CureVac N.V. (CVAC) Revenue History
Annual and quarterly revenue from 2018 to 2024
Compound Annual Growth Rate (CAGR)
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CVAC Revenue Growth
Revenue Breakdown (FY 2023)
CVAC's revenue distribution by segment and geography for fiscal year 2023
By Product/Segment
CVAC Revenue Analysis (2018–2024)
As of May 8, 2026, CureVac N.V. (CVAC) generated trailing twelve-month (TTM) revenue of $510.5 million, reflecting significant decline in growth of -91.4% year-over-year. The most recent quarter (Q2 2025) recorded $1.2 million in revenue, up 39.4% sequentially.
Looking at the longer-term picture, CVAC's 5-year compound annual growth rate (CAGR) stands at +98.4%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $535.2 million in 2024, representing a new all-time high.
Revenue diversification analysis shows CVAC's business is primarily driven by Product (50%), and Research and development services (50%). With over half of revenue concentrated in Product, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including MRNA (-29.1% YoY), BNTX (+4.0% YoY), and ARCT (-46.4% YoY), CVAC has underperformed the peer group in terms of revenue growth. Compare CVAC vs MRNA →
CVAC Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CVACCurrent | $511M | -91.4% | +98.4% | 33.2% | |
 MRNA | $1.9B | -29.1% | +19.3% | -158.1% | |
 BNTX | $2.8B | +4.0% | +41.7% | -22.6% | |
 ARCT | $67M | -46.4% | +47.8% | -111.5% | |
 NTLA | $68M | +16.9% | +3.1% | -651.7% | |
 BEAM | $140M | +108.0% | +466.3% | -274.6% |
CVAC Historical Revenue Data (2018–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $535.2M | +895.5% | $429.4M | 80.2% | $177.7M | 33.2% |
| 2023 | $53.8M | -20.3% | $-70,608,000 | -131.3% | $-274,207,000 | -510.1% |
| 2022 | $67.4M | -34.5% | $-116,573,000 | -172.9% | $-249,457,000 | -370.0% |
| 2021 | $103.0M | +110.6% | $-135,205,000 | -131.3% | $-412,263,000 | -400.3% |
| 2020 | $48.9M | +180.8% | $34.7M | 71.0% | $-124,002,000 | -253.6% |
| 2019 | $17.4M | +35.3% | $-10,567,000 | -60.7% | $-99,498,000 | -571.3% |
| 2018 | $12.9M | - | $-4,873,000 | -37.9% | $-72,824,000 | -565.8% |
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Start ComparisonCVAC — Frequently Asked Questions
Quick answers to the most common questions about buying CVAC stock.
Is CVAC's revenue growth accelerating or slowing?
CVAC revenue declined -91.4% year-over-year, contrasting with the 5-year CAGR of +98.4%. TTM revenue fell to $511M. This reverses the prior growth trend.
What is CVAC's long-term revenue growth rate?
CureVac N.V.'s 5-year revenue CAGR of +98.4% reflects the variable expansion pattern. Current YoY growth of -91.4% is below this long-term average.
How is CVAC's revenue distributed by segment?
CVAC reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2024 are available for download. Segment mix reveals concentration and diversification trends.