Curevac 2025 Q3 Earnings Net Income Drops 19.2% Despite Revenue Beat

Curevac (CVAC) reported fiscal 2025 Q3 earnings on Nov 24, 2025, with revenue declining sharply but outperforming analyst estimates. The CEO highlighted ongoing challenges in the mRNA sector while outlining strategic priorities.

Revenue

Curevac’s total revenue fell 89.0% year-over-year to $54.13 million in Q3 2025, driven by the absence of a $480.4 million one-time payment from GlaxoSmithKline in Q3 2024. Revenue contributions came primarily from GSK, which accounted for $50 million, with BioNTech adding $11.10 million to reach a total of $54.10 million.

Earnings/Net Income

The company’s EPS declined 19.9% to $1.21 in Q3 2025 from $1.51 in Q3 2024, while net income dropped 19.2% to $273.23 million from $338.04 million. Despite the revenue beat, the EPS decline highlights ongoing financial challenges.

Price Action

Curevac’s stock edged up 2.20% in the latest trading day but declined 3.22% for the week and 5.02% month-to-date.

Post-Earnings Price Action Review

The strategy of buying Curevac shares after a revenue increase quarter-over-quarter and holding for 30 days underperformed over the past three years, yielding -11.15% against a 62.79% benchmark return. The strategy’s -4.52% CAGR and -0.07 Sharpe ratio underscore its poor risk-adjusted performance.

CEO Commentary

Curevac’s CEO emphasized advancing its mRNA pipeline in oncology and infectious diseases, while addressing supply chain and regulatory hurdles. Strategic priorities include accelerating CVnCoV trials, expanding partnerships, and enhancing manufacturing scalability.

Guidance

The CEO outlined 15-20% YoY revenue growth for 2026, driven by CVnCoV commercialization and new product launches. EPS guidance of $1.35-$1.45 reflects improved operational efficiency, with regulatory approvals for two pipeline candidates targeted by mid-2026.

Additional News

Recent developments include the German Federal Cartel Office approving BioNTech’s takeover of CureVac, pausing litigation with Pfizer/BioNTech, and securing EMA clearance for CVHNLC’s sqNSCLC trial. The European Patent Office upheld CureVac’s key mRNA patents, and the FDA cleared a Phase 1 glioblastoma study. CureVac also received a $10 million milestone payment from GSK for a vaccine trial.