Revenue and margins are highly volatile, with gross margin swinging from 8.1% in 2026Q2 to 92.0% in 2026Q3 and operating margin ranging from -192.1% to 9.7%, suggesting profitability depends heavily on the timing of partner-driven revenue against fixed R&D spend of $551.0M to $748.1M per quarter.
BioNTech SE (BNTX) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 2.41B | 2.76B | 2.75B | 3.82B | 17.31B | 18.98B | 482.3M | 108.6M | 127.58M | 61.6M |
| Revenue Growth % | -23.43% | 0.2% | -27.96% | -77.94% | -8.78% | 3834.63% | 344.11% | -14.87% | 107.11% | - |
| Cost of Goods Sold | 726.34M | 616.47M | 541.3M | 599.8M | 3B | 2.91B | 59.3M | 17.4M | 13.69M | 9.32M |
| COGS % of Revenue | - | 22.36% | 19.68% | 15.71% | 17.3% | 15.34% | 12.3% | 16.02% | 10.73% | 15.13% |
| Gross Profit | 1.69B | 2.14B | 2.21B | 3.22B | 14.32B | 16.07B | 423M | 91.2M | 113.89M | 52.28M |
| Gross Margin % | 69.91% | 77.64% | 80.32% | 84.29% | 82.7% | 84.66% | 87.7% | 83.98% | 89.27% | 84.87% |
| Gross Profit Growth % | - | -3.15% | -31.36% | -77.51% | -10.89% | 3697.92% | 363.82% | -19.92% | 117.84% | - |
| Operating Expenses | 3.41B | 2.76B | 3.52B | 2.53B | 1.67B | 781.4M | 505.4M | 272.7M | 167.74M | 113.56M |
| OpEx % of Revenue | - | 100.27% | 128.1% | 66.22% | 9.66% | 4.12% | 104.79% | 251.1% | 131.48% | 184.35% |
| Selling, General & Admin | 818.8M | 698.2M | 599M | 557.7M | 541.2M | 327.2M | 108.5M | 43.3M | 27.07M | 29.49M |
| SG&A % of Revenue | - | 25.33% | 21.77% | 14.6% | 3.13% | 1.72% | 22.5% | 39.87% | 21.21% | 47.88% |
| Research & Development | 2.37B | 2.02B | 2.25B | 1.78B | 1.54B | 949.2M | 645M | 226.5M | 143.07M | 85.5M |
| R&D % of Revenue | - | 73.34% | 81.94% | 46.69% | 8.88% | 5% | 133.73% | 208.56% | 112.14% | 138.8% |
| Other Operating Expenses | 2M | 44M | 670.9M | 188M | -405.3M | -495M | -248.1M | 2.9M | -2.39M | -1.43M |
| Operating Income | -1.73B | -623.87M | -1.31B | 690.4M | 12.64B | 15.28B | -82.4M | -181.5M | -53.85M | -61.28M |
| Operating Margin % | -71.49% | -22.63% | -47.77% | 18.08% | 73.03% | 80.54% | -17.08% | -167.13% | -42.21% | -99.48% |
| Operating Income Growth % | - | 52.53% | -290.37% | -94.54% | -17.28% | 18648.3% | 54.6% | -237.02% | 12.11% | - |
| EBITDA | -840.74M | -256.17M | -1.02B | 873.8M | 12.77B | 15.36B | -43.7M | -147.6M | -31.87M | -50.75M |
| EBITDA Margin % | -34.83% | -9.29% | -36.94% | 22.88% | 73.75% | 80.94% | -9.06% | -135.91% | -24.98% | -82.39% |
| EBITDA Growth % | -52.83% | 74.79% | -216.31% | -93.16% | -16.88% | 35246.45% | 70.39% | -363.13% | 37.2% | - |
| D&A (Non-Cash Add-back) | 884.95M | 367.69M | 298M | 183.4M | 123.3M | 75.2M | 38.7M | 33.9M | 21.98M | 10.53M |
| EBIT | -1.41B | -995.69M | -665.1M | 1.19B | 12.97B | 14.93B | -143.8M | -177.7M | -45.94M | -85.23M |
| Net Interest Income | 498.75M | 238.6M | -13.16M | 343.55M | 31.55M | -4.07M | -408.5K | 62.1K | 284.04K | 1.4M |
| Interest Income | 525.45M | 252.24M | 0 | 351.31M | 47.37M | 1.56M | 1.46M | 1.76M | 2.06M | 2.06M |
| Interest Expense | 26.7M | 13.64M | 13.16M | 7.76M | 15.82M | 5.63M | 1.86M | 1.69M | 1.78M | 651.44K |
| Other Income/Expense | 286.28M | -385.46M | 636.6M | 495.7M | 311.4M | -237.4M | -63.4M | 2.1M | 6.19M | -24.63M |
| Pretax Income | -1.44B | -1.01B | -677.7M | 1.19B | 12.95B | 15.05B | -145.8M | -179.4M | -47.66M | -85.91M |
| Pretax Margin % | -59.63% | -36.61% | -24.63% | 31.06% | 74.83% | 79.29% | -30.23% | -165.19% | -37.36% | -139.46% |
| Income Tax | 39.68M | 81.93M | -12.4M | 255.8M | 3.52B | 4.75B | -161M | -200K | 600K | 45K |
| Effective Tax Rate % | -2.76% | -8.12% | 1.83% | 21.57% | 27.17% | 31.59% | 110.43% | 0.11% | -1.26% | -0.05% |
| Net Income | -1.48B | -1.09B | -665.3M | 930.3M | 9.43B | 10.29B | 15.2M | -179.1M | -48.02M | -85.65M |
| Net Margin % | -61.28% | -39.59% | -24.18% | 24.36% | 54.5% | 54.24% | 3.15% | -164.92% | -37.64% | -139.05% |
| Net Income Growth % | -158.76% | -64.03% | -171.51% | -90.14% | -8.34% | 67613.82% | 108.49% | -272.98% | 43.94% | - |
| Net Income (Continuing) | -1.48B | -1.09B | -665.3M | 930.3M | 9.43B | 10.29B | 15.2M | -179.2M | -48.26M | -85.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91.29K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 847K | 1.09M |
| EPS (Diluted) | -5.85 | -4.51 | -2.77 | 3.83 | 37.09 | 41.21 | 0.06 | -0.85 | -0.21 | -0.38 |
