BioNTech Announces First Quarter 2024 Financial Results and
Corporate Update
- Advancing toward goal of ten or more potentially registrational
trials running by the end of 2024: first patient dosed in Phase 3
clinical trial evaluating BNT323/DB-1303 in HR+ HER2-low
chemotherapy-naïve metastatic breast cancer patients, and a second
Phase 3 trial with BNT323/DB-1303 in recurrent endometrial cancer
planned to start soon
- Presented clinical data at the American Association for Cancer
Research (“AACR”) Annual Meeting for individualized and
off-the-shelf mRNA-based cancer vaccine candidates based on iNeST
and FixVac platforms, including three-year follow-up data of an
investigator-initiated trial in patients with resected pancreatic
ductal adenocarcinoma (“PDAC”)
- Planning to share additional clinical data from multiple
clinical programs at the American Society of Clinical Oncology
(“ASCO”) Annual Meeting, including bispecific antibodies
BNT311/GEN1046 (acasunlimab) and BNT327/PM8002 and antibody-drug
conjugate (“ADC”) BNT326/YL202
- Continued development and commercial preparation for a 2024
season variant-adapted COVID-19 vaccine
- First quarter 2024 revenues of €187.6 million, net loss of
€315.1 million and loss per share of €1.31 ($1.421)
- Maintained strong financial position with €16.9 billion in
cash, cash equivalents and security investments
Conference call and webcast scheduled for
May 6, 2024, at 8:00 a.m. EDT (2:00 p.m. CEST)
MAINZ, Germany, May 6, 2024
(GLOBE NEWSWIRE) -- BioNTech SE (Nasdaq: BNTX,
“BioNTech” or “the Company”) today reported financial results for
the three months ended March 31, 2024, and provided an update
on its corporate progress.
“In the past weeks, we have reported positive
preliminary data for both our individualized and off-the-shelf
mRNA-based candidates which further underline the potential of our
iNeST and FixVac platforms. We look forward to providing more
updates this year across our oncology portfolio, including our
bispecific antibody and ADC programs,” said Prof. Ugur
Sahin, M.D., CEO and Co-Founder of BioNTech. “In the
remainder of the year, we plan to develop and commercialize a
variant-adapted COVID-19 vaccine and accelerate our clinical
development activities towards realizing the full potential of our
oncology pipeline with a view to becoming a commercial company with
marketed medicines for cancer and infectious diseases.”
Financial Review for
the First Quarter 2024
in millions €, except per share data |
First Quarter 2024 |
First Quarter 2023 |
Total Revenues |
187.6 |
1,277.0 |
Net (Loss) / Profit |
(315.1) |
502.2 |
(Loss) / Diluted Earnings per Share |
(1.31) |
2.05 |
Total revenues reported were
€187.6 million for the three months ended March 31, 2024,
compared to €1,277.0 million for the comparative prior year
period. The year-over-year change was mainly due to lower
commercial revenues from the sales of BioNTech’s COVID-19 vaccine
worldwide resulting from endemic-level demand for COVID-19
vaccines.
Cost of sales were
€59.1 million for the three months ended March 31, 2024,
compared to €96.0 million for the comparative prior year
period. The change was mainly due to recognizing lower cost of
sales from BioNTech’s decreased COVID-19 vaccine sales, which
included the share of gross profit that BioNTech owes its
collaboration partner Pfizer Inc. (“Pfizer”) and royalty expenses
based on BioNTech’s sales. In addition, cost of sales was impacted
by expenses arising from inventory write-offs and destruction of
inventory.
Research and development
(“R&D”) expenses were €507.5 million for the three months ended
March 31, 2024, compared to €334.0 million for the comparative
prior year period. R&D expenses were mainly influenced by
progressing clinical studies for pipeline candidates. The increase
was further driven by an increase in wages, benefits and social
security expenses resulting from an increase in headcount.
