BNTX BioNTech SE
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Executive Summary
BioNTech reported Q1 2026 results with total revenue of €118.1M, down 35% YoY from €182.8M, driven by a 50% decline in COVID-19 vaccine revenue to €66.9M. Net loss widened to €531.9M (€2.10 per share) from €415.8M (€1.73 per share) in Q1 2025, as R&D spending increased 6% to €557.0M and operating loss grew to €677.5M. Post-period, the company announced a $1.0B ADS repurchase program and a major manufacturing footprint consolidation affecting up to ~2,000 positions across multiple sites.
Actionable Insight
The Q1 results confirm accelerating COVID-19 revenue erosion and deepening operating losses as the company invests heavily in oncology pipeline. The $1.0B buyback provides a floor but does not offset fundamental deterioration. The manufacturing consolidation signals management's recognition of overcapacity but carries execution risk and upfront costs. Key catalysts to watch: Phase 2 pumitamig data at ASCO (May 29-June 2), trastuzumab pamirtecan BLA filing timeline, and interim data from multiple late-stage trials expected through 2026.
Key Facts
- Q1 2026 total revenue €118.1M, down 35% YoY from €182.8M
- COVID-19 vaccine revenue fell 50% YoY to €66.9M
- Net loss widened to €531.9M (€2.10/share) from €415.8M (€1.73/share)
- Operating loss increased to €677.5M from €534.1M
- R&D expenses rose 6% to €557.0M; sales & marketing up 104% to €27.9M
- Cash & investments totaled €16.76B as of March 31, 2026
- Post-period: $1.0B ADS repurchase program authorized
- Post-period: Manufacturing consolidation to exit Idar-Oberstein, Marburg, Singapore, and CureVac sites affecting ~1,860 positions; JPT exit affecting ~140 positions
- Impairment of €29.9M on BNT331 program (paused)
- Pipeline prioritization costs of €18.7M in Q1
Financial Impact
Revenue decline of €64.7M (35% YoY); net loss increase of €116.1M (28% YoY); operating loss increase of €143.4M (27% YoY)
Risk Factors
- Continued COVID-19 revenue decline with no near-term replacement revenue stream
- Manufacturing consolidation execution risk and potential cash costs
- Multiple ongoing patent litigations (Moderna, GSK, Arbutus, Bayer) with uncertain outcomes
- Heavy R&D spend may not yield approved products for years
- Pipeline prioritization may lead to further program discontinuations
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001776985-26-000031 |
| Document: form6-kq12026quarterlyrepo.htm | 0001776985-26-000031 |
| Document: 0001776985-26-000031-index-headers.html | 0001776985-26-000031 |
| Document: 0001776985-26-000031-index.html | 0001776985-26-000031 |
| Document: 0001776985-26-000031.txt | 0001776985-26-000031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 8, 2026
5d ago
|
6-K
| $88.08 awaiting T+5 | awaiting T+5 | — | $90.54 (+2.79%) |
|
Jun 1, 2026
12d ago
|
6-K
| $91.70 $88.08 | ▼ −3.95% | ▼ −1.20% | $90.54 (−1.26%) |
|
May 30, 2026
13d ago
|
Press Release
| $91.70 $88.08 | ▼ −3.95% | ▼ −1.20% | $90.54 (−1.26%) |
|
May 22, 2026
22d ago
|
6-K
| $92.14 $91.70 | ▼ −0.48% | ▼ −2.15% | $90.54 (−1.74%) |
|
May 22, 2026
22d ago
|
Press Release
| $92.14 $91.70 | ▼ −0.48% | ▼ −2.14% | $90.54 (−1.74%) |
|
May 15, 2026
28d ago
|
6-K
| $88.85 $92.25 | ▲ +3.83% | ▲ +2.21% | $90.54 (+1.90%) |
|
May 7, 2026
5w ago
|
6-K
| $93.02 $92.23 | ▼ −0.85% | ▼ −2.35% | $90.54 (−2.67%) |
|
May 5, 2026
5w ago
|
6-K
| $95.50 $93.66 | ▲ +1.93% | ▲ +3.91% | $90.54 (+5.19%) |
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May 5, 2026
5w ago
|
6-K
| $95.50 $93.66 | ▼ −1.93% | ▼ −3.91% | $90.54 (−5.19%) |
|
May 5, 2026
5w ago
|
Press Release
| $95.50 $93.34 | ▼ −2.26% | ▼ −4.25% | $90.54 (−5.19%) |
US Market Status
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