BioNTech Announces First Quarter 2023 Financial Results and
Corporate Update
- COVID-19 vaccine franchise focused on vaccine adaptation
readiness ahead of the fall season and advancing next generation
vaccine candidates and combinations
- BioNTech and partner OncoC4 plan to start a Phase 3 clinical
trial evaluating anti-CTLA-4 antibody BNT316 (ONC-392) as
monotherapy in NSCLC patients who progress after PD-1/PD-L1
treatment
- Added new class of precision therapeutics to clinical-stage
oncology portfolio, with next-generation Antibody-Drug Conjugate
(ADC) candidates
- Presenting clinical data on antibody candidate BNT316
(ONC-392), ADC candidate BNT323 (DB-1303) and CAR-T candidate
BNT211 at the 2023 American Society of Clinical Oncology Annual
Meeting
- Broadened clinical-stage infectious disease vaccine pipeline
with the start of a First-in-Human clinical trial for the first
mRNA-based Tuberculosis vaccine candidates
- Reiterates BioNTech COVID-19 vaccine revenue guidance of
approximately €5 billion in 2023
- First quarter1 revenues of €1.3 billion2, net profit of
€0.5 billion and fully diluted earnings per share of €2.05
($2.203)
Conference call and webcast scheduled for
May 8, 2023, at 8:00 am EDT (2:00 pm CEST)
MAINZ, Germany, May 8, 2023 (GLOBE
NEWSWIRE) -- BioNTech SE (Nasdaq: BNTX, “BioNTech” or
the “Company”) today reported financial results for the three
months ended March 31, 2023, and provided an update on its
corporate progress.
“In the first quarter of 2023, we expanded our
toolkit of cutting-edge technologies to new modalities and added a
novel immune checkpoint inhibitor candidate targeting CTLA-4 and
two investigational antibody-drug conjugates to our arsenal against
cancer. These programs are strategically aligned with our vision to
provide meaningful therapeutic benefits for patients with solid
tumors along the entire treatment journey,” said Prof. Ugur
Sahin, M.D., CEO and Co-Founder of BioNTech. “We are
taking significant steps in this direction as we prepare to
initiate our first Phase 3 clinical trial in oncology for the novel
anti-CTLA-4 antibody in NSCLC patients who have progressed after
PD-1/PD-L1 treatment, a patient population with high medical need.
We are also making progress in advancing our next generation
COVID-19 vaccine candidate while we stand prepared for variant
adaptation in case of public health need. For the remainder of
2023, we are focused on advancing our disruptive platforms against
solid tumors and accelerating clinical programs in infectious
diseases of high global need.”
Financial Review for the First Quarter
2023
in millions €, except per share data |
First Quarter 2023 |
First Quarter 2022 |
Total Revenues2 |
1,277.0 |
6,374.6 |
Net Profit |
502.2 |
3,698.8 |
Diluted Earnings per Share |
2.05 |
14.24 |
Total revenues
reported were €1,277.0 million2 for the three months ended
March 31, 2023, compared to €6,374.6 million2 for the
comparative prior year period. The change was mainly due to lower
commercial revenues from the supply and sales of the Company’s
COVID-19 vaccines worldwide.
Cost of sales were €96.0
million for the three months ended March 31, 2023, compared to
€1,294.1 million for the comparative prior year period. The change
was mainly due to decreasing sales from BioNTech’s COVID-19 vaccine
revenues.
Research and development
expenses were €334.0 million for the three months ended March 31,
2023, compared to €285.8 million for the comparative prior year
period. The change was mainly due to higher expenses incurred from
progressing the clinical studies for pipeline candidates. The
increase was further driven by an increased headcount.
General and administrative
expenses were €119.4 million for the three months ended March 31,
2023, compared to €90.8 million for the comparative prior year
period. The change was mainly due to increased expenses for IT,
purchased external services, as well as an increase in
headcount.
Income taxes were accrued in an
amount of €205.5 million of tax expenses for the three months ended
March 31, 2023, compared to €1,319.3 million of tax expenses for
the comparative prior year period. The derived annual effective
income tax rate for the three months ended March 31, 2023, was
29.0% which is expected to decrease over the 2023 financial year to
be in line with BioNTech’s guidance.
Net profit was €502.2 million
for the three months ended March 31, 2023, compared to
€3,698.8 million for the comparative prior year period.
