The company's revenue trajectory has contracted to $120.0 million in 2026Q1, resulting in a negative gross margin of -63.2% as fixed costs overwhelm current commercial output.
| Sales/Revenue | 2.8B | 2.76B | 2.75B | 3.82B | 17.31B | 18.98B | 482.3M | 108.6M | 127.58M | 61.6M |
| Revenue Growth % | 1.91% | 0.2% | -27.96% | -77.94% | -8.78% | 3834.63% | 344.11% | -14.87% | 107.11% | - |
| Cost of Goods Sold | 750.74M | 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 | 2.05B | 2.14B | 2.21B | 3.22B | 14.32B | 16.07B | 423M | 91.2M | 113.89M | 52.28M |
| Gross Margin % | 73.17% | 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 | 3.5B | 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 | 728.4M | 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 | 2.14B | 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 | -1.45B | -623.87M | -1.31B | 690.4M | 12.64B | 15.28B | -82.4M | -181.5M | -53.85M | -61.28M |
| Operating Margin % | -51.83% | -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 | -988.84M | -256.17M | -1.02B | 873.8M | 12.77B | 15.36B | -43.7M | -147.6M | -31.87M | -50.75M |
| EBITDA Margin % | -35.33% | -9.29% | -36.94% | 22.88% | 73.75% | 80.94% | -9.06% | -135.91% | -24.98% | -82.39% |
| EBITDA Growth % | 4.8% | 74.79% | -216.31% | -93.16% | -16.88% | 35246.45% | 70.39% | -363.13% | 37.2% | - |
| D&A (Non-Cash Add-back) | 461.75M | 367.69M | 298M | 183.4M | 123.3M | 75.2M | 38.7M | 33.9M | 21.98M | 10.53M |
| EBIT | -1.17B | -995.69M | -665.1M | 1.19B | 12.97B | 14.93B | -143.8M | -177.7M | -45.94M | -85.23M |
| Net Interest Income | 308.66M | 238.6M | -13.16M | 343.55M | 31.55M | -4.07M | -408.5K | 62.1K | 284.04K | 1.4M |
| Interest Income | 322.85M | 252.24M | 0 | 351.31M | 47.37M | 1.56M | 1.46M | 1.76M | 2.06M | 2.06M |
| Interest Expense | 14.2M | 13.64M | 13.16M | 7.76M | 15.82M | 5.63M | 1.86M | 1.69M | 1.78M | 651.44K |
| Other Income/Expense | 269.88M | -385.46M | 636.6M | 495.7M | 311.4M | -237.4M | -63.4M | 2.1M | 6.19M | -24.63M |
| Pretax Income | -1.18B | -1.01B | -677.7M | 1.19B | 12.95B | 15.05B | -145.8M | -179.4M | -47.66M | -85.91M |
| Pretax Margin % | -42.19% | -36.61% | -24.63% | 31.06% | 74.83% | 79.29% | -30.23% | -165.19% | -37.36% | -139.46% |
| Income Tax | 77.38M | 81.93M | -12.4M | 255.8M | 3.52B | 4.75B | -161M | -200K | 600K | 45K |
| Effective Tax Rate % | -6.55% | -8.12% | 1.83% | 21.57% | 27.17% | 31.59% | 110.43% | 0.11% | -1.26% | -0.05% |
| Net Income | -1.26B | -1.09B | -665.3M | 930.3M | 9.43B | 10.29B | 15.2M | -179.1M | -48.02M | -85.65M |
| Net Margin % | -44.95% | -39.59% | -24.18% | 24.36% | 54.5% | 54.24% | 3.15% | -164.92% | -37.64% | -139.05% |
| Net Income Growth % | -64.24% | -64.03% | -171.51% | -90.14% | -8.34% | 67613.82% | 108.49% | -272.98% | 43.94% | - |
| Net Income (Continuing) | -1.26B | -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) | -4.98 | -4.51 | -2.77 | 3.83 | 37.09 | 41.21 | 0.06 | -0.85 | -0.21 | -0.38 |
| EPS Growth % | -56.14% | -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 | 252.88M | 241.7M | 240.4M | 242.7M | 249.8M | 259.7M | 248.53M | 211.5M | 226.86M | 226.86M |
| Basic Shares Outstanding | 252.88M | 241.7M | 240.4M | 240.6M | 243.3M | 244M | 235.44M | 211.5M | 226.86M | 226.86M |
| Dividend Payout Ratio | - | - | - | - | 5.13% | - | - | - | - | - |
Pipeline clinical trial failure
As reported in recent financial filings, BioNTech's revenue trajectory has shifted toward a sharp contraction, with the most recent quarterly revenue falling to $120.0 million, reflecting the ongoing normalization of COVID-19 vaccine demand and the absence of a diversified commercial revenue base to offset this decline.
The company's reliance on a single-product profit-sharing model has created extreme volatility in top-line performance. Investors should monitor whether the transition to an oncology-focused pipeline can generate meaningful revenue before the remaining vaccine-related cash flows fully dissipate.
Based on the provided income statement data, BioNTech's gross margin has experienced significant instability, plummeting to -63.2% in 2026Q1, which suggests that the underlying manufacturing economics are currently being overwhelmed by the high fixed costs associated with its mRNA platform and inventory adjustments.
While historical gross margins were robust, the recent compression indicates that the company is struggling to maintain profitability as vaccine volumes decline. This volatility warrants further investigation into whether the current cost structure is sustainable without a successful commercial launch of its oncology pipeline.
According to the company's reported figures, R&D expenses remain consistently elevated, averaging over $500 million per quarter, which indicates that management is prioritizing long-term clinical development over short-term profitability despite the significant contraction in top-line revenue and the resulting negative operating margins.
The persistent R&D spend suggests a high-conviction strategy to validate the mRNA platform in oncology. However, the lack of corresponding revenue growth from these investments implies that the company is currently in a phase of heavy capital consumption that may pressure liquidity if clinical milestones are delayed.
As evidenced by the income statement, BioNTech currently lacks positive operating leverage, with operating losses reaching $672.0 million in 2026Q1, demonstrating that the company's overhead and development costs are scaling significantly faster than its ability to generate revenue from its current product portfolio.
The inability to scale operating income suggests that the company's current business model is not yet optimized for a post-pandemic environment. Investors should monitor the efficiency of SG&A spending as the company attempts to build out its independent commercial infrastructure for future oncology therapies.
Based on the reported financial statements, the primary risk to the investment thesis is the rapid depletion of capital, as the company's net loss of $540.6 million in 2026Q1 highlights a structural inability to cover operating expenses through current commercial activities alone.
Short-sellers may focus on the widening gap between R&D intensity and the lack of near-term commercial catalysts. The company's reliance on its cash reserves to fund operations may become a point of contention if clinical trial readouts fail to provide a clear path to future profitability.
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.