were repurchased at an average price of $91.98 (€80.10), for total consideration of $463.3 million (€403.5 million).
- Share repurchase program cash outflow was €274.3 million for the third quarter of 2026 and €403.5 million year-to-date 2026.
What drove it
- Revenue decreases were primarily driven by expected lower market demand for BioNTech’s COVID-19 vaccines.
- R&D expenses were mainly driven by higher expenses for late-stage immuno-oncology and antibody-drug conjugate programs and impairment expenses related to intangible assets outside BioNTech’s strategic focus.
- SG&A expense increases were driven by ongoing pre-launch activities and commercial build-up, scaling processes and ERP infrastructure, and the inclusion of CureVac operations.
- Pumitamig is being evaluated in seven pivotal trials across the ROSETTA clinical development program, with five new global clinical trials initiated in 2026.
- BioNTech exercised an option in its collaboration agreement with Roche/Genentech under which future R&D costs related to the program will generally be assigned to Roche/Genentech effective January 1, 2027.
Concerns
- Year-to-date net loss was €1,168.2 million, compared to a net loss of €831.1 million in the corresponding prior-year period.
- Year-to-date operating loss was €1,500.6 million, compared to €1,082.1 million in the corresponding prior-year period.
- Third-quarter adjusted net profit was €440.9 million, compared to €752.5 million in the corresponding prior-year period.
- DYNASTY-Breast02 showed a statistically significant, yet modest improvement in progression-free survival, and the company said the potential benefit to patients would be limited in the HR-positive, HER2-low metastatic breast cancer treatment landscape.
- BNT113 plus pembrolizumab did not demonstrate a statistically significant improvement in progression-free survival versus pembrolizumab alone.
What to watch
- The first interim analysis from stage 2 of the PRESERVE-003 Phase 3 trial is expected in 2026.
- BioNTech and DualityBio are discussing next steps for trastuzumab pamirtecan, including plans for a BLA submission.
- The AHEAD-MERIT trial continues to evaluate the second dual primary endpoint of overall survival for BNT113 plus pembrolizumab.
- The IMcode003 trial in adjuvant PDAC completed enrollment in August 2026 and continues as planned.
- BioNTech Fourth Quarter and Full Year 2026 Financial Results and Corporate Update is scheduled for March 2, 2027.
Balance sheet and cash flow
- Cash, cash equivalents and security investments as of September 30, 2026 were €16,163.8 million, comprising €10,200.8 million in cash and cash equivalents, €4,390.2 million in current security investments and €1,572.8 million in non-current security investments.
- Lease liabilities, loans and borrowings were €255.4 million in non-current liabilities and €104.4 million in current liabilities as of September 30, 2026.
- Total assets were €20,173.8 million, total equity was €17,711.7 million, and total liabilities were €2,462.1 million as of September 30, 2026.
- Third-quarter net cash flows used in operating activities were €129.8 million, net cash flows from investing activities were €807.7 million, and net cash flows used in financing activities were €232.6 million.
- Year-to-date net cash flows used in operating activities were €540.3 million, net cash flows from investing activities were €3,358.2 million, and net cash flows used in financing activities were €314.7 million.
- Cash and cash equivalents as of September 30, 2026 were €10,200.8 million.
Analysis
Third-quarter revenue was €1,289.2 million, compared with €1,518.9 million in the corresponding prior-year quarter. BioNTech attributed the decrease to expected lower market demand for its COVID-19 vaccines. Year-to-date revenue was €1,512.9 million versus €1,962.5 million, but the company raised the midpoint of FY 2026 revenue guidance and set the range at €1,700 – €1,900 million.
The quarter returned to IFRS profitability, with operating profit of €125.0 million and net profit of €184.5 million, compared with an operating loss of €46.9 million and net loss of €28.7 million in the prior-year quarter. Adjusted net profit was €440.9 million versus €752.5 million. For the nine-month period, losses widened: IFRS net loss was €1,168.2 million and adjusted net loss was €615.9 million, compared with €831.1 million and €27.1 million, respectively.
Costs reflect the oncology pipeline buildout and restructuring. Third-quarter IFRS R&D expense was €748.1 million, including impairment expenses related to intangible assets outside the company’s strategic focus, while adjusted R&D expense was €578.5 million. SG&A expense rose to €178.5 million, driven by pre-launch activity, commercial build-up, ERP and process-scaling initiatives, and CureVac operations. The company cited late-stage IO and ADC development as the principal R&D cost drivers.
BioNTech ended September 30, 2026 with €16,163.8 million in cash, cash equivalents and security investments. It repurchased 5,037,452 ADSs through September 30, 2026 for total consideration of $463.3 million (€403.5 million) under its program of up to $1.0 billion through May 6, 2027. Year-to-date operating cash flow was negative €540.3 million, compared with positive €146.5 million in the corresponding prior-year period.
The corporate update centered on expanding pumitamig development, including the planned ROSETTA Breast-01 Phase 3 trial with sacituzumab govitecan pending regulatory approval. Clinical execution also remains important for gotistobart, trastuzumab pamirtecan and BNT113. The filing identified mixed readouts for the latter programs, including modest progression-free-survival improvement for trastuzumab pamirtecan and a missed progression-free-survival endpoint for BNT113 plus pembrolizumab, with the BNT113 trial continuing to assess overall survival.
Management, verbatim
As 2026 draws to a close, the achievement of numerous important milestones throughout the year demonstrates our commitment to advancing our oncology pipeline, and our combination therapy strategy continues to gain momentum, underscored by the announced first global Phase 3 trial of pumitamig in combination with an antibody-drug conjugate.
Prof. Ugur Sahin, M.D., Chief Executive Officer and Co-Founder of BioNTech
Our performance in the third quarter allowed us to narrow our full-year 2026 revenue guidance to the upper end of the previous guidance range.
Ramón Zapata, Chief Financial Officer at BioNTech
Not in the filing
stated, not guessed- Gross margin was not reported.
- Segment revenue was not reported.
- Prior-quarter comparisons were not reported for the financial metrics.
- Free cash flow was not reported.
- Dividend information was not reported.
- FY 2026 gross-margin guidance, tax-rate guidance and capital-expenditure guidance were not reported.
- A like-for-like full-year actual result is not available for comparison with FY 2026 guidance.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.