CureVac (CVAC) Q3 2024 earnings summary

Executive summary

• Achieved a transformative €1.45 billion licensing agreement with GSK, including a €400 million upfront payment fully booked in Q3 2024, boosting cash to €551 million and validating mRNA technology.

• Undertook a strategic reorganization with a 30% workforce reduction to be completed by year-end, streamlining operations and focusing on high-value R&D in oncology and infectious diseases.

• Expanded the pipeline with new programs in oncology (glioblastoma, squamous non-small cell lung cancer) and infectious diseases (urinary tract infections), targeting high unmet medical needs.

• Appointed Axel Malkomes as CFO, bringing extensive industry and financial experience to support strategic initiatives.

Financial highlights

• Cash and cash equivalents at the end of Q3 2024 were €550.9 million, up from €402.5 million at the end of 2023, providing a runway into 2028.

• Q3 2024 revenues rose to €493.9 million, mainly due to the €400 million GSK upfront payment and €80.4 million contract liability release; nine-month revenues reached €520.7 million.

• Q3 2024 operating profit was €368.4 million versus a €54 million loss in Q3 2023; nine-month operating profit was €221.4 million versus a €186.2 million loss in the prior year.

• Pre-tax profit for Q3 2024 was €370.6 million and €229.4 million for the first nine months, compared to losses in 2023.

• OPEX expected to decrease by over 30% from 2025, including €25 million in personnel cost savings.

Outlook and guidance

• Cash runway is projected to extend into 2028, supporting continued investment in innovation and expanded R&D in oncology and infectious diseases.

• Focus remains on advancing high-value R&D programs, with several clinical milestones anticipated in 2025 and 2026.

• GSK to advance seasonal influenza vaccine into Phase 3 in 2025 and flu/COVID combination into Phase 1 in late 2024.