CureVac N.V.

Latest Results (07.03.2026):

CureVac N.V. reported results for the third quarter of 2025 and the first nine months of 2025. For Q3 2025 the company reported revenue of €54.1 million, operating profit of €310.2 million and net profit of €273.2 million (basic and diluted EPS €1.21). For the first nine months of 2025 revenue was €56.3 million, operating profit €193.7 million and net profit €161.6 million (basic EPS €0.72, diluted €0.71). Cash and cash equivalents were €416.1 million as of September 30, 2025 and CureVac reaffirmed an expected cash runway into 2028. Results were materially affected by one‑time items (U.S. Settlement and a GSK amendment) and by the absence of a €480.4 million one‑time GSK upfront recognized in Q3 2024. The company also reported progress on the proposed BioNTech transaction, regulatory and clinical milestones, and an EU audit dispute regarding a €450 million Advance Purchase Agreement (APA).

Revenue

Q3 2025 revenue: €54.1M; first nine months 2025: €56.3M — an 89% decline YoY versus 2024 driven primarily by the absence of the prior-year €480.4M one‑time GSK upfront. In Q3 2025 CureVac recognized $50M from a GSK amendment and €11.1M in royalties under the U.S. license agreement with BioNTech/Pfizer.

Profitability and EPS

Operating profit: Q3 €310.2M, nine months €193.7M. Net profit: Q3 €273.2M, nine months €161.6M. Results include a positive one‑time net effect of $420M in 2025 (U.S. Settlement $370M + €50M from the GSK amendment). Basic/diluted EPS for Q3 2025 were €1.21; nine‑month basic €0.72 / diluted €0.71.

Cash, cash flow and liquidity

Cash and cash equivalents: €416.1M at September 30, 2025 (down from €481.7M at year‑end 2024). Operating cash flow used approximately €53.6M in the first nine months of 2025, and the company states this cash position supports an expected runway into 2028.

Balance sheet and one‑off items

Current assets rose notably due to a receivable from BioNTech related to settlement and license agreements. Other liabilities increased (including €120.9M VAT recognized on the U.S. Settlement). Total assets were €1,138.6M and total equity €871.2M as of Sept 30, 2025.

BioNTech transaction and legal status

The German Federal Cartel Office cleared the planned BioNTech–CureVac transaction. BioNTech’s public exchange offer ran Oct 21–Dec 3, 2025; CureVac convened an EGM on Nov 25, 2025. German litigation with Pfizer/BioNTech over mRNA‑vaccine IP is paused pending the offer’s completion. The U.S. Settlement executed in August 2025 materially affected operating income.

R&D and pipeline updates

EMA granted CTA clearance for CVHNLC (sqNSCLC); CVGBM (glioblastoma) Phase 1 Part B remains on track. The individualized precision cancer immunotherapy program continues, integrating FRAMEpro, the RNA Printer® and cloud-based systems. R&D expense rose partly because manufacturing costs are now recorded as R&D following the change in the GSK collaboration.

EU Advance Purchase Agreement (APA) audit

The EU Commission received Deloitte’s final audit report on the €450M APA for CureVac’s first‑generation COVID‑19 vaccine, alleging documentation and cost allocation issues. CureVac disputes the findings and says it will contest any recovery requests or fines.