Summary by Moomoo AI
BioNTech reported Q3 2024 revenues of €1,244.8 million, up 39% from €895.3 million in Q3 2023, primarily driven by earlier approvals received for variant-adapted COVID-19 vaccines. COVID-19 vaccine revenues increased to €1,113.9 million from €885.0 million in the prior year period. Other revenues grew to €130.9 million, mainly from a pandemic preparedness contract with the German government.Research and development expenses increased by 11% to €550.3 million, focused on advancing key pipeline candidates including antibody drug conjugates and cancer immunotherapies. The company recorded a net profit of €198.1 million compared to €160.6 million in Q3 2023. Operating profit was €10.5 million versus €73.1 million in the prior year period, impacted by €605.0 million in provisions related to contractual disputes.The company maintains a strong financial position with €17.8 billion in combined cash and security investments as of September 30, 2024. BioNTech continues to advance its oncology pipeline with multiple clinical trials ongoing across various platforms including mRNA therapeutics, cell therapies, and antibody programs. The company expects to initiate several pivotal trials in 2024-2025.