Cash and cash equivalents as well as
security investments were €12,143.9 million and €671.9
million, respectively, as of March 31, 2023. Subsequent to the end
of the reporting period, the payment settling BioNTech’s gross
profit share for the fourth quarter of 2022 (as defined by the
contract with Pfizer, Inc. (“Pfizer”)) in the amount of €3,961.3
million was received from our collaboration partner as of April 14,
2023. The contractual settlement of the gross profit share under
the COVID-19 vaccine program collaboration with Pfizer has a
temporal offset of more than one calendar quarter. As Pfizer’s
fiscal quarter for subsidiaries outside the United States differs
from BioNTech’s financial reporting cycle, it creates an additional
time lag between the recognition of revenues and the payment
receipt.
Shares outstanding as of March
31, 2023 were 240,990,499.
Cash outflows and share
consideration in connection with the planned acquisition
of InstaDeep Ltd. (“InstaDeep”) and the upfront payments of the
collaboration and license agreements with OncoC4, Inc. (“OncoC4”)
and Duality Biologics (Suzhou) Co. Ltd. (“DualityBio”) of
approximately €0.8 billion are expected (subject to change and
excluding future potential earn-out and milestone payments).
“In the first quarter of 2023, our financial
performance has been fully in line with our expectations and we
executed according to our capital allocation priorities by growing
and advancing our clinical-stage pipeline, announcing multiple
significant business development transactions and continuing to
pursue our share repurchase program,” said Jens Holstein,
CFO of BioNTech. “For the remainder of 2023, we remain
focused on fulfilling our goals and continuing to provide value to
our patients and shareholders.”
Outlook for the 2023 Financial
YearThe Company reiterates its prior financial year
outlook:
BioNTech COVID-19 Vaccine Revenues for the 2023
Financial Year:
Estimated BioNTech COVID-19 vaccine revenues for the full 2023
financial year |
~ €5 billion |
This revenue estimate reflects expected revenues
related to BioNTech’s share of gross profit from COVID-19 vaccine
sales in the collaboration partners’ territories, from direct
COVID-19 vaccine sales to customers in BioNTech’s territory and
expected revenues generated from products manufactured by BioNTech
and sold to collaboration partners, which may be influenced by
costs such as inventory write-offs once materialized and shared
with the collaboration partner Pfizer.
Revenue guidance is based on various
assumptions, including, but not limited to, the expected transition
from an advanced purchase agreement environment to commercial
market ordering starting in some geographies and an expected
regulatory recommendation to adapt the COVID-19 vaccines to address
newly circulating variants or sublineages of SARS-CoV-2. The
estimated BioNTech COVID-19 vaccine revenues reflect expected
deliveries under existing or committed supply contracts and
anticipated sales through traditional commercial orders. A
re-negotiation of the existing supply contract with the European
Commission is ongoing, with the potential for a rephasing of
deliveries of doses across multiple years and/or a volume
reduction. While a vaccine adaptation is expected to lead to
increased demand, fewer primary vaccinations and lowered
population-wide levels of boosting are anticipated. Seasonal demand
is assumed, moving expected revenue generation significantly to the
second half of the year 2023.
Planned 2023 Financial Year Expenses and
Capex4:
R&D expenses5 |
€2,400 million - €2,600 million |
SG&A expenses |
€650 million - €750 million |
Capital expenditures for operating activities6 |
€500 million - €600 million |
Estimated 2023 Financial Year Tax
Assumptions:
BioNTech Group estimated annual cash effective income tax rate |
~ 27% |
Operational Review and Pipeline Update
for the First Quarter 2023 and Key Post Period-End
Events
Oncology Pipeline
BNT316 (ONC-392) is an
anti-CTLA-4 monoclonal antibody candidate being developed in
collaboration with OncoC4. BNT316 (ONC-392) offers a potentially
differentiated safety profile that may allow for higher dosing and
longer duration of treatment both as a monotherapy and in
combination with other therapies.
- BioNTech and OncoC4 plan to start a Phase 3 clinical trial to
evaluate BNT316 (ONC-392) as monotherapy in non-small cell lung
cancer (NSCLC) patients who progress on anti-PD-1/PD-L1
antibody-based therapy in 2023.
- BioNTech and OncoC4 plan to present data from an expansion
cohort evaluating BNT316 (ONC-392) as monotherapy in NSCLC patients
as part of the ongoing Phase 1/2 clinical trial at the American
Society of Clinical Oncology (ASCO) Annual Meeting held in Chicago,
USA, from June 2-6, 2023.