| EPS Growth % | -148.1% | -62.82% | -172.32% | -89.67% | -10% | 72198.25% | 106.71% | -304.76% | 44.74% | - |
| EPS (Basic) | - | -4.51 | -2.77 | 3.87 | 38.08 | 43.87 | 0.06 | -0.85 | -0.21 | -0.38 |
| Diluted Shares Outstanding | 253M | 241.7M | 240.4M | 242.7M | 249.8M | 259.7M | 248.53M | 211.5M | 226.86M | 226.86M |
| Basic Shares Outstanding | 249M | 241.7M | 240.4M | 240.6M | 243.3M | 244M | 235.44M | 211.5M | 226.86M | 226.86M |
| Dividend Payout Ratio | - | - | - | - | 5.13% | - | - | - | - | - |
Quick answers to the most common questions about buying BNTX stock.
For fiscal year 2025, BioNTech SE (BNTX) reported total revenue of $2.76B. This represents a 4375.2% increase compared to $61.6M in 2017.
BioNTech SE (BNTX) reported a net loss of $1.09B for the fiscal year ending 2025.
BioNTech SE (BNTX) reported an operating income of $-623.9M, resulting in an operating profit margin of -22.6%. This margin reflects the operational efficiency of the business before interest and taxes.
BioNTech SE (BNTX) generated $2.14B in gross profit for the year, representing a gross profit margin of 77.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Declining COVID vaccine revenue
Revenue Stabilized After Pandemic Collapse
Based on reported quarterly figures, BioNTech's revenue fell from roughly $1.5B in 2025Q3 to $105.6M in 2026Q2 before a sharp rebound to $1.3B in 2026Q3, indicating extreme lumpiness tied to milestone and profit-share timing rather than steady demand.
The quarterly swings suggest revenue is driven by episodic settlement and collaboration payments instead of a recurring commercial base. The 2026Q3 rebound may reflect timing effects that the prior quarters' troughs do not confirm as a durable trend. Investors should monitor whether non-lumpy revenue emerges before treating the rebound as a stable trajectory.
Gross Margin Masked by Volatile Mix
Gross margin has swung from 8.1% in 2026Q2 to 92.0% in 2026Q3 in reported figures, suggesting that margin structure depends heavily on the timing and composition of partner-driven revenue rather than on steady manufacturing economics.
Such dispersion makes single-quarter gross margins difficult to interpret as a structural advantage. The consistently high margins in several quarters are consistent with a royalty and profit-share model, which may carry little associated cost of goods. Analysts should therefore weigh the trailing average rather than any individual quarter.
Operating Losses Persist Despite Cost Base
Reported R&D expense of $551.0M to $748.1M per quarter against operating margins frequently below -20% indicates that operating income is not scaling with gross profit, as fixed development spend absorbs collaboration revenue.
The R&D line remains large relative to revenue in most reported quarters, which suggests limited operating leverage at current revenue levels. Only the 2026Q3 quarter shows a positive operating margin of 9.7%, which may reflect one-time revenue rather than sustained efficiency. Investors should monitor whether R&D intensity declines as oncology programs mature.
Net Income Driven by Non-Operating Items
Reported net income of $184.5M in 2026Q3 exceeded operating income of $125.0M, suggesting that non-operating gains or tax effects contributed materially to the headline EPS of 0.73 in that quarter.
The gap between operating and net income in that quarter warrants further investigation before the EPS is treated as representative of earnings power. Stock-based compensation is reported as zero in most periods, which limits the ability to assess dilution quality from the provided data. Earnings quality therefore appears difficult to assess from the supplied figures alone.
Cash Burn Persists Beneath Headline Rebound
Across most reported quarters, net losses between -$28.7M and -$820.8M suggest that the 2026Q3 profit may be an outlier, and the bear case is that the pipeline continues to consume capital without offsetting commercial revenue.
Short-sellers would likely point to the repeated quarterly losses and the negative net margin of -39.6% as evidence that the profit quarter does not establish a trend. If oncology readouts are delayed, the cash position may decline without a clear replacement revenue stream. This interpretation is inference from reported figures and should be weighed against the company's cash reserves.