General and administrative
(“G&A”) expenses reached €117.0 million for the three months
ended March 31, 2024, compared to €111.8 million for the
comparative prior year period. G&A expenses were primarily
driven by increased expenses for IT environment and wages,
benefits, and social security expenses resulting from an increase
in headcount.
Income taxes were realized with
an amount of €16.7 million of tax income for the three months ended
March 31, 2024, compared to €205.5 of tax expenses accrued for
the comparative prior year period. The effective income tax rate
for the three months ended March 31, 2024, was approximately
5.0% applicable on the negative income.
Net loss was €315.1 million for
the three months ended March 31, 2024, compared to a net
profit of €502.2 million for the comparative prior year
period.
Cash and cash equivalents as well as
security investments as of March 31, 2024, reached
€16,939.3 million, comprising €8,976.6 million cash and
cash equivalents and €7,962.7 million security
investments, respectively.
Loss per share was €1.31 for
the three months ended March 31, 2024, compared to diluted
earnings per share of €2.05 for the comparative prior year
period.
Shares outstanding as of
March 31, 2024, were 237,725,735, excluding 10,826,465 shares
held in treasury.
“We started the year making good progress across
our oncology pipeline. We dosed the first patient in our second
pivotal Phase 3 trial and aim to have ten or more potentially
registrational trials by the end of 2024. Revenues in the first
quarter reflect the seasonal demand for COVID-19 vaccines, and we
expect to recognize approximately 90% of our full year revenues in
the last months of 2024, mostly in Q4 of 2024. With a strong cash
position of €16.9 billion, we are well positioned to invest in our
innovative R&D pipeline and scale the business for commercial
readiness in oncology,” said Jens Holstein, CFO of
BioNTech. “We remain committed to seizing the opportunity
to transform the way cancer and infectious diseases are treated,
especially with our tremendous experience in using our mRNA
platforms. We will focus the remainder of the year on executing and
delivering on this vision with the aim to drive sustainable
long-term growth and to create future value for patients, society
and our shareholders.”
Outlook for the 2024 Financial
Year
The Company reiterates its prior outlook for the
financial year:
Total revenues for the 2024 financial year |
€2.5 billion - €3.1 billion |
BioNTech expects group revenues for the full
2024 financial year to be in the range of €2.5 to
€3.1 billion. The range reflects certain assumptions,
including, but not limited to, expectations regarding: the timing
and granting of regulatory approvals and recommendations; COVID-19
vaccine uptake and price levels; inventory write-downs by
BioNTech’s collaboration partner Pfizer that would negatively
influence the Company’s revenues; seasonal variations in SARS-CoV-2
circulation and vaccination uptake, which are expected to lead to
demand peaks in the autumn and winter compared to other seasons;
and revenues from a pandemic preparedness contract with the German
government as well as revenues from the BioNTech Group service
businesses, namely InstaDeep Ltd., JPT Peptide Technologies GmbH,
and in Idar-Oberstein at BioNTech Innovative Manufacturing Services
GmbH. Generally, the Company continues to remain largely dependent
on revenues generated in its collaboration partner’s territories in
2024.
Planned 2024 Financial Year Expenses and
Capex2:
R&D expenses3 |
€2.4 billion - €2.6 billion |
SG&A expenses4 |
€700 million - €800 million |
Capital expenditures for operating activities |
€400 million - €500 million |
The full interim unaudited condensed
consolidated financial statements can be found in BioNTech’s Report
on Form 6-K for the period ended March 31, 2024, filed today
with the United States Securities and Exchange Commission (“SEC”)
and available at https://www.sec.gov/.
Endnotes1 Calculated applying
the average foreign exchange rate for the three months ended
March 31, 2024, as published by the German Central Bank
(Deutsche Bundesbank).2 Numbers reflect current base case
projections and are calculated based on constant currency rates,
and exclude external risks that are not yet known and/or
quantifiable, including, but not limited to, the effects of ongoing
and/or future legal disputes or related activity.3 Numbers include
effects identified from additional collaborations or potential
M&A transactions to the extent disclosed and are subject to
update due to future developments.4Anticipated expenses related to
external legal advice in connection with certain legal litigations
are not reflected in SG&A but in other operating expenses.