BNT323 (DB-1303) is a
HER2-targeted antibody-drug conjugate (ADC) candidate, being
developed in collaboration with DualityBio.
- BNT323 (DB-1303) is currently being evaluated in a Phase 1/2
clinical trial in patients with advanced/unresectable, recurrent,
or metastatic HER2-expressing solid tumors. BioNTech and DualityBio
expect a data update from the ongoing trial at the 2023 ASCO Annual
Meeting.
- In January, BNT323 (DB-1303) received Fast Track designation
from the U.S. Food and Drug Administration for the treatment of
patients with HER2-overexpressing advanced, recurrent, or
metastatic endometrial carcinoma who have progressed on or after
standard systemic treatment.
Autogene cevumeran
(BNT122) is an mRNA cancer vaccine candidate based on an
individualized neoantigen-specific immunotherapy (iNeST) approach
being developed in collaboration with Genentech, a member of the
Roche Group.
- A Phase 2 clinical trial of BNT122 in the adjuvant setting in
patients with pancreatic ductal adenocarcinoma (PDAC) is planned to
open in 2023.
BNT211 is an autologous
CLDN6-targeting chimeric antigen receptor (CAR) T cell therapy that
is being tested alone and in combination with a CAR-T cell
Amplifying RNA Vaccine, or CARVac, encoding CLDN6.
- BioNTech expects a data update from the ongoing Phase 1/2 dose
escalation and expansion clinical trial, in patients with
CLDN6-positive relapsed or refractory advanced solid tumors at the
2023 ASCO Annual Meeting.
Infectious Diseases Pipeline
Next-generation COVID-19
Vaccine Program BNT162b2 +
BNT162b4
- In April, BioNTech reported preclinical data on BNT162b4, the
vaccine component encoding conserved non-spike antigen derived T
cell epitopes, alone and in combination with BNT162b2, encoding the
full spike protein. In the preclinical study, the candidate
protected from severe COVID-19 disease and enhanced viral
clearance. The findings are in press in the peer-reviewed journal
Cell (Arieta C. et al. The T-cell-directed vaccine BNT162b4
encoding conserved non-spike antigens protects animals from severe
SARS-CoV-2 infection, Cell (2023), doi:
https://doi.org/10.1016/j.cell.2023.04.007.).
- A Phase 1 clinical trial to evaluate the safety, tolerability,
and immunogenicity of BNT162b4 in combination with BNT162b2 is
ongoing.
Tuberculosis Vaccine Program –
BNT164
- In April, BioNTech initiated a randomized, controlled,
dose-finding Phase 1 clinical trial of BNT164 in partnership with
the Bill and Melinda Gates Foundation. The clinical trial will
evaluate the safety, reactogenicity, and immunogenicity of mRNA
vaccine candidates against Tuberculosis.
Shingles Vaccine Program –
BNT167
- In February, BioNTech and Pfizer initiated a multicenter,
randomized, controlled, dose-selection Phase 1/2 clinical trial of
BNT167, the companies’ mRNA vaccine candidate against shingles
(also known as herpes zoster). The clinical trial will evaluate the
safety, tolerability, and immunogenicity of mRNA vaccine candidates
against shingles.
Corporate Update for
the First Quarter 2023 and Key Post Period-End Events
- In January, BioNTech entered into an agreement to acquire its
long-standing strategic collaboration partner InstaDeep, enabling
the creation of a fully integrated, enterprise-wide capability that
leverages artificial intelligence and machine learning technologies
across BioNTech’s therapeutic platforms and operations. The
transaction is subject to customary closing conditions and
regulatory approvals.
- In January, BioNTech signed a Memorandum of Understanding with
the Government of the United Kingdom to establish a multi-year
collaboration focused on three strategic pillars: cancer
immunotherapies based on mRNA or other drug classes, infectious
disease vaccines, and investments into expanding BioNTech’s
footprint in the UK as one of the Company’s key markets. The goal
of the collaboration is to provide personalized cancer therapies
for up to 10,000 patients by the end of 2030, either in clinical
trials or as authorized treatments.
- In February, BioNTech completed construction of the Company’s
first proprietary plasmid DNA manufacturing facility. The plasmid
DNA produced at this state-of-the-art facility in Marburg, Germany
is planned to be used globally and serve as the basis for the
manufacturing of mRNA- and cell-based products on a clinical or
commercial scale.
