Curevac 2025 Q3 Earnings Revenue Plummets 89% Despite Earnings Beat

Curevac (CVAC) reported fiscal 2025 Q3 earnings on Nov 24, 2025, marked by a sharp revenue decline and mixed performance relative to expectations. The company’s total revenue fell 89% year-over-year to $54.13 million, driven by the absence of a $480.4 million one-time payment from GlaxoSmithKline (GSK) in 2024. However, earnings per share (EPS) of $1.21 exceeded analyst estimates, and the German Federal Cartel Office approved BioNTech’s takeover plan, removing a major regulatory hurdle.

Revenue

Curevac’s Q3 revenue was heavily influenced by its partnership with GSK, which contributed $50 million, while BioNTech accounted for $11.10 million. The year-over-year drop primarily reflects the absence of the 2024 one-time GSK payment, which had significantly boosted prior-year revenue to $493.90 million.

Earnings/Net Income

Net income declined to $273.23 million in Q3 2025, down 19.2% from $338.04 million in Q3 2024. EPS fell 19.9% to $1.21, reflecting ongoing financial challenges despite the company’s strong cash position of €416.1 million as of September 30, 2025. The sustained seven-year quarterly losses underscore persistent operational pressures.

Price Action

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

Post-Earnings Price Action Review

A strategy of buying CVAC shares after revenue growth quarters and holding for 30 days underperformed significantly over three years. The approach yielded -11.15%, lagging the benchmark’s 62.79% return. With an excess return of -73.94%, a CAGR of -4.52%, and a Sharpe ratio of -0.07, the strategy highlighted minimal risk but substantial losses.

CEO Commentary

Dr. Alexander Zehnder, CureVac’s CEO, emphasized progress toward finalizing the BioNTech acquisition, calling it a pivotal step to combine mRNA expertise. He noted, “Together, we aim to accelerate the development of innovative therapies,” while acknowledging the need to navigate ongoing litigation and regulatory processes. The tone was cautiously optimistic, balancing strategic momentum with operational challenges.

Guidance

CureVac confirmed its cash runway extends into 2028, with €416.1 million in reserves as of September 30. The company remains focused on advancing its glioblastoma and sqNSCLC trials, with no explicit quantitative targets provided for 2026. Forward-looking statements included expectations for the BioNTech acquisition to close by year-end and for litigation with BioNTech/Pfizer to pause pending the merger’s completion.

Additional News

CureVac secured German regulatory approval for BioNTech’s takeover, clearing a key hurdle for the $400 million upfront licensing agreement with GSK. The company also paused litigation with BioNTech/Pfizer pending the merger’s resolution. Additionally, it received EMA clearance for its sqNSCLC candidate, CVHNLC, advancing its oncology pipeline. These developments underscore strategic consolidation and clinical progress amid financial headwinds.

Analysis

CureVac’s Q3 results highlight a reliance on non-recurring revenue and the transformative potential of its BioNTech acquisition. While the EPS beat and robust cash reserves offer short-term stability, the revenue plunge and seven-year losses signal long-term risks. Investors should monitor the acquisition’s timeline and litigation outcomes, which could reshape the company’s trajectory.

Key Metrics

• Q3 2025 Revenue: $54.13M (-89% YoY)

• EPS: $1.21 (-19.9% YoY)

• Net Income: $273.23M (-19.2% YoY)

• Cash Reserves: €416.1M (runway into 2028)

Outlook

The BioNTech merger, if finalized, could unlock synergies in mRNA R&D but depends on regulatory and legal clarity. CureVac’s pipeline advancements, particularly in oncology, may offset near-term financial pressures, though sustained revenue diversification remains critical.