Guidance does not include and may be impacted by potential payments
resulting from the outcomes of ongoing or future contractual and
legal disputes or related activity, such as judgments or
settlements.
Operational Review of the First Quarter
2024, Key Post Period-End Events and 2024 Outlook
Omicron XBB.1.5-adapted Monovalent
COVID-19 Vaccine (COMIRNATY®)
BioNTech and Pfizer developed, manufactured and
delivered their Omicron XBB.1.5-adapted monovalent COVID-19
vaccine, which has received multiple regulatory approvals,
including full approvals, authorizations for emergency or temporary
use, or marketing authorizations, in more than 40 countries and
regions. BioNTech is now focused on preparing for variant strain
vaccine adaptation to be ready for commercial launch ahead of the
upcoming 2024/2025 vaccination season, pending approvals.
COVID-19 – Influenza Combination Vaccine
Program
BNT162b2 + BNT161 is an
mRNA-based combination vaccine program against COVID-19 and
influenza being developed in collaboration with Pfizer. Top-line
data from the Phase 1/2 trial (NCT05596734) demonstrated robust
immune responses to influenza A, influenza B, and SARS-CoV-2
strains and that the safety profile of the candidates was
consistent with the profile of the companies’ COVID-19 vaccine. A
Phase 3 clinical trial (NCT06178991) is ongoing.
Select Oncology Pipeline
Highlights
ADC Programs
BNT323/DB-1303 is an ADC
candidate targeting Human Epidermal Growth Factor 2 (“HER2”) that
is being developed in collaboration with Duality Biologics (Suzhou)
Co. Ltd. (“DualityBio”). The program has been granted Breakthrough
Therapy designation by the U.S. Food and Drug Administration
(“FDA”) for the treatment of advanced endometrial cancer in
patients who progressed on or after treatment with immune
checkpoint inhibitors.
BNT323/DB-1303 is being evaluated in a Phase 1/2
clinical trial (NCT05150691) in patients with
advanced/unresectable, recurrent or metastatic HER2-expressing
solid tumors. A potentially registrational cohort is enrolling
HER2-expressing (IHC3+, 2+, 1+ or ISH-positive) patients with
advanced/recurrent endometrial carcinoma and aims to recruit 140
patients. A confirmatory Phase 3 trial (NCT06340568) in this
patient population is planned to start in 2024.
In January, the first patient was dosed in a
pivotal Phase 3 trial (NCT06018337) evaluating BNT323/DB-1303 in
patients with Hormone Receptor-positive (“HR+”) and HER2-low
metastatic breast cancer that have progressed on hormone therapy
and/or cyclin-dependent kinase 4/6 (“CDK4/6”) inhibition.
BNT325/DB-1305 is an ADC
candidate targeting TROP2 that is being developed in collaboration
with DualityBio. In January, BioNTech and DualityBio received Fast
Track designation for BNT325/DB-1305 from the U.S. FDA for the
treatment of patients with platinum-resistant ovarian epithelial,
fallopian tube, or primary peritoneal cancer who have received one
to three prior systemic treatment regimens. A Phase 1/2 clinical
trial (NCT05438329) is ongoing.
BNT326/YL202 is an ADC
candidate targeting HER3 that is being developed in collaboration
with MediLink Therapeutics (Suzhou) Co., Ltd. (“MediLink”). A
multicenter, open-label, first-in-human Phase 1 clinical trial
(NCT05653752) evaluating BNT326/YL202 as a later-line treatment in
patients with locally advanced or metastatic epidermal growth
factor receptor (“EGFR”)-mutated non-small cell lung cancer
(“NSCLC”) or HR+/HER2-negative breast cancer is ongoing in the
United States and China. Preliminary data from this study are
expected to be presented at the 2024 ASCO Annual Meeting.