- In March, BioNTech announced the establishment of an
interdisciplinary mRNA Excellence Center to conduct research
jointly with scientists from Weizmann Institute of Science in
Israel. The Company’s mRNA Excellence Center is expected to provide
space for approximately 60 researchers to facilitate collaboration
across various fields, including life science, computer science,
mathematics, physics, and chemistry.
- In March, BioNTech provided an update on its plans to establish
scalable mRNA vaccine production in Africa. The Company announced
that six ISO-sized shipping containers for the first BioNTainer, a
turnkey manufacturing solution designed to enable scalable mRNA
vaccine production in bulk, arrived in Kigali, Rwanda.
- In March, BioNTech entered into an exclusive worldwide
licensing and collaboration agreement with OncoC4 to co-develop and
commercialize BNT316 (ONC-392), an anti-CTLA-4 monoclonal antibody
candidate as monotherapy or combination therapy in various cancer
indications.
- In March, BioNTech entered into a new share repurchase program
pursuant to which the Company may purchase American Depositary
Shares, each representing one ordinary share of the Company, in the
amount of up to $0.5 billion during the remainder of 2023.
- In April, BioNTech entered into exclusive license and
collaboration agreements with DualityBio to develop, manufacture
and commercialize two investigational topoisomerase-1
inhibitor-based ADC assets, BNT323 (DB-1303) and BNT324
(DB-1311).
Environmental, Social, and Governance
(ESG)
BioNTech recognizes its responsibility as a
corporate citizen and is committed to supporting its local
communities and beyond through donations, sponsorships and
volunteer activities. In response to the earthquakes that hit
Türkiye and Syria in February, BioNTech contributed to the
humanitarian aid in both countries by donating €500,000 to the
nonprofit organization ‘Aktionsbündnis Katastrophenhilfe’ (Action
Alliance for Disaster Relief). For humanitarian aid in Ukraine, the
Company donated €500,000 to the refugee relief
‘UNO-Flüchtlingshilfe’ – the partner of UN Refugee Agency (UNHCR)
in Germany.
On March 27, 2023, BioNTech published its third
ESG report (Sustainability Report 2022). The report is available in
the Investor Relations section of BioNTech's website.
Upcoming Investor and Analyst
Events
- The Annual General Meeting is scheduled for May 25, 2023.
- BioNTech plans to host an Innovation Series Day on November 7,
2023.
Endnotes
The full interim unaudited condensed
consolidated financial statements can be found in BioNTech’s Report
on Form 6-K, filed today with the SEC and available at
https://www.sec.gov.
1 Financial information is prepared and
presented in Euros and numbers are rounded to millions and billions
of Euros in accordance with standard commercial practice. 2
BioNTech’s profit share is estimated based on preliminary data
shared between Pfizer and BioNTech as further described in the
Annual Report. Any changes in the estimated share of the
collaboration partner’s gross profit will be recognized
prospectively.3 Calculated applying the average foreign exchange
rate for the three months ended March 31, 2023, as published by the
German Central Bank (Deutsche Bundesbank).4 Numbers reflect current
base case projections and are calculated based on constant currency
rates.5 Numbers include effects identified from additional
collaborations or potential M&A transactions to the extent
disclosed and will be updated as needed.6 Numbers exclude potential
effects caused by or driven from collaborations or M&A
transactions.
Conference Call and Webcast
InformationBioNTech invites investors and the general
public to join a conference call and webcast with investment
analysts today, May 8, 2023 at 8.00 a.m. EDT (2.00 p.m. CEST) to
report its financial results and provide a corporate update for the
first quarter of 2023.
To access the live conference call via
telephone, please register via this link. Once registered, dial-in
numbers and a pin number will be provided.
The slide presentation and audio of the webcast
will be available via this link.
Participants may also access the slides and the
webcast of the conference call via the “Events & Presentations”
page of the Investor Relations section of the Company’s website at
https://biontech.com/. A replay of the webcast will be
available shortly after the conclusion of the call and archived on
the Company’s website for 30 days following the call.
