Leerink Partners Maintains Hold Rating on CureVac Despite Q1 Losses.

Leerink Partners analyst Mani Foroohar maintained a Hold rating on CureVac, citing the company's recent earnings release. Foroohar has a 44.38% success rate and an average return of -5.9%. The current analyst consensus on CureVac is a Hold with an average price target of $4.63.

Tübingen, Germany / July 2, 2025 – CureVac N.V. (Nasdaq: CVAC), a pioneering multinational biotech company, has released its financial results for the second quarter and first half of 2025. The company reported a significant decrease in revenues and an increase in operating losses compared to the same period in 2024, driven by restructuring efforts and decreased revenues from key partnerships.

Key Financial Highlights:

- Cash Position: As of June 30, 2025, CureVac's cash and cash equivalents stood at €392.7 million, down from €481.7 million at the end of 2024.
- Revenues: Revenues for the six months ended June 30, 2025, totaled €2.1 million, a decrease of 92% compared to the same period in 2024. The primary drivers of this decrease were lower revenues from GSK following the restructuring of the partnership in July 2024 and reduced sales to CRISPR Therapeutics.
- Operating Loss: The operating loss for the six months ended June 30, 2025, amounted to €116.5 million, a decrease of 30.4 million from the same period in 2024. This decrease was primarily attributable to lower revenues associated with the restructuring of the GSK Collaboration and implemented cost reductions.
- Research and Development Expenses: R&D expenses increased primarily due to the costs of CureVac's manufacturing organization being recognized as R&D expenses rather than cost of sales. The increase was partially offset by cost reductions initiated with the strategic restructuring in July 2024.
- General and Administrative Expenses: These expenses increased compared to the prior year period primarily due to increased legal advice and third-party services related to the proposed transaction with BioNTech.

Business Updates:

- Patent Litigation: CureVac and GSK will receive a total payment of $740 million, plus single-digit royalties on sales of COVID-19 vaccines in the U.S. CureVac will also receive an additional $50 million from GSK for monetizing a portion of U.S. product royalties.
- Clinical Trial Application (CTA) Clearance: The European Medicines Agency (EMA) granted CTA clearance for CVHNLC, a proprietary off-the-shelf cancer immunotherapy candidate targeting squamous non-small cell lung cancer (sqNSCLC).
- BioNTech Acquisition: CureVac entered into a definitive purchase agreement with BioNTech, which aims to unite the two German companies to bring transformative mRNA-based treatments to patients globally.

Analyst Rating:

Leerink Partners analyst Mani Foroohar maintained a Hold rating on CureVac, citing the company's recent earnings release. Foroohar has a 44.38% success rate and an average return of -5.9%. The current analyst consensus on CureVac is a Hold with an average price target of $4.63.

References:
[1] https://www.biospace.com/press-releases/curevac-announces-financial-results-for-the-second-quarter-and-first-half-of-2025-and-provides-business-updates