Next-Generation Immune Checkpoint
Immunomodulator Programs
BNT311/GEN1046 (acasunlimab) is
a potential first-in-class bispecific antibody candidate combining
PD-L1 checkpoint inhibition with 4-1BB costimulatory activation
that is being developed in collaboration with Genmab A/S
(“Genmab”). Data from a Phase 2 trial (NCT05117242) evaluating
BNT311/GEN1046 in combination with pembrolizumab in pretreated
NSCLC patients are expected to be presented at the 2024 ASCO Annual
Meeting.
BNT327/PM8002 is an anti-VEGF-A
antibody candidate fused to a humanized anti-PD-L1 VHH being
developed in collaboration with Biotheus Inc. (“Biotheus”).
BNT327/PM8002 is currently being evaluated in Phase 1 and Phase 2/3
clinical trials in China to assess the efficacy and safety of the
candidate as monotherapy or in combination with chemotherapy in
various indications. An Investigational New Drug application has
been accepted by the U.S. FDA for further studies in the United
States, and global trials are planned to start this year.
Monotherapy data from the Phase 1/2 trials are planned to be
presented at the 2024 ASCO Annual Meeting.Cancer Vaccine
Programs
BNT116 is based on BioNTech’s
FixVac platform, and is a wholly owned, systemically administered,
off-the-shelf uridine mRNA-lipoplex based cancer vaccine candidate
encoding six shared lung cancer associated antigens. A randomized,
controlled Phase 2 clinical trial (NCT05557591) is ongoing to
evaluate BNT116 in combination with cemiplimab versus cemiplimab
alone as first-line treatment in patients with advanced NSCLC whose
tumors express PD-L1 in ≥ 50% of tumor cells.
In April 2024, data from a Phase 1 trial cohort
(NCT05142189) were presented at the AACR Annual Meeting. Patients
were treated with BNT116 in combination with docetaxel after
progression on a PD-1/PD-L1 inhibitor and a platinum-based
chemotherapy. Preliminary data of BNT116 in combination with
docetaxel show encouraging antitumor activity, consistent induction
of immune responses, a manageable safety profile, and no signs of
additive toxicity. Efficacy results suggest that combination
therapy with BNT116 and docetaxel was active with an overall
response rate (“ORR”) of 30% and a disease control rate (“DCR”) of
85%.
Autogene cevumeran (BNT122) is
a uridine mRNA-lipoplex based cancer vaccine candidate for
individualized neoantigen-specific immunotherapy (“iNeST”) being
developed in collaboration with Genentech, Inc., a member of the
Roche Group (“Genentech”). Autogene cevumeran is being evaluated in
ongoing Phase 2 trials in adjuvant resected PDAC (NCT05968326),
first-line melanoma (NCT03815058) and adjuvant colorectal cancer
(“CRC”) (NCT04486378). Epidemiologic data including post-operative
circulating tumor DNA (“ctDNA”) prevalence and prognostic value
from a non-interventional, observational study (NCT04813627) in
patients with resected high-risk stage II/III CRC are expected to
be presented at the 2024 ASCO Annual Meeting. A Phase 2 clinical
trial in an additional indication is planned.
In April 2024, long-term follow-up data from an
investigator-initiated Phase 1 trial in patients with resected PDAC
were presented at the AACR Annual Meeting. The data showed that the
individualized mRNA cancer vaccine candidate autogene cevumeran
continues to show polyspecific T cell responses up to three years
after vaccination and that vaccine responses correlate with delayed
tumor recurrence. The investigator-initiated, single center Phase 1
trial (NCT04161755) evaluated the safety of autogene cevumeran in
sequential combination with the anti-PD-L1 immune checkpoint
inhibitor atezolizumab and standard-of-care chemotherapy in 16
patients with resected PDAC. Data from the 1.5-year median
follow-up were previously published in Nature (Rojas, L.A et al.
2023).