About BioNTechBiopharmaceutical
New Technologies (BioNTech) is a next generation immunotherapy
company pioneering novel therapies for cancer and other serious
diseases. The Company exploits a wide array of computational
discovery and therapeutic drug platforms for the rapid development
of novel biopharmaceuticals. Its broad portfolio of oncology
product candidates includes individualized and off-the-shelf
mRNA-based therapies, innovative chimeric antigen receptor T cells,
bispecific immune checkpoint modulators, targeted cancer antibodies
and small molecules. Based on its deep expertise in mRNA vaccine
development and in-house manufacturing capabilities, BioNTech and
its collaborators are developing multiple mRNA vaccine candidates
for a range of infectious diseases alongside its diverse oncology
pipeline. BioNTech has established a broad set of relationships
with multiple global pharmaceutical collaborators, including
Genmab, Sanofi, Genentech, a member of the Roche Group, Regeneron,
Genevant, Fosun Pharma and Pfizer.
For more information, please
visit www.BioNTech.com
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended, including, but not limited to, statements concerning:
BioNTech's expected revenues and net profit related to sales of
BioNTech's COVID-19 vaccine, referred to as COMIRNATY where
approved for use under full or conditional marketing authorization,
in territories controlled by BioNTech's collaboration partners,
particularly for those figures that are derived from preliminary
estimates provided by BioNTech's partners; the rate and degree of
market acceptance of BioNTech's COVID-19 vaccine and, if approved,
BioNTech's investigational medicines; expectations regarding
anticipated changes in COVID-19 vaccine demand, including changes
to the ordering environment and expected regulatory recommendations
to adapt vaccines to address new variants or sublineages; the
initiation, timing, progress, results, and cost of BioNTech's
research and development programs, including those relating to
additional formulations of BioNTech's COVID-19 vaccine, and
BioNTech's current and future preclinical studies and clinical
trials, including statements regarding the timing of initiation and
completion of studies or trials and related preparatory work and
the availability of results; the status and potential outcome of
re-negotiations of the existing supply contract with the European
Commission; the timing and expected impact of the Company’s planned
acquisition of InstaDeep Ltd. and collaboration and licensing
agreements with OncoC4, Inc., Duality Biologics (Suzhou) Co. Ltd.
and others; the development of sustainable vaccine production and
supply solutions, including BioNTainers, and the nature and
feasibility of these solutions; and BioNTech's estimates of
commercial and other revenues, cost of sales, research and
development expenses, sales and marketing expenses, general and
administrative expenses, capital expenditures, income taxes, net
profit, cash, cash equivalents and security investments, shares
outstanding and cash outflows and share consideration. In some
cases, forward-looking statements can be identified by terminology
such as “will,” “may,” “should,” “expects,” “intends,” “plans,”
“aims,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential,” “continue,” or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. The forward-looking statements in this press
release are neither promises nor guarantees, and you should not
place undue reliance on these forward-looking statements because
they involve known and unknown risks, uncertainties, and other
factors, many of which are beyond BioNTech’s control and which
could cause actual results to differ materially from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to: BioNTech's
pricing and coverage negotiations with governmental authorities,
private health insurers and other third-party payors after
BioNTech's initial sales to national governments; the future
commercial demand and medical need for initial or booster doses of
a COVID-19 vaccine; competition from other COVID-19 vaccines or
related to BioNTech's other product candidates, including those
with different mechanisms of action and different manufacturing and
distribution constraints, on the basis of, among other things,
efficacy, cost, convenience of storage and distribution, breadth of
approved use, side-effect profile and durability of immune
response; the timing of and BioNTech's ability to obtain and
maintain regulatory approval for BioNTech's product candidates; the
ability of BioNTech’s COVID-19 vaccines to prevent COVID-19 caused
by emerging virus variants; BioNTech's and its
counterparties’ ability to manage and source necessary energy
resources; BioNTech's ability to identify research opportunities
and discover and develop investigational medicines; the ability and
willingness of BioNTech's third-party collaborators to continue
research and development activities relating to BioNTech's
development candidates and investigational medicines; the impact of
the COVID-19 pandemic on BioNTech's development programs, supply
chain, collaborators and financial performance; unforeseen safety
issues and potential claims that are alleged to arise from the use
of BioNTech's COVID-19 vaccine and other products and product
candidates developed or manufactured by BioNTech; BioNTech's and
its collaborators’ ability to commercialize and market BioNTech's
COVID-19 vaccine and, if approved, its product candidates;
BioNTech's ability to manage its development and expansion;
regulatory developments in the United States and other countries;
BioNTech's ability to effectively scale BioNTech's production
capabilities and manufacture BioNTech's products, including
BioNTech's target COVID-19 vaccine production levels, and
BioNTech's product candidates; risks relating to the global
financial system and markets; and other factors not known to
BioNTech at this time. You should review the risks and
uncertainties described under the heading “Risk Factors” in
BioNTech's Report on Form 6-K for the period ended March 31, 2023
and in subsequent filings made by BioNTech with the SEC, which are
available on the SEC’s website at https://www.sec.gov/. Except
as required by law, BioNTech disclaims any intention or
responsibility for updating or revising any forward-looking
statements contained in this press release in the event of new
information, future developments or otherwise. These
forward-looking statements are based on BioNTech’s current
expectations and speak only as of the date hereof.
