CureVac N.V. (CVAC) Revenue History
Annual and quarterly revenue from 2018 to present
CVAC Revenue Over Time (2018–2024)
CVAC Revenue Growth History
4 of 6 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- +35.3%
- FY2020 revenue growth
- +180.8%
- FY2021 revenue growth
- +110.6%
- FY2022 revenue growth
- -34.5%
- FY2023 revenue growth
- -20.3%
- FY2024 revenue growth
- +895.5%
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2025 | $1.2M | -91.4% |
| Q1 2025 | $893K | -92.8% |
| Q4 2024 | $14.5M | -34.2% |
| Q3 2024 | $493.9M | +2896.4% |
| Q2 2024 | $14.4M | +90.5% |
| Q1 2024 | $12.4M | +73.6% |
| Q4 2023 | $22.0M | +88.1% |
| Q3 2023 | $16.5M | +47.0% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2023)
CVAC's revenue distribution by segment and geography for fiscal year 2023
By Product/Segment
CVAC Revenue Analysis (2018–2024)
Current Revenue & Growth
As of June 23, 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.
Historical Growth Trajectory
CVAC's 5-year compound annual growth rate (CAGR) stands at +98.4%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +73.2% is below the 5-year average, signalling a growth deceleration in recent years. CureVac N.V.'s highest annual revenue of $535.2 million was recorded in 2024, an all-time high.
Revenue by Segment
CVAC's revenue is primarily driven by Product (50%), and Research and development services (50%). With over half of revenue concentrated in Product, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including MRNA (-29.1% YoY), BNTX (+4.0% YoY), and ARCT (-66.4% YoY) — CVAC has underperformed the peer group in 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 | -66.4% | +47.8% | -111.5% | |
 NTLA | $68M | +45.0% | +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% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
8+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
CVAC — Frequently Asked Questions
Quick answers to the most common questions about buying CVAC stock.
Is CVAC's revenue growth accelerating or slowing?
CVAC revenue is declining -91.4% year-over-year. TTM revenue fell to $511M, contrasting with the 5-year CAGR of +98.4%. The reversal reflects either macro headwinds or company-specific challenges.
What is CVAC's revenue history from 2018 to 2026?
CureVac N.V. (CVAC) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $511M, growing at -91.4% YoY. The 5-year CAGR is +98.4%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is CVAC's long-term revenue growth rate (CAGR)?
CureVac N.V.'s 5-year revenue CAGR of +98.4% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -91.4% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for CVAC.
Why does CVAC's quarterly revenue fluctuate?
CVAC quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. CureVac N.V.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is CVAC's revenue distributed by segment?
CVAC reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does CVAC's revenue compare to industry peers?
CureVac N.V. (CVAC) with TTM revenue of $511M and -91.4% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.