Revenue performance remains highly erratic, with gross margins swinging from a 95.6% peak in 2024Q3 to a negative 77.8% in 2025Q2 due to the company's dependence on milestone-based revenue recognition.
| Sales/Revenue | 510.51M | 535.18M | 53.76M | 67.42M | 102.99M | 48.9M | 17.42M | 12.87M |
| Revenue Growth % | 682.03% | 895.54% | -20.26% | -34.54% | 110.61% | 180.78% | 35.31% | - |
| Cost of Goods Sold | 26.5M | 105.83M | 124.37M | 183.99M | 238.19M | 14.17M | 27.98M | 17.74M |
| COGS % of Revenue | - | 19.77% | 231.34% | 272.91% | 231.28% | 28.98% | 160.67% | 137.86% |
| Gross Profit | 484M | 429.35M | -70.61M | -116.57M | -135.21M | 34.73M | -10.57M | -4.87M |
| Gross Margin % | 94.81% | 80.23% | -131.34% | -172.91% | -131.28% | 71.02% | -60.67% | -37.86% |
| Gross Profit Growth % | - | 708.08% | 39.43% | 13.78% | -489.34% | 428.64% | -116.85% | - |
| Operating Expenses | 275.86M | 251.67M | 203.6M | 134.28M | 277.06M | 158.7M | 88.93M | 67.95M |
| OpEx % of Revenue | - | 47.03% | 378.73% | 199.17% | 269.01% | 324.54% | 510.62% | 527.94% |
| Selling, General & Admin | 72.88M | 74.33M | 76.43M | 89.41M | 88.94M | 45.76M | 43.94M | 21.5M |
| SG&A % of Revenue | - | 13.89% | 142.18% | 132.62% | 86.36% | 93.58% | 252.29% | 167.04% |
| Research & Development | 166.59M | 153.03M | 115.72M | 62.55M | 815.91M | 113.81M | 43.24M | 41.72M |
| R&D % of Revenue | - | 28.59% | 215.27% | 92.78% | 792.22% | 232.74% | 248.29% | 324.16% |
| Other Operating Expenses | 696K | 24.3M | 11.44M | -17.68M | -627.79M | -870K | 1.75M | 4.73M |
| Operating Income | 208.15M | 177.68M | -274.21M | -249.46M | -412.26M | -124M | -99.5M | -72.82M |
| Operating Margin % | 40.77% | 33.2% | -510.08% | -370% | -400.29% | -253.58% | -571.3% | -565.8% |
| Operating Income Growth % | - | 164.8% | -9.92% | 39.49% | -232.46% | -24.63% | -36.63% | - |
| EBITDA | 225.95M | 196.49M | -250.82M | -223.3M | -376.38M | -110.39M | -94.74M | -68.94M |
| EBITDA Margin % | 44.26% | 36.71% | -466.57% | -331.2% | -365.46% | -225.75% | -543.96% | -535.6% |
| EBITDA Growth % | 185.02% | 178.34% | -12.33% | 40.67% | -240.96% | -16.52% | -37.42% | - |
| D&A (Non-Cash Add-back) | 17.8M | 18.81M | 23.39M | 26.16M | 35.88M | 13.61M | 4.76M | 3.89M |
| EBIT | 220.79M | 190.88M | -257.48M | -245.45M | -402.16M | -107.75M | -98.67M | -70.86M |
| Net Interest Income | 11.4M | 12.36M | 14.24M | 302K | -235K | -20.03M | -627K | 1.69M |
| Interest Income | 11.8M | 12.36M | 16.73M | 4.01M | 10.1M | 2.07M | 833K | 1.97M |
| Interest Expense | 403K | 0 | 2.49M | 3.71M | 10.34M | 22.1M | 1.46M | 275K |
| Other Income/Expense | 12.24M | 13.2M | 14.24M | 302K | -235K | -20.03M | -627K | 1.69M |
| Pretax Income | 220.39M | 190.88M | -259.97M | -249.16M | -412.5M | -129.8M | -100.13M | -71.13M |
| Pretax Margin % | 43.17% | 35.67% | -483.59% | -369.56% | -400.52% | -265.44% | -574.9% | -552.65% |
| Income Tax | 26.75M | 28.7M | 198K | -126K | -782K | -726K | -252K | 110K |
| Effective Tax Rate % | 12.14% | 15.03% | -0.08% | 0.05% | 0.19% | 0.56% | 0.25% | -0.15% |
| Net Income | 193.64M | 162.19M | -260.17M | -249.03M | -411.72M | -129.07M | -99.87M | -71.24M |
| Net Margin % | 37.93% | 30.3% | -483.96% | -369.37% | -399.76% | -263.95% | -573.46% | -553.5% |
| Net Income Growth % | 170.11% | 162.34% | -4.47% | 39.51% | -218.98% | -29.24% | -40.19% | - |
| Net Income (Continuing) | 193.64M | 162.19M | -260.17M | -249.03M | -411.72M | -129.12M | -99.87M | -71.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.86 | 0.72 | -1.18 | -1.32 | -2.21 | -0.98 | -0.53 | -0.40 |
| EPS Growth % | 170.73% | 161.02% | 10.61% | 40.27% | -125.51% | -84.91% | -32.5% | - |
| EPS (Basic) | - | 0.72 | -1.18 | -1.32 | -2.21 | -0.98 | -0.53 | -0.40 |
| Diluted Shares Outstanding | 225.17M | 225.27M | 220.83M | 189.07M | 186.01M | 132.2M | 186.91M | 175.97M |