CONTACTS
Investor RelationsVictoria Meissner, M.D.+1 617
528 8293Investors@biontech.de
Media Relations Jasmina Alatovic +49 (0)6131
9084 1513 Media@biontech.de
Interim Consolidated Statements of Profit
or Loss
|
|
|
Three months ended March 31, |
|
|
|
2023 |
2022 |
(in millions €, except per share
data) |
|
|
(unaudited) |
(unaudited) |
Revenues |
|
|
|
|
Commercial revenues |
|
|
1,276.5 |
6,362.2 |
Research & development revenues |
|
|
0,5 |
12.4 |
Total revenues |
|
|
1,277.0 |
6,374.6 |
|
|
|
|
|
Cost of sales |
|
|
(96.0) |
(1,294.1) |
Research and development expenses |
|
|
(334.0) |
(285.8) |
Sales and marketing expenses |
|
|
(12.2) |
(14.3) |
General and administrative
expenses |
|
|
(119.4) |
(90.8) |
Other operating expenses |
|
|
(118.1) |
(71.6) |
Other operating income |
|
|
57.1 |
134.7 |
Operating income |
|
|
654.4 |
4,752.7 |
|
|
|
|
|
Finance income |
|
|
82.3 |
272.1 |
Finance expenses |
|
|
(29.0) |
(6.7) |
Profit before tax |
|
|
707.7 |
5,018.1 |
|
|
|
|
|
Income
taxes |
|
|
(205.5) |
(1,319.3) |
Profit for the
period |
|
|
502.2 |
3,698.8 |
|
|
|
|
|
Earnings per
share |
|
|
|
|
Basic profit for the period
per share |
2.07 |
15.13 |
Diluted profit
for the period per share |
2.05 |
14.24 |
Interim Consolidated Statements of
Financial Position
|
|
|
March 31, |
December 31, |
(in millions
€) |
|
|
2023 |
2022 |
Assets |
|
|
(unaudited) |
|
Non-current assets |
|
|
|
|
Intangible assets |
|
|
378.6 |
219.7 |
Property, plant and equipment |
|
|
639.2 |
609.2 |
Right-of-use assets |
|
|
208.4 |
211.9 |
Other financial assets |
|
|
516.8 |
80.2 |
Other non-financial assets |
|
|
4.4 |
6.5 |
Deferred
tax assets |
|
|
245.5 |
229.6 |
Total non-current assets |
|
|
1,992.9 |
1,357.1 |
Current assets |
|
|
|
|
Inventories |
|
|
424.1 |
439.6 |
Trade and other receivables |
|
|
6,450.5 |
7,145.6 |
Contract assets |
|
|
5.7 |
— |
Other financial assets |
|
|
358.0 |
189.4 |
Other non-financial assets |
|
|
171.3 |
271.9 |
Income tax assets |
|
|
532.6 |
0.4 |
Cash and cash equivalents |
|
|
12,143.9 |
13,875.1 |
Total current assets |
|
|
20,086.1 |
21,922.0 |
Total assets |
|
|
22,079.0 |
23,279.1 |
|
|
|
|
|
Equity and liabilities |
|
|
|
|
Equity |
|
|
|
|
Share capital |
|
|
248.6 |
248.6 |
Capital reserve |
|
|
1,547.9 |
1,828.2 |
Treasury shares |
|
|
(7.6) |
(5.3) |
Retained earnings |
|
|
19,335.2 |
18,833.0 |
Other reserves |
|
|
(858.8) |
(848.9) |
Total equity |
|
|
20,265.3 |
20,055.6 |
Non-current
liabilities |
|
|
|
|
Lease liabilities, loans and
borrowings |
|
|
172.4 |
176.2 |
Other financial liabilities |
|
|
6.1 |
6.1 |
Income tax liabilities |
|
|
10.8 |
10.4 |
Provisions |
|
|
8.6 |
8.6 |
Contract liabilities |
|
|
45.6 |
48.4 |
Other non-financial liabilities |
|
|
14.0 |
17.0 |
Deferred
tax liabilities |
|
|
5.3 |
6.2 |
Total non-current liabilities |
|
|
262.8 |
272.9 |
Current liabilities |
|
|
|
|
Lease liabilities, loans and
borrowings |
|
|
37.4 |
36.0 |
Trade payables |
|
|
29.9 |
204.1 |
Other financial liabilities |
|
|
435.9 |
