CureVac reported third‑quarter 2025 results that included €54.1 million in revenue and a net profit of €273.2 million, translating to earnings per share of €1.21. The company’s cash and cash equivalents stood at €416.1 million as of September 30, 2025, giving it a runway that extends well into 2028.
Revenue fell 12.5% year‑over‑year, a decline largely attributable to the absence of a one‑time €400 million upfront payment from a GSK licensing agreement that was recognized in Q3 2024. The company’s core vaccine and therapeutic segments remained stable, but the missing license payment reduced top‑line growth.
In comparison, Q3 2024 revenue was €61.5 million and net profit was €1.63 billion, with earnings per share of €1.63. The current quarter’s profit margin of 50.3% is lower than the 55.8% margin reported a year earlier, reflecting the impact of the one‑time payment and a modest increase in operating expenses related to R&D and regulatory activities.
Cash reserves of €416.1 million provide a solid liquidity cushion as CureVac moves forward with the pending acquisition by BioNTech. The German Federal Cartel Office has cleared the transaction, and the exchange offer is set to expire on December 3, 2025. The acquisition is expected to create synergies in oncology and infectious‑disease pipelines, while the strong cash position supports continued investment in research and development.
CEO Dr. Alexander Zehnder emphasized that the company is “well positioned to deliver significant benefits to patients with mRNA‑based immunotherapies and to realize our full potential in a combined company.” He highlighted the importance of maintaining cost discipline and accelerating the development of next‑generation vaccine candidates.
Analysts had set low revenue expectations for the quarter, anticipating only about €3.3 million in earnings per share. CureVac’s results exceeded those expectations, but investors remain cautious as the company navigates the integration of the BioNTech acquisition and the transition of its licensing agreements.
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