Curevac 2025 Q3 Earnings Revenue Plummets 89% Despite BioNTech Acquisition Progress

CureVac reported a sharp decline in Q3 2025 earnings, with revenue falling 89% year-over-year to $54.13 million. The results beat modest analyst expectations for $21.4 million in revenue, driven by a one-time $480.4 million payment from GlaxoSmithKline in 2024. The company’s net income dropped 19.2% to $273.23 million, while EPS fell 19.9% to $1.21. BioNTech’s acquisition plans advanced with German regulatory approval, and CureVac confirmed a cash runway through 2028.

Revenue

CureVac’s Q3 2025 revenue plummeted to $54.13 million, an 89% decline from $493.90 million in Q3 2024. The drop was primarily due to the absence of a $480.4 million one-time payment from GlaxoSmithKline in the prior-year period. Despite the steep decline, the company exceeded analyst forecasts of $21.4 million, indicating resilience in its core operations.

Earnings/Net Income

Net income for Q3 2025 fell to $273.23 million, a 19.2% decrease from $338.04 million in Q3 2024. Earnings per share (EPS) declined 19.9% to $1.21. The company has reported losses for seven consecutive years in the same quarter, underscoring ongoing financial challenges. The EPS decline reflects persistent operational pressures despite a strong cash position.

Post-Earnings Price Action Review

The strategy of buying CureVac (CVAC) shares on the date of its revenue raise and holding for 30 days yielded positive returns over the past three years, with a cumulative return of 77.12% and an average annual return of 23.54%. This outperformed the SPY ETF’s 38.62% cumulative return over the same period. The success highlights the potential for positive share price reactions following revenue beats, emphasizing the importance of tracking earnings releases.

CEO Commentary

Dr. Alexander Zehnder, CEO of CureVac, stated, “We have made continued progress toward completing the planned transaction with BioNTech, bringing us closer to realizing our shared vision of combining mRNA science expertise.” He emphasized the strategic value of the BioNTech acquisition in accelerating innovative therapies but did not provide specific guidance on future financial performance.

Guidance

CureVac did not issue forward-looking financial guidance in its Q3 2025 report. However, the company reiterated its focus on advancing clinical trials, including its CVHNLC lung cancer therapy and glioblastoma study, while navigating the ongoing BioNTech acquisition process.

Additional News

1. BioNTech Acquisition Clearance: The German Federal Cartel Office approved BioNTech’s $3.6 billion acquisition of CureVac, clearing a major regulatory hurdle. The offer period for CureVac shareholders remains open until December 3, 2025.

2. CTA Clearance for CVHNLC: CureVac received Clinical Trial Application (CTA) approval from the European Medicines Agency for its CVHNLC lung cancer therapy, advancing its oncology pipeline.

3. Cash Position Strengthened: CureVac reported $416.1 million in cash as of September 30, 2025, extending its runway to 2028. The company paused litigation with BioNTech/Pfizer pending the acquisition’s completion.

Article Polishing

Transitions between sections have been refined for clarity and flow. All numerical data and factual details remain unchanged, with emphasis on CureVac’s strategic milestones and financial resilience amid declining revenue. The structure adheres to the original bold headings, and punctuation has been standardized.