785.1 |
Refund liabilities |
|
|
80.2 |
24.4 |
Income tax liabilities |
|
|
526.3 |
595.9 |
Provisions |
|
|
320.4 |
367.2 |
Contract liabilities |
|
|
22.0 |
77.1 |
Other
non-financial liabilities |
|
|
98.8 |
860.8 |
Total current liabilities |
|
|
1,550.9 |
2,950.6 |
Total liabilities |
|
|
1,813.7 |
3,223.5 |
Total equity and liabilities |
|
|
22,079.0 |
23,279.1 |
Interim Consolidated Statements of Cash
Flows
|
|
Three months ended March 31, |
|
|
2023 |
2022 |
(in
millions €) |
|
(unaudited) |
(unaudited) |
Operating
activities |
|
|
|
Profit for the period |
|
502.2 |
3,698.8 |
Income
taxes |
|
205.5 |
1,319.3 |
Profit before tax |
|
707.7 |
5,018.1 |
Adjustments to reconcile profit before
tax to net cash flows: |
|
|
|
Depreciation and amortization of property, plant, equipment,
intangible assets and right-of-use assets |
|
31.4 |
27.6 |
Share-based payment expenses |
|
8.6 |
11.2 |
Net foreign exchange differences |
|
53.1 |
6.1 |
Loss on disposal of property, plant and equipment |
|
0.2 |
— |
Finance income excluding foreign exchange differences |
|
(82.3) |
(217.3) |
Finance expense excluding foreign exchange differences |
|
1.2 |
6.7 |
Movements in government grants |
|
(3.0) |
— |
Unrealized net (gain) / loss on derivative instruments at fair
value through profit or loss |
|
76.2 |
(1.9) |
Working capital adjustments: |
|
|
|
Decrease / (increase) in trade and other receivables, contract
assets and other assets |
|
893.8 |
(403.5) |
Decrease in inventories |
|
15.5 |
43.2 |
(Decrease) / increase in trade payables, other financial
liabilities, other liabilities, contract liabilities, refund
liabilities and provisions |
|
(861.6) |
857.5 |
Interest received |
|
53.6 |
0.7 |
Interest paid |
|
(1.2) |
(6.4) |
Income tax paid |
|
(844.9) |
(1,290.0) |
Share-based payments |
|
(725.7) |
(1.8) |
Net cash flows from / (used in) operating
activities |
|
(677.4) |
4,050.2 |
|
|
|
|
Investing
activities |
|
|
|
Purchase of property, plant and
equipment |
|
(45.2) |
(44.1) |
Purchase of intangible assets and
right-of-use assets |
|
(9.6) |
(16.7) |
Investment in other financial
assets |
|
(680.6) |
(27.0) |
Proceeds from maturity of other financial assets |
|
— |
375.2 |
Net cash flows from / (used in) investing
activities |
|
(735.4) |
287.4 |
|
|
|
|
Financing
activities |
|
|
|
Proceeds from issuance of share capital
and treasury shares, net of costs |
|
— |
110.5 |
Repayment of loans and borrowings |
|
— |
(18.8) |
Payments related to lease
liabilities |
|
(9.3) |
(11.4) |
Share repurchase program |
|
(282.0) |
— |
Net cash flows from / (used in) financing
activities |
|
(291.3) |
80.3 |
|
|
|
|
Net increase / (decrease) in cash and
cash equivalents |
|
(1,704.1) |
4.417,9 |
Change in cash and cash equivalents
resulting from exchange rate differences |
|
(27.1) |
53,5 |
Cash
and cash equivalents at the beginning of the period |
|
13,875.1 |
1.692,7 |
Cash and cash equivalents as of March 31 |
|
12,143.9 |
6.164,1 |
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