Curevac 2025 Q3 Earnings Beats Revenue Forecasts Despite 89% Drop in Revenue

Curevac (CVAC) reported fiscal 2025 Q3 earnings on Nov 24, 2025, with revenue plummeting 89% year-over-year to $54.13 million, driven by the absence of a $480.4 million one-time payment from GlaxoSmithKline in 2024. Despite the sharp decline, the company exceeded analyst expectations, which had projected $21.4 million in revenue. The German Federal Cartel Office also cleared BioNTech’s planned acquisition, a key regulatory hurdle, while cash reserves stood at €416.1 million as of September 30, 2025, extending operational runway into 2028.

Revenue

Curevac’s total revenue fell to $54.13 million in Q3 2025, a 89.0% decline from $493.90 million in Q3 2024. The drop was primarily attributed to the absence of a one-time $480.4 million payment from GSK in the prior-year period.

Earnings/Net Income

The company’s net income decreased to $273.23 million in Q3 2025, down 19.2% from $338.04 million in Q3 2024. Earnings per share (EPS) also declined 19.9% to $1.21 from $1.51. The sustained losses over seven consecutive years highlight ongoing financial challenges despite robust cash reserves.

Price Action

Curevac’s stock price rose 2.20% in the latest trading day but declined 3.22% during the most recent full trading week and 5.02% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Curevac shares following a revenue increase quarter-over-quarter and holding for 30 days underperformed significantly, yielding a return of -11.15% over the past three years. This fell far short of the benchmark return of 62.79%, with an excess return of -73.94%. The strategy’s maximum drawdown of 0.00% indicated a failure to capitalize on gains while fully participating in market declines.

CEO Commentary

Dr. Alexander Zehnder, Chief Executive Officer of CureVac, emphasized progress toward finalizing the BioNTech acquisition, calling it a pivotal step in combining complementary mRNA technologies. “This partnership aligns with our shared vision of accelerating transformative therapies for patients,” he stated. Zehnder also highlighted the CTA clearance for CVHNLC in sqNSCLC and ongoing glioblastoma trials, underscoring the company’s commitment to advancing its oncology pipeline despite financial headwinds.

Guidance

CureVac reiterated its cash runway into 2028 and confirmed ongoing clinical trial timelines, including data readouts for the glioblastoma study in H2 2025. The company remains focused on regulatory milestones and strategic collaborations to strengthen its mRNA platform, though no specific revenue or EPS targets were provided for future periods.

Additional News

1. BioNTech Takeover Clearance: German regulators approved the merger, removing a major obstacle for the share-swap deal set to expire on Dec 3, 2025.

2. Patent Litigation Pause: Legal disputes with BioNTech/Pfizer were paused pending the acquisition’s completion.

3. EMA CTA Approval: CureVac received clearance to initiate its CVHNLC trial for sqNSCLC, marking a key regulatory milestone.