Cell Therapy Programs
BNT211 consists of two
investigational medicinal products: a CAR-T cell product candidate
targeting Claudin-6 (“CLDN6”)-positive solid tumors in combination
with a CAR-T cell-amplifying RNA vaccine (“CARVac”) encoding CLDN6.
After determination of the recommended Phase 2 dose, BioNTech plans
to initiate a pivotal trial in patients with germ cell tumors.
BioNTech plans to present an analysis of real world evidence
investigating overall survival and treatment patterns of patients
with testicular germ cell tumors receiving palliative chemotherapy
at the 2024 ASCO Annual Meeting.
Corporate Update for the First Quarter
2024 and Key Post Period-End Events
In February, BioNTech entered into a strategic
collaboration with Autolus Therapeutics plc (“Autolus”) aimed at
advancing both companies’ autologous CAR-T programs towards
commercialization, pending regulatory authorizations. The
collaboration also grants BioNTech the option to access a suite of
Autolus’s target binders and cell programming technologies.
In March, BioNTech announced that Annemarie
Hanekamp will be joining the Company’s Management Board as Chief
Commercial Officer on July 1, 2024. Sean Marett, current Chief
Business and Commercial Officer, will retire as planned from the
Management Board while remaining a specialist advisor. Sean
Marett’s responsibilities as Chief Business Officer are being
gradually transferred to James Ryan, Ph.D., Chief Legal Officer,
who will also take on the role of Chief Business Officer at the end
of the transition phase. BioNTech has also appointed a General
Manager for the U.S. who has commenced building out commercial
operations in the country and aims to establish further expertise
in the Company’s global commercial group to drive its
first global product launch.
Upcoming Investor and
Analyst Events
- Annual General Meeting: May 17, 2024
- Second Quarter 2024 Financial Results and Corporate Update:
August 5, 2024
- Innovation Series (Digital & AI Day): October 1, 2024
- Innovation Series: November 14, 2024
Conference Call and Webcast
Information
BioNTech invites investors and the general
public to join a conference call and webcast with investment
analysts today, May 6, 2024, at 8:00 a.m. EDT (2:00 p.m. CEST)
to report its financial results and provide a corporate update for
three months ended March 31, 2024.
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 Investors' section of the Company’s website at
www.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 global next generation
immunotherapy company pioneering novel therapies for cancer and
other serious diseases. BioNTech 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 (CAR) T cells, several protein-based therapeutics,
including bispecific immune checkpoint modulators, targeted cancer
antibodies and antibody-drug conjugate (ADC) therapeutics, as well
as 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 and specialized pharmaceutical collaborators,
including Biotheus, DualityBio, Fosun Pharma, Genentech, a member
of the Roche Group, Genevant, Genmab, MediLink, OncoC4, Pfizer and
Regeneron.
For more information, please visit www.BioNTech.com.
Forward-Looking Statements
This 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/(loss) 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 BioNTech’s current and future preclinical studies and
clinical trials, including statements regarding the timing of
initiation, enrollment, and completion of studies or trials and
related preparatory work and the availability of results, and the
timing and outcome of applications for regulatory approvals and
marketing authorizations; the targeted timing and number of
additional potentially registrational trials, and the
registrational potential of any trial BioNTech may initiate;
discussions with regulatory agencies; BioNTech’s expectations with
respect to intellectual property; the impact of BioNTech’s
acquisition of InstaDeep Ltd. and its collaboration and licensing
agreements; the development, nature and feasibility of sustainable
vaccine production and supply solutions; and BioNTech’s estimates
of revenues, research and development expenses, selling, general
and administrative expenses, and capital expenditures for operating
activities. 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 based on BioNTech’s current expectations and beliefs of
future events, and are neither promises nor guarantees. 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 and adversely
from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to: the uncertainties inherent in research and development,
including the ability to meet anticipated clinical endpoints,
commencement and/or completion dates for clinical trials,
regulatory submission dates, regulatory approval dates and/or
launch dates, as well as risks associated with preclinical and
clinical data, including the data discussed in this release, and
including the possibility of unfavorable new preclinical, clinical
or safety data and further analyses of existing preclinical,
clinical or safety data; the nature of the clinical data, which is
subject to ongoing peer review, regulatory review and market
interpretation; BioNTech’s pricing and coverage negotiations
regarding its COVID-19 vaccine with governmental authorities,
private health insurers and other third-party payors; 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 its 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
COVID-19 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
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
its production capabilities and manufacture its products and
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, 2024 and in subsequent filings made by
BioNTech with the SEC, which are available on the SEC’s website
at www.sec.gov. These forward-looking statements speak only as
of the date hereof. 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.