| Basic Shares Outstanding | 225.17M | 224.38M | 220.48M | 189.07M | 186.01M | 132.2M | 186.91M | 175.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical and commercial binary outcomes
According to recent financial disclosures, CureVac's revenue trajectory remains highly erratic, characterized by a 91.4% year-over-year decline in 2025Q2, which underscores the company's reliance on non-recurring milestone payments rather than a sustainable, volume-driven commercial growth model within its mRNA pipeline.
The extreme revenue fluctuations observed in the data suggest that the company lacks a predictable commercial engine. Investors should interpret the 2024Q3 revenue spike as an isolated accounting event rather than a trend, as the subsequent quarters show a rapid reversion to minimal revenue levels.
As reported in quarterly filings, CureVac's gross margins exhibit extreme volatility, swinging from a peak of 95.6% in 2024Q3 to a negative 77.8% in 2025Q2, which highlights the inherent unpredictability of a business model dependent on milestone-based revenue recognition rather than product sales.
These margin swings appear to be a direct consequence of the timing of collaboration payments relative to fixed clinical trial costs. The lack of consistent positive gross margins suggests that the company has yet to achieve the operational scale necessary to absorb its underlying cost of goods sold.
Based on the provided income statement data, CureVac's operating leverage is currently non-existent, as the company continues to report significant operating losses, with 2025Q2 operating income reaching negative $61.7M despite the absence of meaningful commercial-scale manufacturing or distribution overheads.
The persistent gap between R&D spending and revenue generation suggests that the company is not yet scaling its operations efficiently. Investors should monitor whether the current SG&A levels can be maintained if the company attempts to transition toward an in-house commercial model.
As indicated by the company's historical income statements, R&D remains the primary cost driver, consistently consuming between $24M and $50M per quarter, which reflects the high capital requirements of advancing a clinical-stage mRNA pipeline without the benefit of offsetting commercial product revenue.
The company's expense discipline appears focused on pipeline progression rather than cost optimization, which is typical for pre-commercial biotech firms. However, the sustained high burn rate warrants further investigation into the company's ability to fund its oncology programs without further dilutive financing.
While some market participants may view CureVac's patent portfolio as a potential floor for valuation, the income statement data suggests that the company's reliance on milestone-driven revenue creates a high-risk profile where clinical failure could lead to a rapid depletion of existing cash reserves.
The short-seller perspective would likely focus on the company's inability to generate recurring revenue, viewing the current cash position as a finite runway rather than a foundation for growth. Investors should be wary of assuming that legal settlements or IP licensing will provide a reliable substitute for successful clinical trial outcomes.
Quick answers to the most common questions about buying CVAC stock.
For fiscal year 2024, CureVac N.V. (CVAC) reported total revenue of $535.2M. This represents a 4058.0% increase compared to $12.9M in 2018.
CureVac N.V. (CVAC) is profitable, generating $162.2M in net income for the fiscal year ending 2024 with a net profit margin of 30.3%.
CureVac N.V. (CVAC) reported an operating income of $177.7M, resulting in an operating profit margin of 33.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CureVac N.V. (CVAC) generated $429.4M in gross profit for the year, representing a gross profit margin of 80.2%. This demonstrates the company's core pricing power and production efficiency.