BioNTech SE

BioNTech reported Q2 2026 revenue of EUR 106 million, down from EUR 261 million in the prior-year quarter, primarily because of lower demand for its COVID-19 vaccine in the U.S. Adjusted R&D was EUR 477 million versus EUR 509 million a year ago, and adjusted SG&A was EUR 198 million versus EUR 137 million. For the first half of 2026, revenue was EUR 224 million, adjusted R&D was EUR 1,004 million, and adjusted SG&A was EUR 349 million. The company ended Q2 with EUR 16.6 billion in cash, cash equivalents and security investments, versus EUR 16.0 billion a year earlier. Full-year 2026 guidance was lowered to revenue of EUR 1.6 billion to EUR 1.9 billion, adjusted R&D of EUR 2.0 billion to EUR 2.3 billion, and adjusted SG&A of EUR 700 million to EUR 800 million. Management said most 2026 revenue is still expected in the second half, with EUR 613 million from BMS collaboration payments expected in Q3.

Ugur Sahin framed the CEO transition as a natural step in BioNTech’s move from a research organization to a global multiproduct biopharma company, and said he will stay involved to ensure continuity. He emphasized that the company is shifting to a tumor-focused oncology strategy, with more late-stage programs, more combination work, and a broader toolkit that includes immunomodulators, ADCs and mRNA cancer immunotherapies. His tone was confident and constructive, saying BioNTech is on track to become a diversified multiproduct company by 2030 and that the second half of 2026 should be impactful.

Ramón Zapata-Gomez highlighted a strong balance sheet, with EUR 16.6 billion in cash, cash equivalents and security investments at quarter-end, and said the company is acting from a position of strength. He walked through the main financial drivers: lower revenue from COVID demand, lower adjusted R&D due to prioritization and partner cost-sharing, and higher SG&A from ERP infrastructure, prelaunch activity and CureVac operations. He also said BioNTech has started its up to $1 billion share repurchase program and has bought back $152 million so far, while maintaining flexibility for pipeline, partnerships and corporate development.

Analysts focused on the B7-H3 ADC Elfe-D, the timing and visibility of upcoming data readouts, and how BioNTech thinks about differentiation versus other PD-1/VEGF approaches. Management said Elfe-D’s appeal is its durable disease control and favorable safety profile, including no significant ILD events so far in patients treated for more than a year, while for Pumitamig they stressed the rationale of PD-L1 binding in the tumor microenvironment and the need to see more combination data. On guidance, management said about 80% of the revenue reduction was COVID-related and the rest was from the lost out-license milestone, and confirmed several readouts have shifted to 2027, while still expecting major 2026 milestones such as gotistobart, BNT113, and T-PAM.