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, |
|
2024 |
2023 |
(in millions €, except per share
data) |
(unaudited) |
(unaudited) |
|
|
|
Revenues |
187.6 |
1,277.0 |
Cost of sales |
(59.1) |
(96.0) |
Research and development expenses |
(507.5) |
(334.0) |
Sales and marketing expenses |
(15.6) |
(12.2) |
General and administrative expenses |
(117.0) |
(111.8) |
Other operating expenses (1) |
(23.9) |
(125.7) |
Other operating income (1) |
28.3 |
57.1 |
Operating income / (loss) |
(507.2) |
654.4 |
|
|
|
Finance income |
180.1 |
82.3 |
Finance expenses |
(4.7) |
(29.0) |
Profit / (Loss) before tax |
(331.8) |
707.7 |
|
|
|
Income
taxes |
16.7 |
(205.5) |
Profit / (Loss) for the
period |
(315.1) |
502.2 |
|
|
|
Earnings / (Loss) per
share |
|
|
Basic earnings / (loss) for the period per
share |
(1.31) |
2.07 |
Diluted
earnings / (loss) for the period per share |
(1.31) |
2.05 |
(1) Adjustments to prior-year
figures due to change in functional allocation of general and
administrative expenses and other operating expenses.
Interim Consolidated Statements of
Financial Position
|
|
March 31, |
December 31, |
(in millions
€) |
|
2024 |
2023 |
Assets |
|
(unaudited) |
|
Non-current assets |
|
|
|
Goodwill |
|
368.7 |
362.5 |
Other intangible assets |
|
821.7 |
804.1 |
Property, plant and equipment |
|
802.6 |
757.2 |
Right-of-use assets |
|
228.3 |
214.4 |
Other financial assets |
|
1,587.2 |
1,176.1 |
Other non-financial assets |
|
83.2 |
83.4 |
Deferred
tax assets |
|
91.0 |
81.3 |
Total non-current assets |
|
3,982.7 |
3,479.0 |
Current assets |
|
|
|
Inventories |
|
345.4 |
357.7 |
Trade and other receivables |
|
1,639.8 |
2,155.7 |
Contract assets |
|
12.1 |
4.9 |
Other financial assets |
|
6,689.9 |
4,885.3 |
Other non-financial assets |
|
337.0 |
280.9 |
Income tax assets |
|
273.3 |
179.1 |
Cash and cash equivalents |
|
8,976.6 |
11,663.7 |
Total current assets |
|
18,274.1 |
19,527.3 |
Total assets |
|
22,256.8 |
23,006.3 |
|
|
|
|
Equity and liabilities |
|
|
|
Equity |
|
|
|
Share capital |
|
248.6 |
248.6 |
Capital reserve |
|
1,228.9 |
1,229.4 |
Treasury shares |
|
(10.8) |
(10.8) |
Retained earnings |
|
19,448.2 |
19,763.3 |
Other reserves |
|
(946.7) |
(984.6) |
Total equity |
|
19,968.2 |
20,245.9 |
Non-current
liabilities |
|
|
|
Lease liabilities, loans and
borrowings |
|
205.0 |
191.0 |
Other financial liabilities |
|
40.6 |
38.8 |
Provisions |
|
8.8 |
8.8 |
Contract liabilities |
|
379.2 |
398.5 |
Other non-financial liabilities |
|
9.6 |
13.1 |
Deferred
tax liabilities |
|
39.4 |
39.7 |
Total non-current liabilities |
|
682.6 |
689.9 |
Current liabilities |
|
|
|
Lease liabilities, loans and
borrowings |
|
31.3 |
28.1 |
Trade payables and other payables |
|
298.8 |
354.0 |
Other financial liabilities |
|
152.4 |
415.2 |
Income tax liabilities |
|
353.2 |
525.5 |
Provisions |
|
247.0 |
269.3 |
Contract liabilities |
|
361.3 |
353.3 |
Other
non-financial liabilities |
|
162.0 |
125.1 |
Total current liabilities |
|
1,606.0 |
2,070.5 |
Total liabilities |
|
2,288.6 |
2,760.4 |
Total equity and liabilities |
|
22,256.8 |
23,006.3 |
Interim Consolidated Statements of Cash
Flows
|
|
Three months ended March 31, |
|
|
2024 |
2023 |
(in
millions €) |
|
(unaudited) |
(unaudited) |
Operating activities |
|
|
|
Profit / (Loss) for the period |
|
(315.1) |
502.2 |
Income
taxes |
|
(16.7) |
205.5 |
Profit / (Loss) before tax |
|
(331.8) |
707.7 |
Adjustments to reconcile profit before tax
to net cash flows: |
|
|
|
Depreciation and amortization of property, plant, equipment,
intangible assets and right-of-use assets |
|
38.3 |
31.4 |
Share-based payment expenses |
|
16.3 |
8.6 |
Net foreign exchange differences |
|
(28.7) |
53.1 |
Loss on disposal of property, plant and equipment |
|
— |
0.2 |
Finance income excluding foreign exchange differences |
|
(174.9) |
(82.3) |
Finance expense excluding foreign exchange differences |
|
4.7 |
1.2 |
Government grants |
|
(9.1) |
(3.0) |
Net gain on derivative instruments at fair value through profit or
loss |
|
1.7 |
76.2 |
Working capital adjustments: |
|
|
|
Decrease in trade and other receivables, contract assets and other
assets |
|
498.2 |
893.8 |
Decrease in inventories |
|
12.3 |
15.5 |
Decrease in trade payables, other financial liabilities, other
liabilities, contract liabilities, refund liabilities and
provisions |
|
(288.0) |
(861.6) |
Interest received and realized gains from
cash and cash equivalents |
|
199.4 |
53.6 |
Interest paid and realized losses from
cash and cash equivalents |
|
(3.7) |
(1.2) |
Income tax paid |
|
(258.8) |
(844.9) |
Share-based payments |
|
(2.4) |
(725.7) |
Government grants received |
|
9.2 |
— |
Net cash flows used in operating activities |
|
(317.3) |
(677.4) |
|
|
|
|
Investing activities |
|
|
|
Purchase of property, plant and
equipment |
|
(58.5) |
(45.2) |
Purchase of intangible assets and
right-of-use assets |
|
(78.4) |
(9.6) |
Investment in other financial assets |
|
(4,895.1) |
(680.6) |
Proceeds
from maturity of other financial assets |
|
2,727.6 |
— |
Net cash flows used in investing activities |
|
(2,304.4) |
(735.4) |
|
|
|
|
Financing activities |
|
|
|
Payments related to lease liabilities |
|
(7.8) |
(9.3) |
Share repurchase program |
|
— |
(282.0) |
Net cash flows used in financing activities |
|
(7.8) |
(291.3) |
|
|
|
|
Net decrease in cash and cash
equivalents |
|
(2,629.5) |
(1,704.1) |
Change in cash and cash equivalents
resulting from exchange rate differences |
|
6.8 |
(27.1) |
Change in cash and cash equivalents
resulting from other valuation effects |
|
(64.4) |
— |
Cash and
cash equivalents at the beginning of the period |
|
11,663.7 |
13,875.1 |
Cash and cash equivalents as of March 31 |
|
8,976.6 |
12,143.9 |
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